Purchase Contract Lawyer

Long Island Real Estate Lawyers

A real estate lawyer, like the ones at Falk & Klebanoff, can help homeowners decipher a purchase contract for the buying of a new home. It falls under the umbrella of our real estate law, which also covers mortgage closings and contracts, sales of businesses, and disputes between landlords and tenants. Our law office helps many across Long Island, New York with real estate legal issues and can help with the purchase contract.

The real estate purchase contract is serious business and needs to be handled properly. From both a legal and financial perspective, having a lawyer review the purchase contract can go a long way. When you sign this contract, you are committing yourself to a price, various deadlines, and important contingencies that may either save you or cost you hundreds or thousands of dollars. So, having a lawyer closely review the real estate purchase agreement before you sign it is a crucial step in home ownership.

What Is a Purchase Contract?

So let's get into the details of what exactly is a purchase contract and how it works. The basic definition of a purchase contract is an agreement set between the buyer and seller. Included in this agreement is price, location, and closing date of the home purchase. On top of that, there may be many contingencies in the contract that can protect both parties from potential harm due to complications before the closing date.

When a buyer and seller agree on a purchase price, then the real estate agents begin to work on the purchase contract, which may or may not need a lawyer down the road. The agents negotiate the terms and fill in the appropriate details. Once the purchase contract is sketched out, then it is time for a lawyer to review it and make sure everything is in good standing order. This review may last a few days, but it is an important few days. As a law office that reviews the purchase contract for homes and buildings, we take great pride in completing this task correctly. There are a lot of moving parts, so a thorough review is necessary.

Details a Purchase Contract Lawyer Reviews

Here are some of the details a purchase contract lawyer may review:

  • Buyer, seller, and property details.
  • Amount of money the buyer paid.
  • What is the agreed upon sale price and how is it going to be financed?
  • Property disclosures, like a home containing hazardous materials.
  • If any items are part of the purchase, like large appliances, and if they will remain in the house after the sale.
  • Closing date deadline.
  • Timing when buyer takes over the home.
  • Any contingencies, like if major issues were found during the home inspection.

Having an expert lawyer review the purchase contract is a great way to make sure all bases are covered in the home buying and selling process.

Common Questions to Ask Before Signing

This is a big decision. One that should not be taken lightly. All buyers and sellers should be active participants in the development of their purchase contract and make positive that all of their interests are covered. Here are some common questions to ask a real estate lawyer in regards to signing a purchase contract.

  • What happens if I cannot sell my current home in time to buy the new home?
  • How much time do I have to schedule the home inspection?
  • Is the money requested within market averages?
  • Are there condition for which I lose my deposit money and if so how do I negate that?
  • If I lose my job or undergo a pay cut, does the mortgage application get pulled? Will I suffer a penalty if the whole deal falls through?
  • Due to extenuating circumstances, can I find a new lender if problems arise?
  • Can I get out of a home purchase contract?
  • What are the typical closing costs that buyers or sellers pay? Does a purchase contract reflect those costs?

If you have any of these questions or others regarding your purchase contract, be sure to get in touch with a lawyer at Falk and Klebanoff. Our diligent staff will help you get this all sorted!

Long Island Purchase Contract Lawyer

When you turn to the law firm of Falk and Klebanoff, you are getting expert care and attention. We specialize in real estate law and can help you better understand and sign a purchase agreement. So if you live on Long Island or the New York area and need a lawyer to help with your purchase contract, our law office can help! Whether you are a potential buyer wary of signing the deal or a seller who wants to make sure all the boxes are checked, our thorough review will give you some much needed peace of mind! So please, do not hesitate to reach out to us today.

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