Friday, October 12, 2012

SELLING A HOME IN TODAY'S MARKET

In Nassau County, the custom is to have the Seller's counsel draft the contract of sale. Counsel will usually send it to Buyer's counsel with the following language:

"Attached please find the proposed Contract of Sale.

If the Contract meets with your clients' approval, please forward four (4) originally executed copies to me, together with the down payment check in the sum of $XXXXXXX, payable to "YYYYYYY, as attorney". I will then review the terms with my clients and, provided the terms are acceptable, I will have them execute the Contracts and return two (2) fully executed copies to you. I will deposit the escrow check at the time I forward the fully executed copies to you at which time the Contract shall be binding."

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