What is a real estate sales contract?

A real estate sales contract is the formal, legally binding written agreement between a buyer and seller that governs the terms and conditions of a property sale. It specifies the purchase price, the closing date, any contingencies that must be satisfied, the items included or excluded from the sale, and the responsibilities of each party. In New York State, the contract is typically prepared by the seller's attorney and reviewed and negotiated by the buyer's attorney before signing.

In the Western Catskills, real estate contracts for rural properties in Delaware, Ulster, Greene, and Otsego counties often include provisions specific to the region — such as what personal property (like appliances, wood stoves, or outdoor equipment) is included, the status of any agricultural leases or hunting rights, and conditions related to well and septic inspections. Buyers should resist pressure to sign quickly and ensure their attorney has thoroughly reviewed all contract provisions. The contract is the foundation of the entire transaction, and any issue not addressed in it will be harder to resolve after signing.