BSPE Legal Marketing Podcast

What Is an Executed Real Estate Contract? - Peter Zinkovetsky

• Peter Zinkovetsky • Season 3 • Episode 89

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From Avenue Law Firm - What Is an Executed Real Estate Contract? explains how a written agreement becomes binding in Manhattan real estate transactions, including why New York deals are often treated as enforceable only after both parties sign and the fully executed contract is exchanged through the attorneys, and how “executed” can also mean the contract has been fully performed at closing.

The post walks through what an enforceable contract generally needs in New York, tying the basics to the Statute of Frauds and General Obligations Law § 5-703. It covers the importance of clearly identifying the property using tools like a Schedule A legal description, deed and tax map references, and block and lot details, along with setting the purchase price, payment terms, financing structure, down payment amount, and mortgage commitment deadline.

It also clarifies the difference between executed and executory contracts, focusing on the period between signing and closing when obligations remain. The blog highlights what happens during this phase: due diligence, title searches for liens or other encumbrances, inspections, appraisal and lender steps, and co-op board approval in Manhattan, including board packages and interviews, along with common contingencies and riders that shape risk and exit options.

Finally, the article explains why many Manhattan contracts use an “on or about” closing date, when time becomes of the essence through proper notice, and what remedies can follow if a party fails to close. It also addresses disclosure rules such as the New York Property Condition Disclosure Act changes effective March 20, 2024, and closes with guidance from Peter Zinkovetsky, Esq. at Avenue Law Firm for buyers and sellers navigating co-ops, condos, townhouses, brownstones, new developments, and commercial transactions across New York City.


Avenue Law Firm

505 Park Ave Suite 202, New York, NY 10022, United States

(212) 729-4090

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