What Essential Clauses Should Every Home Purchase Agreement Include? - Peter Zinkovetsky

From Avenue Law Firm - What Essential Clauses Should Every Home Purchase Agreement Include? breaks down the key provisions every buyer and seller should understand when entering a residential real estate transaction in New York. Manhattan real estate lawyer Peter Zinkovetsky walks through how a home purchase agreement functions, why it must comply with New York General Obligations Law (GOL) Section 5-703, and how terms like purchase price, closing date, and contractual obligations shape the deal from offer to closing.

This episode explores critical clauses such as financing contingencies, including mortgage contingency terms tied to interest rates, loan types like FHA and VA loans, and timelines for loan approval. Listeners will learn how escrow deposits—often 10% of the purchase price—are handled, what happens when financing falls through, and how escrow disputes are resolved. The discussion also highlights inspection contingencies under New York General Business Law Section 444-b, giving buyers a 7 to 10 day window to evaluate structural, electrical, and plumbing conditions before proceeding.

Avenue Law Firm also dives into disclosure requirements under the Property Condition Disclosure Act (PCDA) and Real Property Law (RPL) Section 462, including the Property Condition Disclosure Statement (PCDS) and federal lead-based paint disclosures tied to Environmental Protection Agency (EPA) guidelines. The episode covers common disclosure issues such as radon gas, mold, water damage, and structural defects, while explaining how recent legal updates—like the elimination of the $500 disclosure credit—impact buyers and sellers across Manhattan, including co-ops, condos, and townhomes.

Finally, Peter Zinkovetsky outlines closing costs and financial responsibilities under Tax Law § 1402 and Section 1402-a, including mansion tax, mortgage recording tax, and transfer tax obligations in New York City. The episode also explains possession timelines, post-closing occupancy agreements, fixture and appliance inclusions, and home sale contingencies. Recorded with insights from Avenue Law Firm at 505 Park Ave, Suite 202, New York, NY, this podcast provides a comprehensive look at how to structure a home purchase agreement while avoiding costly mistakes in one of the most significant financial transactions of your life.

Avenue Law Firm

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

(212) 729-4090

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