A New York purchase contract specifies that the buyer will receive a credit of $3,000 at closing for carpet replacement. After contract signing, the buyer discovers the carpets are in better condition than expected and requests to apply the credit toward other closing costs instead. The seller objects. Which statement is correct?
Correct Answer
A) The credit can be redirected only with written agreement from both parties
Any modification to a real estate contract in New York, including changes to credit purposes or amounts, requires written agreement from both parties. The buyer cannot unilaterally change the terms even if the credit was designated for their benefit.
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Previous Question
David signs a purchase contract for a New York property on Monday. His attorney reviews the contract on Wednesday and finds several objectionable terms. The contract includes a 3-business-day attorney approval contingency. When is the latest David's attorney can disapprove the contract?
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In a New York residential transaction, the purchase contract includes a provision stating 'This contract is subject to buyer's attorney approval within 5 business days.' The buyer's attorney is unavailable and cannot review the contract within this timeframe. What happens to the contract?