Selling a Co-op in NYC: Transaction Summary/Deal Sheet
Real Estate Attorney NYC
Assuming that you have retained our Office, the Broker will be providing our Office with what is commonly known as a transaction summary/deal sheet for the purposes of drafting a contract of sale to send out to the purchaser’s attorney. The reason for the circulation of this particular document is not to necessarily to lock you into a deal, but rather that all may know that a “serious” verbal offer has been reached. As such, in order for the broker to prepare this document, they will be obtaining information to complete this document of what is known as a “Deal Sheet” or a “Transaction Summary.” This is a non-binding document which should not be signed or agreed upon by you but rather sent to the Attorneys. The Transaction Summary/Deal Sheet will be listing such information as the names and contact information of the Seller and Purchaser, the Purchase Price, whether the transaction is “all cash”, “contingent” or “non-contingent” upon financing, identification of the Cooperative Unit, the projected Closing Date, the names and contact information of the Attorneys, special items that may be included/excluded from the transaction, etc. As this document is not intended to be binding and assuming all want the deal/transaction to move forward, it becomes essential that this Transaction Summary/Deal Sheet is circulated on an immediate basis and received by Kishner & Miller, ASAP. Again, while of course you want all information on the Deal Sheet correct, if it is not, the Contract of Sale between the Seller and Purchaser will be modified to so reflect. Kishner & Miller shall use the Transaction Summary/Deal Sheet to draft a Contract securing the Seller’s best interests by adding any necessary riders and carefully reviewing all terms and conditions.