Selling a home in Queens? Once your offer is accepted, the next major step is signing the contract of sale. But many sellers don’t realize that this document is more than just a formality — it’s a binding legal agreement that outlines your obligations, protections, and what could go wrong.
As a real estate attorney representing sellers across Queens, I’m here to break down the key contract terms you should understand — before you sign anything.
🖊️ Who Drafts the Contract?
In New York, the seller’s attorney usually drafts the first version of the contract of sale. That gives you (the seller) an initial advantage — but the buyer’s attorney will negotiate key terms. Having your attorney carefully prepare the contract ensures your rights are protected from day one.
📌 Key Sections Sellers Should Review
1️⃣ Parties & Property Description
Make sure your name and the property’s legal description are accurate — especially in estate or multi-owner sales.
2️⃣ Purchase Price & Payment Terms
This includes the total price, the buyer’s down payment (usually 10%), and how the remainder will be paid (typically via mortgage).
3️⃣ Financing Contingency
If the buyer is getting a mortgage, they’ll likely request a contingency giving them time (usually 30–45 days) to secure financing. If they’re denied, they may be able to cancel the deal — and get their deposit back. Your attorney can limit this risk with tight deadlines and documentation requirements.
4️⃣ Closing Date
Most contracts in Queens specify an “on or about” date, which allows some flexibility (usually ±30 days). Make sure the timing works with your moving plans or next purchase.
5️⃣ Representations & Disclosures
New York has enacted a change in its laws where sellers in certain situations need to fill out a property condition disclosure form. You can review or download the official disclosure form issued by the New York Department of State below:
🧾 Download Property Condition Disclosure Statement (PDF)
Some sellers are except from filling out this form. The following sellers do not need to fill out the form:
- A fiduciary such as a trustee or executor
- A transfer of newly constructed property that has never been inhabited
- A transfer pursuant to a court order.
- Transfers of condominiums, cooperatives, or vacant land
Make sure your attorney advises you on what, if anything, you must disclose about the property’s condition, violations, or permits.
6️⃣ “As-Is” Clause
Most real estate contracts sell the property “as is” — meaning you’re not responsible for repairs after the contract is signed. However, the standard contracts do make a representation that the premises will be delivered in working condition (i.e. the building systems including plumbing, electrical, mechanical, and all appliances to be in working order)- if this is not the case, you must tell your attorney immediately in order to modify the terms of the contract. That said, buyers usually get an inspection before signing, and may request changes or credits based on what they find.
7️⃣ Default & Breach Provisions
This section explains what happens if the buyer or seller breaches the agreement. If the buyer walks away without legal cause, you may be entitled to keep their 10% deposit — but only if your attorney includes the proper language and deadlines.
⚖️ Why Legal Review Is Essential
Even if you’ve sold property before, every deal is different. Your attorney should:
- Draft a seller-friendly contract
- Negotiate buyer changes that protect your timeline and bottom line
- Coordinate with the title company, broker, and buyer’s team
- Make sure you’re not exposed to unnecessary risk
🏁 Final Thoughts
The contract of sale is the backbone of your real estate deal — and signing it without understanding your obligations could cost you time, money, or even the deal itself.
📞 Selling a home in Queens? Contact our office for a consultation. We’ll draft and review your contract to protect your interests every step of the way.
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