MANHATTAN, NY - Real estate contracts in New York require specific elements to be legally enforceable, and understanding what makes a contract executed is essential for buyers and sellers navigating property transactions. Manhattan real estate attorney Peter Zinkovetsky of Avenue Law Firm (https://www.avenuelawfirm.com/what-is-an-executed-real-estate-contract/) is providing guidance on executed contracts and the critical stages between signing and closing.
According to Manhattan real estate attorney Peter Zinkovetsky, the term "executed" carries two distinct legal meanings in real estate transactions. The first refers to a contract signed by all parties, while the second refers to a contract in which all obligations have been fulfilled, and the transaction is complete. "In New York City transactions, parties often treat the deal as binding once the contract is fully signed and exchanged through attorneys, not just when one side signs," explains Zinkovetsky.
Manhattan real estate attorney Peter Zinkovetsky emphasizes that to be enforceable in New York, a real estate sale contract generally must be in writing, describe the property, state the purchase price or other consideration, and be signed by the party being charged. These requirements are based on New York's Statute of Frauds under General Obligations Law Section 5-703.
Zinkovetsky notes that the period between signing and closing is when most transactional work occurs. During this executory phase, buyers typically need to secure financing, complete inspections, and satisfy contingencies. "The administrative requirements during this period can be complex, particularly for Manhattan co-op and condo purchases which require board approval," he adds.
The firm handles contracts for various property types throughout Manhattan, including co-ops, condos, townhouses, and new developments. Each property type presents unique contractual considerations, from share purchases in cooperative corporations to unit ownership in condominiums.
Attorney Zinkovetsky observes that contract contingencies protect both parties by setting conditions that must be met before the transaction can proceed. Common contingencies include financing approval, a clear title, and board approval for co-op purchases. "If a contingency is not satisfied, the contract may allow one party to withdraw without penalty," he points out.
Most Manhattan real estate contracts include closing dates described as "on or about" rather than firm deadlines. This language provides flexibility if delays occur during the transaction process. "Time is not of the essence unless the contract explicitly states otherwise or one party serves proper notice," Zinkovetsky explains. "Without time being of the essence, each party is entitled to a reasonable adjournment to complete the transaction."
A properly executed contract establishes legally enforceable obligations and provides remedies if problems arise. For buyers and sellers navigating Manhattan real estate transactions, working with experienced legal counsel can help ensure contracts are properly drafted and all required elements are present.
About Avenue Law Firm:
Avenue Law Firm is a Manhattan-based law firm focused on real estate transactions and property law. Led by attorney Peter Zinkovetsky, the firm represents buyers and sellers of co-ops, condos, townhouses, new developments, and commercial properties throughout Manhattan and New York City. For consultations, call (212) 729-4090.
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Email: peter@avenuelawfirm.com
Website: https://avenuelawfirm.com/
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Company Name: Avenue Law Firm
Contact Person: Peter Zinkovetsky
Email: Send Email
Phone: (212) 729-4090
Address:505 Park Ave Suite 202
City: New York
State: New York 10022
Country: United States
Website: https://avenuelawfirm.com/
