In New York, an accepted offer is not a done deal. Nothing is binding until both sides sign a contract drafted by attorneys. Here is how that stage works and what paperwork you should expect to see.
How the contract stage works
- Offer accepted. The agents send a “deal sheet” with price, terms, and both attorneys’ contact information.
- Due diligence. Your attorney reviews the title, building documents, and the seller’s draft contract. You schedule an inspection.
- Negotiation. The attorneys go back and forth on terms and add a rider (extra pages that change or add to the standard form).
- Signing. You sign and pay the contract deposit, commonly 10% of the price, held in escrow by the seller’s attorney. The seller then signs, and the deal is binding.
Until the seller countersigns, either side can walk away. That is why moving quickly on inspections and attorney review matters in a competitive market.
Contingencies that protect you
A contingency lets you cancel and get your deposit back if something specific doesn’t happen. Common ones:
- Mortgage contingency: if you can’t get a loan commitment by a set date despite applying in good faith.
- Board approval (co-ops): if the co-op board turns you down.
- Appraisal: sometimes negotiated, if the home appraises below the price.
- Sale of your current home: possible, but sellers often push back on it.
Most NY contracts say the buyer takes the home “as is.” Inspection issues are usually handled before signing, by negotiating a lower price or a credit, not after.
Disclosures you should receive
| Disclosure | When it applies | What it covers |
|---|---|---|
| Property Condition Disclosure Statement | Most sales of 1–4 family houses (not co-ops or condo units) | The seller’s answers to questions about the structure, systems, water, environmental issues, and flood history. Since March 2024, sellers can no longer skip it by giving a $500 credit. |
| Lead-based paint disclosure | Homes built before 1978 | Known lead paint and reports, an EPA pamphlet, and a chance to test for lead |
| Flood risk information | Included in the Property Condition Disclosure Statement | FEMA flood zone, flood insurance, past flood damage and claims |
| NY Agency Disclosure Form | Every buyer, at the first real conversation with an agent | Who the agent represents in the deal |
| NY Housing and Anti-Discrimination Disclosure | Every buyer | Your fair housing rights |
Extra documents for co-ops and condos
- Offering plan and amendments: the building’s rules and legal setup.
- Financial statements for the last two years: reserves, debt, and whether an assessment is coming.
- Board minutes: often the best place to find planned repairs or disputes.
- Proprietary lease and house rules (co-ops): sublet, pet, renovation, and flip tax policies.
See Condos vs Co-ops and Co-op & Condo Board Requirements for more.
Red flags to raise with your attorney
- Open permits or work done without permits
- Open building violations. Our violation search guide shows how to check.
- A certificate of occupancy that doesn’t match how the home is used (for example, a “3-family” that is legally a 2-family)
- Low building reserves or a pending special assessment
- Tenants in place when you expected a vacant home
This page is general information, not legal advice. Every contract is different, so always have a New York real estate attorney review yours. We’re happy to refer you to one.
Next steps: Home Inspection & Appraisal Support and the Step-by-Step Home Buying Guide. Questions? Contact us.