The Purchaser's Contract Rider vs The Seller's Contract Rider in New York

Chris at Hauseit (https://www.hauseit.com) goes over the difference between the buyer's contract rider vs the seller's contract rider in a New York real estate transaction.

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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Typically in a real estate transaction in New York, the seller has a rider that follows the standard NY BAR Association contract, and the purchaser has a rider that follows. Note that the buyer's contract rider comes last, and as a result will state that in the event of any conflicts, the buyer's rider will supersede.

This is important to note, because if you have something favorable to you as the seller in the contract itself, or your seller's rider, it may be overridden by what's written in the purchaser's contract rider.

What usually happens is the seller's attorney will send a draft of the purchase contract, perhaps with some boiler plate terms that are inapplicable crossed out, along with a custom seller's rider. This will be negotiated, and the buyer's attorney will send back comments along with the buyer's contract rider, and this will also be negotiated. When both sides are happy, or have come to a compromise, then the final draft is sent around to all parties for signature.

Pro Tip: As long as both parties agree, pages can actually be swapped out after the signatures have been procured asynchronously if edits need to be made.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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