STANDARD CONTRACT APPROVED BY BUFFALO NIAGARA ASSOCIATION OF REALTORS® AND BAR ASSOCIATION OF ERIE COUNTY
FREQUENTLY ASKED QUESTIONS-SALE OF RESIDENTIAL REAL PROPERTY
BY
MICHAEL J. LOMBARDO, ESQ.
I signed the Contract, but didn’t
read it carefully before I signed. After signing, I
noticed that some of the terms discussed with me beforeI signed are not reflected in the Contract or are misstated. Is it too late to make any corrections?
You need to carefully review the
Contract and then promptly discuss it with your attorney. For example, you should carefully review the
items include in the sale as set forth in Paragraph 3(D) of the Contract. If something was supposed to be excluded from
the sale but was not, report it to your attorney immediately. You should also
check dates, such as the closing date in Paragraph 14. You should discuss with your attorney any
concerns you have about meeting any deadlines provided in your Contract. There is a limited amount of time after you
sign the Contract within which your attorney will have an opportunity to
negotiate to have any changes made to the Contract. If you wait too long, it may be too late to
make any corrections or changes.
The Contract has a date for
closing. Can I plan on my sale
closing on that date?
Generally, the date specified in the
Contract for closing is a target date, not a firm date. We will keep you informed as to how your
purchase is progressing and will let you know as early as possible when we
expect you will be in a position to close. If you do certain things, like arranging for your mover to be at the
property on the date specified in the Contract as the closing date, before we
let you know when you can expect to close, you could be compromising our
ability to have title and other issues adequately addressed by the seller and
seller’s attorney.
Now that I have signed the
Contract, is there anything I need to do between now
and the time of closing?
Yes. As a seller, you have the responsibility to be sure that certain
documents are delivered to the purchaser or purchaser’s attorney in a timely
fashion. Failure to timely deliver some
of these documents may cause you to be in breach of the Contract. For example, as a
seller, you must order and pay for certain inspections and tests and obtain
certain certificates/approvals for certain components of the property. These include such things an inspection of
the sump pump system required by some towns/villages, and septic/well
inspections required by the Health Department. You should ask your Attorney to review with you what is needed and when
you should order and pay the fees for these items.
Now that I have sold my property, do
I have any obligation to maintain the property?
Yes. Although the standard form of Contract does not require that everything
be in working order, the seller still has the obligation to maintain the
property in substantially the same condition as it existed at the time of the
property inspection (or as of the effective date of the Contract if there is no
property inspection). This includes the
obligation for ordinary lawn and landscape maintenance and snow removal. Also, all utilities must remain in
service. Please look at Paragraph 8 of
the Contract to review your obligations for the maintenance and upkeep of the
property until Closing.
CAUTION: THIS ARTICLE IS INTENDED TO PRESENT GENERAL
INFORMATION AND IS NOT INTENDED TO BE A SUBSTITUTE FOR CONSULTATION WITH LEGAL
COUNSEL.
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Last Update: March 27, 2011