If you`re interested in buying or selling residential property in New York, it`s important to have a clear understanding of the contract of sale. The contract of sale is a legally binding agreement between the buyer and the seller that outlines the terms of the sale.
In New York, the contract of sale typically includes several key elements, such as the purchase price, closing date, and any contingencies or conditions that must be met before the sale can be finalized.
One important consideration in the New York residential contract of sale is the inclusion of a contingency for obtaining mortgage financing. This contingency allows the buyer to back out of the sale if they are unable to secure financing for the property.
Another important element of the contract of sale is the closing costs. In New York, it is standard for the buyer to pay the majority of the closing costs, which can include title insurance, attorney fees, and other expenses related to the sale.
The contract of sale also typically includes a provision for the transfer of ownership, which outlines the process for transferring the title of the property from the seller to the buyer.
It`s important to note that the contract of sale is a legally binding agreement, so it`s crucial for both buyers and sellers to carefully review and understand all of the terms and conditions before signing.
If you`re planning to buy or sell residential property in New York, it`s highly recommended to work with an experienced real estate attorney who can guide you through the contract of sale and ensure that your interests are protected.