Is it a good idea to consult a lawyer before finalizing a deal sheet to buy or sell a condo, co-op, or home?

BY WOODS LONERGAN PLLC

Typically, buyers and sellers reach out to an attorney just after they have finalized a deal sheet. The deal sheet is a document that outlines some of the key terms of the sale. As discussed below, conferring with an attorney before the deal sheet is finalized may lead to a smoother contracting phase and better help you with your deal.

Given the robust New York City sales market, consulting with an attorney before finalizing a deal sheet can be advantageous for both buyers and sellers. An experienced real estate attorney can provide you guidance, at a critical juncture, to make an informed decision as to what terms should be included in the deal sheet and the implications it may have on future negotiations of the contract of sale, according to James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyers, sellers, and cooperative representation.