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What Happens After Your Offer Is Accepted on a House in New York - Peter Zinkovetsky
From Avenue Law Firm - What Happens After Your Offer Is Accepted on a House in New York explains that in a standard New York City deal-sheet transaction, an accepted offer does not create the final contract of sale. Instead, the seller's attorney drafts the contract while the buyer's attorney reviews and negotiates its terms before both parties sign, a process grounded in General Obligations Law Section 5-703, which requires a written and signed agreement. For house purchases, buyers typically complete their inspection before signing, and for one-to-four-family homes, sellers must deliver the…
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