The difference between agreeing and being bound
In New York, contracts to buy or sell real property generally have to be in writing and signed by the party they are enforced against. An accepted offer passed through brokers is usually treated as a step toward a contract rather than the contract itself, and many residential deals here are not final until the formal contract is signed by both sides and the down payment is delivered. Commercial deals often start with a letter of intent that says it is non-binding, though some terms in it, like confidentiality or exclusivity, may be meant to bind. Courts have sometimes found that a chain of emails was enough to form an agreement, so casual wording can carry more weight than intended.
Papers worth keeping straight
Keep the listing, any offer or term sheet, the broker's summary, and every draft of the contract, with dates showing who sent what. Messages that say subject to contract or subject to attorney review can matter later, as can messages that do not. If a deposit or binder was paid, keep proof of who holds it and on what terms. For a lease, a purchase, or an option, the same discipline applies: the most recent signed version controls, and side promises that never made it into the document are hard to rely on.
What a review usually settles
We read the documents to see whether anything binding exists yet and, if so, what it obliges each side to do. If the deal is still being negotiated, the focus shifts to the terms that matter most for this property: price adjustments, conditions on financing or approvals, how the deposit is protected, and what happens if closing is delayed. If a deal has collapsed, we look at whether there is an enforceable contract to rely on and whether any deposit should be returned. You tell us where the deal stands and what you want to happen, and we explain where you have room to move.
