The New York purchase and sale agreement is a legal contract between a buyer and seller to transfer property for a specific amount. The buyer must pay a non-refundable earnest money deposit after signing if their contingencies are met.
When does a purchase agreement become legally binding?
The purchase and sale agreement becomes legally binding when both parties sign the contract and the buyer gets the notice that the seller has accepted the deal. The buyer can get the notice in-person, by phone, and/or email.
