Contract of Sale
A contract of sale is the written agreement that sets the binding terms for a real-property transfer (price, deposit, closing conditions, closing date, representations, and remedies). In practice it is the instrument that converts a negotiated deal into enforceable obligations, subject to stated contingencies and closing deliverables.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Contract
- Property types
- Residential, Commercial (Retail/Office/Industrial), Mixed-Use
Read more in the Knowledge Base
- Property Condition Disclosure Statement - Current RPAPL §462 ComplianceSellers
- Contract Rider Negotiation from the Seller's PerspectiveSellers
- Condo Purchase Package, Waiver, and Right-of-First-Refusal Mechanics in NYCBuyers
- Contract-to-Close Critical Path MappingSellers
- Digital Package Assembly - Organizing Your Application for Maximum EfficiencyBuyers
Related terms
Core Real Estate Fundamentals
- ACRIS (Automated City Register Information System)
- Bargain and Sale Deed with Covenants
- Lien
- Lis Pendens (Notice of Pendency)
- Survey (ALTA/NSPS Survey)
- Title Search
General information, not legal, tax or financial advice.