What Is a Verbal Offer in Real Estate? - Peter Zinkovetsky

From Avenue Law Firm - What Is a Verbal Offer in Real Estate? explains how a verbal offer in Manhattan real estate is an oral proposal to purchase property and, under New York law, it is not legally binding. This episode unpacks how negotiations often begin with spoken terms but only become enforceable when the parties move to a properly executed written contract.

Learn how the New York Statute of Frauds, including New York General Obligations Law § 5-703, requires real estate contracts to be in writing, and what information must appear in a contract of sale to satisfy legal requirements. The discussion also touches on other agreements that frequently must be in writing, including UCC § 2-201 for certain sales of goods.

The episode walks through what typically happens after a seller accepts a verbal offer: agents prepare a deal sheet, also called a memorandum of sale or offer summary, and attorneys draft and negotiate the formal contract. You will hear why timing matters in competitive Manhattan transactions, how contingencies like financing, appraisal, or inspection can shape the deal, why a deposit is commonly around 10 percent, and how risks like gazumping can arise before the seller countersigns.

Featuring Peter Zinkovetsky, Esq., Managing Partner of Avenue Law Firm, this episode covers how a Manhattan real estate attorney can support drafting, negotiation, and due diligence, including reviewing title reports, co-op board minutes, building financial statements, and zoning or land-use restrictions, and guiding clients through closing. It also highlights closings connected to the New York County Courthouse at 60 Centre Street, service from 505 Park Avenue, and Peter’s background from New York Law School and Pace University, along with recognitions such as Super Lawyers Rising Star and the New York Real Estate Journal 2018 Ones to Watch, plus media mentions in Forbes, The Real Deal, Newsweek, and the New York Post.

Avenue Law Firm

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