Manhattan Attorney Review and Contract: The Complete Buyer Guide for 2027

What the Contract Covers — Section by Section

The Manhattan residential contract of sale covers several major areas, each of which your attorney reviews and may seek to modify through negotiation with the seller's counsel.

Purchase price and deposit: The agreed price and the amount and escrow terms of the contract deposit (typically 10% of purchase price). The deposit is held in the seller's attorney's escrow account and is at risk if the buyer defaults after all contingencies expire.

Representations and warranties: What the seller is formally representing about the property. For a co-op, this includes representations about the financial health of the cooperative, any pending litigation or assessments, the status of the proprietary lease, and the condition of the unit. For a condo, it includes representations about the condominium documents, common charges, and any known building issues. Buyers should flag any specific concerns to their attorney so appropriate representations can be requested.

Contingencies: The financing contingency (conditions under which the buyer can exit if mortgage is not obtained), board approval contingency (co-ops), and any inspection contingency. The specific language governing these contingencies — particularly what constitutes a triggering event and the timeline for exercising them — is among the most important attorney review work.

For how these contingencies interact with the overall negotiation, see the Manhattan offer-to-contract process.

What Buyers Need to Provide Their Attorney

An effective Manhattan buyer attorney needs specific information from you to negotiate the contract effectively. Failing to communicate this information before attorney review begins leads to missed provisions and harder-to-fix problems later.

Inspection findings: If you conducted an inspection before or during attorney review, share the inspector's report with your attorney. Significant findings should be addressed in the contract — either through a seller representation about the item's status, a repair credit, or a price reduction that reflects the issue. Inspection findings not addressed during attorney review become the buyer's problem post-closing.

Inclusions you expect: Any item that was discussed verbally but not committed to in writing should be in the contract. If the seller mentioned leaving the washer/dryer or the dining room light fixture, tell your attorney so it can be specified as an inclusion in the contract riders.

Any building concerns: If you've noticed issues during visits to the building — elevator problems, lobby condition, superintendent responsiveness — tell your attorney. Some of these can be addressed through representations or through your review of the building documents that the seller's attorney produces during contract.

For the co-op board process that begins immediately after contract signing, see the Manhattan co-op board package and closing process.

After Both Parties Sign — What Happens Next

The moment both attorneys sign the contract and the buyer's deposit (10% of purchase price) is released to the seller's attorney's escrow account, the transaction is formally live. Several things happen simultaneously:

For co-ops: The board package process begins. The buyer and their agent start assembling the financial package, reference letters, and personal statement required for the board application. Timeline from signed contract to board vote typically runs 6-10 weeks.

For condos: The mortgage application moves to full underwriting (if not already in progress), the appraisal is ordered, and the title search begins. Timeline from signed contract to closing typically runs 6-8 weeks.

For all transactions: Both parties should treat the contract as binding and not re-open price negotiations. Buyers who try to renegotiate price after signing — absent a contingency trigger like a low appraisal or significant inspection finding — typically produce seller resistance and damaged transaction dynamics.

For the post-inspection negotiation that sometimes happens before or immediately after signing, see navigating the inspection and post-inspection negotiation in Manhattan.

Frequently Asked Questions