New York, NY - Peter Zinkovetsky, Esq., founder of Avenue Law Firm (https://www.avenuelawfirm.com/who-draws-up-the-contract-in-a-for-sale-by-owner-transaction/), has released clear guidance for homeowners pursuing For Sale By Owner transactions in Manhattan, outlining who prepares the contract and how to move from accepted offer to a binding agreement. The initiative addresses frequent questions surrounding contract drafting, riders, disclosures, and escrow mechanics in transactions without listing agents, and underscores when a Manhattan residential real estate attorney should take the lead.
In New York, once a seller accepts an offer, a deal sheet or email with key terms is exchanged, and the seller’s real estate attorney typically drafts the contract of sale and a tailored rider. That package sets the price, deposit, financing terms, closing window, included fixtures, and contingencies. For condominiums and cooperatives, seller’s counsel also compiles building materials such as financials, house rules, recent minutes, offering plan, and amendments so the purchaser’s attorney can complete due diligence. The draft then moves to the buyer’s attorney for review, title or building checks, and rider edits that may address a mortgage contingency timeline, appraisal language, and walk-through standards. The buyer signs first and wires the contract deposit, commonly 10 percent, to the seller's attorney’s escrow; the seller's signature makes the contract binding and moves the matter toward financing, board approvals, where applicable, and closing coordination. A Manhattan residential real estate attorney helps keep deliverables and deadlines aligned while parties prepare for closing.
Several disclosures and statutory forms must be handled correctly. Homes built before 1978 require the federal lead-based paint disclosure. For one-to-four family homes, New York’s Property Condition Disclosure Statement must now be delivered rather than replaced by a $500 credit, effective March 20, 2024, and includes expanded flood-risk questions. Properly drafted contingencies are equally important, including inspection, financing, appraisal, and, where needed, home-sale provisions that define notice requirements and exit conditions. In addition, precise legal descriptions, accurate fixture schedules, and clean escrow instructions reduce disputes. In FSBO deals involving condos and co-ops, procurement of building documents at the outset often accelerates the buyer’s attorney due diligence period and supports smoother board application timelines. A Manhattan residential real estate attorney can also align contract provisions with building policies to avoid avoidable board queries or supplemental undertakings.
Sellers evaluating contract choices should distinguish a contract to sell (purchase and sale agreement setting conditions to closing) from a contract of sale that evidences the binding deal but does not transfer title. In New York, deed delivery and recording at closing transfer ownership; the recording then places the change of title into the public record. Parties benefit when earnest-money provisions clearly state the deposit amount, permissible uses, notice and cure steps, and who holds the escrow. Well-structured timelines for loan applications, appraisal ordering, and board submissions give both sides predictability. For FSBO sellers without brokerage representation, engaging counsel to draft the initial contract and rider generally strengthens negotiating position, supports compliance with state and federal disclosure regimes, and reduces risk of post-closing issues. Where condos or co-ops are involved, counsel can synchronize board package milestones with contractual performance dates to prevent inadvertent defaults. A Manhattan residential real estate attorney provides this coordination while keeping communications formal and documented.
About Avenue Law Firm:
Avenue Law Firm is a New York City real estate practice representing buyers, sellers, investors, and boards in residential and commercial matters across Manhattan, Westchester, and the Hamptons. The firm handles contract drafting and negotiation, condominium and cooperative transactions, private-home sales, and related disputes. Led by founder Peter Zinkovetsky, Esq., the team serves local and international clients from its Manhattan office at 505 Park Avenue. For consultations and additional information, contact Avenue Law Firm at (212) 729-4090 or visit the firm’s website to schedule a consultation.
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Email: peter@avenuelawfirm.com
Website: https://avenuelawfirm.com/
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Company Name: Avenue Law Firm
Contact Person: Peter Zinkovetsky
Email: Send Email
Phone: (212) 729-4090
Address:505 Park Ave Suite 202
City: New York
State: New York 10022
Country: United States
Website: https://avenuelawfirm.com/