New York Property Agreement
Description
How to fill out Property Agreement?
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FAQ
Hear this out loud PauseOne of the things proper wholesale real estate contracts add is the phrase ?and/or assigns? next to your name. This clause will give you the authority to sell the property or assign the property to another buyer. You do need to disclose this to the seller and explain the clause if needed.
Hear this out loud PauseWho Prepares The Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
The seller's agent usually prepares it (upstate, usually a real estate agent/ broker; downstate, usually the seller's attorney). If a real estate agent or broker prepares a contract, it will usually be subject to approval by the parties' attorneys within a specified short time.
Who Prepares The Purchase Contract? Most often, the buyer's real estate agent will write up and prepare the purchase agreement for a house. Note that agents (not being practicing attorneys themselves) can't create their own contracts.
Proposed clause: The Seller is selling this property in ?As Is? condition. Buyer acknowledges and agrees that Buyer is accepting the Property ?As Is? without any warranties, representations or guarantees, either expressed or implied, of any kind, nature or type whatsoever from or on behalf of the Seller.
One you sign the contract, it's a binding agreement. If you want to make changes, you'll have to negotiate them, and the seller might disagree. You can only back out of the agreement without losing your deposit based on the contingencies in the agreement.