Does a seller need an attorney at closing in NY?

Ninety-nine percent of the time, attorneys are present on both sides of a real estate transaction in New York state: the seller's side and the buyer's side. That's because in NYS, all real estate contracts of sale need to drawn up by the principle or their attorney.

Who usually prepares the sales contract in New York?

Buyer and seller negotiate contract terms. Generally, the seller's attorney creates the first draft of the contract. There are standardized, pre-printed forms for this purpose.

US Legal Forms
Forms Kit
Agreements - Agreement Forms
Multi-State
Agreement for the Sale and Purchase of Residential Real Estate

Sell Closure Property Formula In Queens

Category:

Real Estate - Home Sale

State:

Multi-State

County:

Queens

Control #:

US-00447BG

Format:

Instant download

Description

The Agreement for the Sale and Purchase of Residential Real Estate is a legal contract facilitating the sale of property in Queens. This form outlines the terms of sale, including property description, purchase price, deposit requirements, contingencies for financing, and provisions for closing. Key features include the allocation of closing costs, handling of special liens, and stipulations regarding the condition of the property upon transfer. Users are instructed to accurately fill out sections for property details, pricing, and contingencies while ensuring compliance with outlined deadlines. This contract serves various legal professionals, such as attorneys and paralegals, by streamlining the sale process and clarifying responsibilities, thus reducing potential disputes. Additionally, it underscores the importance of due diligence for buyers and sellers by addressing property inspections, title condition, and remedies in case of default. Overall, this agreement is essential for anyone involved in the property transaction process in Queens, ensuring legal protection and clear communication of terms.