Transaction Summary/Deal Sheet
Assuming that you have retained our Office, for the process of a Property purchase to really to begin and all the steps to a successful purchase to actually occur, a Broker/Seller will be requesting our Office’s details like, name, telephone number, email address, etc. The reason for this is not to lock you into a deal, but rather that all may know that a “serious” verbal offer has been reached which will then allow the broker to prepare 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 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 Property, 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 Deal Sheet is circulated on an immediate basis. Again, while of course you want all information on the document correct, if it is not the Contract of Sale between the Seller and Purchaser will be modified to so reflect.
Engineer’s Inspection
It is always encouraged that Purchasers conduct a property inspection prior to the signing of a Contract of Sale. An inspection is important because in New York City Properties are bought in “as is” condition as of the date of the Contract. While there may be exceptions to this rule that are made in the Contract, it should be assumed that what you see is what you are getting. Therefore, an inspection can minimize future issues by bringing to attention matters such as windows that need to be replaced for thousands of dollars, electric circuitry that needs to be updated, rotted floorboards, or even a dysfunctional fireplace that can result in a repair cost of many thousands of dollars. Remember that fireplaces in a property may require its own separate inspection as they are unique and may require a specialist.