New York City Contract Negotiation Attorney
Practice Areas
Whether you are looking to buy a residential property or are considering selling one, contract negotiation is a considerable part of the real estate process. During this back-and-forth process, buyers and sellers (or their respective attorneys or agents) negotiate the sale price and any applicable terms and conditions before both parties sign the agreement.
Handling contract negotiation on your own can be challenging, especially if you are unfamiliar with New York regulations surrounding real estate transactions. This is where an experienced real estate attorney can help. At Base Legal Group, we offer dedicated contract negotiation services to help streamline your transaction and handle discussions on your behalf.
Located in White Plains, New York, we serve clients throughout all five boroughs of New York City as well as Westchester County and Rockland County. Contact us today to schedule a free 15-minute phone consultation.
New York Contract Negotiation Laws
Under New York General Obligations Law § 5-703, real estate contracts are not legally binding or valid until both the buyer and the seller sign a formal written agreement, and the buyer pays a down payment deposit. These contracts must also include specific provisions that clearly define and describe the sale.
Generally, real estate contracts must include a description of the property, the purchase price, and signatures from both the seller and the buyer. The contract should also include a target closing date. According to the New York City Bar, this date does not have to be firm. Instead, closing dates are usually flexible to allow for negotiations or reasonable postponement.
If both parties agree upon a firm closing date, then the contract should include a “time is of the essence” clause. If it is not included, the closing date will typically be considered “flexible” under New York law.
In addition to the contract, sellers are required by law to provide a Property Condition Disclosure Statement that provides an overview of the condition and any known defects or issues that the seller is aware of. New York real estate contracts are not valid or legally binding without this completed form.
If you are looking to purchase or sell residential property in New York City, it’s essential to make sure the contract complies with the applicable laws and regulations and is mutually agreeable to both parties. If one party disagrees with the terms or clauses in the contract, either party has the right to negotiate. For experienced contract negotiation services, contact our attorney at Base Legal Group today to schedule a free consultation.
For Experienced Assistance With Contract Negotiation
Our Contract Negotiation Services
At Base Legal Group, we provide dedicated representation for buyers, sellers, and property owners in residential real estate transactions. The primary services we offer for contract negotiation include the following:
Contract drafting: We can draft custom contracts and clauses tailored to the goals of your real estate transaction. This involves drafting provisions for specific demands and aligning standard forms with the agreed-upon and negotiated terms of the real estate deal.
Contract review & analysis: We will work with you to review all contracts and documents related to your real estate transaction, including purchase and sale agreements, lease forms, and lender agreements. Our goal is to help you understand the contract terms in clear language and make sure they comply with New York law.
Risk analysis & mitigation: We can help you examine your contracts to identify potential risks, unclear clauses, or unfavorable terms that could impact your transaction. This includes refining clauses, determining whether property disclosure requirements have been met, and establishing strategies to protect your earnest money deposit.
Negotiation & counteroffers: Our attorney will represent you in meetings and negotiations, manage offers and counteroffers, and make sure your transaction documents remain accurate and valid.
Whether you need a second set of eyes to review your contract before signing or an advocate to help you negotiate unfair terms or clauses, our attorney can help you understand the structure of the contract and explore your options for negotiating or modifying unclear provisions.
How Our Attorney Can Help
Real estate contracts are living documents that involve significant considerations for financing, valuation, timing, and risk analysis. These parameters can all influence whether your contract is legally binding and whether the transaction succeeds.
At Base Legal Group, our attorney approaches contract negotiations with one question in mind: what are you trying to accomplish? From there, we will work backwards from your objective to determine whether the contract matches your goals and negotiate with the other party to modify, remove, or provide clarity for ambiguous terms, clauses, or provisions.
Many traditional law firms are organized around the practice of law. Our firm is organized around you and your transaction. Our goal is to combine our resources and experience with strong processes, responsive communication, and financial strategies to help you document and execute your transaction.
Contact Our Experienced New York Contract Negotiation Attorney Today
Your real estate contract forms the backbone of your purchase or sale. If you are looking to buy or sell residential property, our attorney, Jeffrey Ferguson, is dedicated to helping you review your contracts before signing and negotiating questionable or unfair terms and clauses.
Located in White Plains, New York, we serve clients throughout all five boroughs in New York City as well as Westchester County and Rockland County. Contact us today to schedule a free 15-minute phone consultation.