Latest / BSPE Legal Marketing Podcast / What Happens After Your Offer Is Accepted on a House in New York - Peter Zinkovetsky

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What Happens After Your Offer Is Accepted on a House in New York - Peter Zinkovetsky · BSPE Legal Marketing Podcast

• 0:00
  What Happens After Your Offer Is Accepted on a House in New York Getting your offer accepted on a New York home feels like the finish line, but in reality, it marks the beginning of a carefully structured legal process that can take months to complete.
• 0:13
  Under New York's General Obligations Law Section 5-703, a verbal acceptance alone does not create a binding contract, because the law requires any agreement for the sale of real property to be in writing and signed by the party to be charged.
• 0:27
  A deal sheet circulated by the brokers follows the acceptance, recording the agreed price, down payment, financing details, contingencies, and the contact information for each side's attorney.
• 0:38
  From that deal sheet, the seller's attorney drafts the full contract of sale and sends it to the buyer's attorney along with a package of supporting materials for review.
• 0:47
  For one-to-four-family houses covered by Article 14 of the Real Property Law, the seller must deliver a Property Condition Disclosure Statement before the buyer signs a binding contract, unless a specific exemption applies.
• 1:00
  Unlike some states, New York does not have a statutory attorney review period, meaning the buyer's attorney negotiates and revises the contract before anyone signs rather than after.
• 1:10
  A skilled lawyer will scrutinize contingencies, deposit and escrow terms, what fixtures and appliances transfer with the property, title obligations, closing date classifications, and any open permits that must be resolved before closing.
• 1:24
  Most buyers complete a home inspection after acceptance but before contract signing, giving them the opportunity to raise repair requests or negotiate credits while they still hold negotiating leverage.
• 1:35
  Once both parties sign the fully executed contract and the buyer delivers the deposit, the transaction advances into financing, where the lender orders an appraisal and underwrites the file before issuing a written mortgage commitment.
• 1:47
  Simultaneously, a title company searches public records and issues a report identifying any liens, encumbrances, or defects that the seller must resolve before the deed can transfer cleanly to the buyer.
• 2:00
  Shortly before closing, the buyer conducts a final walk-through to confirm the property's condition matches what was agreed upon in the contract.
• 2:07
  At the closing table, an attorney for each side, the lender, and a title closer work together to sign documents, disburse funds, deliver the deed, and submit the deed and mortgage for recording in the public record.
• 2:19
  The entire process from contract signing to closing typically takes sixty to ninety days, though financing delays, title issues, and scheduling conflicts can all shift that timeline.
• 2:30
  To guide a Manhattan real estate transaction from accepted offer through closing, contact Avenue Law Firm at 212, 729, 4090, located at 505 Park Ave #1201, New York, NY 10022, United States, and schedule your consultation today.