Questions Before Signing a Buffalo Real Estate Contract

A Buffalo real estate contract can become binding soon after it is signed. Its terms may control your deposit, inspection rights, financing duties, closing schedule, possession date, and remedies if the transaction does not proceed. Summer demand can add time pressure because buyers, sellers, lenders, inspectors, appraisers, attorneys, and moving companies may have crowded schedules.

Before you sign, ask direct questions about attorney approval, contingencies, included property, disclosures, title, possession, costs, and deadlines. Your contract should reflect your finances, timing, plans for the property, and tolerance for risk.

Cole, Sorrentino, Hurley, Hewner & Gambino, P.C. helps buyers and sellers in Buffalo, New York, and nearby Western New York communities review residential real estate contracts, address title concerns, and prepare for closing.

Why Summer Contract Review Deserves Your Attention

Summer often brings more showings, offers, inspections, appraisals, and closings. Longer daylight hours can help with property visits, while families may hope to move before the school year begins. The same seasonal activity can lead to short offer deadlines, limited inspection appointments, appraisal delays, lender backlogs, and vacation conflicts.

A quick decision should still be an informed decision. Your contract should identify what each party must do, when each task must be completed, and what happens if a financing, inspection, title, appraisal, or possession issue arises.

A fast offer should still be an informed offer. Read every term before you accept the legal and financial obligations in the contract.

1. When Does the Contract Become Binding?

Ask when your signature creates a binding agreement and whether an attorney approval contingency applies. The residential contract form approved by the Bar Association of Erie County and the Buffalo Niagara Association of REALTORS includes a three-business-day attorney approval period after each party’s attorney receives a complete copy of the contract. A different form, addendum, delivery method, or negotiated term may change the applicable period.

Before signing, ask whether your attorney can review the proposed contract first. When review will occur after execution, confirm the deadline, delivery requirements, and procedure for approval, conditional approval, or disapproval.

Do not assume that you can withdraw an offer at any time before closing. Ask your attorney to explain when you become legally committed and which cancellation rights remain available.

Related guidance:

https://www.colesorrentino.com/what-to-remember-when-entering-into-a-real-estate-contract/

2. Which Property and Personal Items Are Included?

Ask whether the agreement includes appliances, window treatments, light fixtures, sheds, generators, pool equipment, security systems, mounted televisions, smart-home devices, outdoor furniture, or other items.

Sellers should identify anything they plan to remove. Buyers should not rely on statements made during a showing, in a listing, or through text messages. When an item matters to the transaction, the contract should identify it and state the condition in which it must be delivered.

Confirm whether rented or leased equipment, such as a propane tank, water softener, security system, or solar equipment, will remain and whether any agreement must be transferred or paid.

3. What Inspection Rights and Deadlines Apply?

Ask which inspections are permitted, when they must occur, what notice must be provided, and what options follow an unsatisfactory result. An inspection provision may address structural, electrical, plumbing, heating, cooling, roof, pest, radon, sewer, septic, well, mold, or environmental concerns.

The New York Attorney General advises buyers to obtain an independent inspection and to negotiate a contract provision that permits an inspection by a professional chosen by the buyer. A lender’s appraisal evaluates value for lending purposes and does not replace a property inspection.

Ask whether the contract permits:

• Cancellation within the inspection period
  • Repair requests
  • A credit at closing
  • Renegotiation of the purchase price
  • Additional evaluation by a specialist
  • Waiver of minor issues while preserving rights for specified defects

The wording of the inspection contingency controls your options. Confirm the deadline and the method required for delivering notice.

Related guidance:

https://www.colesorrentino.com/why-do-i-need-a-home-inspection/

4. Is the Financing Contingency Specific Enough?

When you need a mortgage, ask what loan amount, application deadline, commitment date, interest-rate terms, and lender requirements appear in the contract. The financing contingency should match the loan you reasonably expect to obtain.

Ask these questions:

• How soon must you submit the mortgage application?
  • What qualifies as a mortgage commitment under the contract?
  • What happens if the lender denies the application?
  • Must you apply to more than one lender?
  • What documents must you provide, and by what dates?
  • Could a change in employment, credit, assets, debt, or spending affect your obligations?
  • What happens if a commitment is issued and later withdrawn?

Sellers should review the financing terms because the highest offer may include more conditions, less cash, or a longer approval period. Buyers should avoid accepting deadlines that do not provide enough time to complete lender requirements.

Related guidance:

https://www.colesorrentino.com/home-purchase-steps/

5. What Happens if the Appraisal Is Lower Than the Purchase Price?

A mortgage lender may require an appraisal, but the contract determines how a low appraisal affects the transaction. Ask whether the agreement includes an appraisal contingency and whether you must cover any difference between the appraised value and the purchase price.

As a buyer, identify the maximum additional cash you could be required to contribute. As a seller, confirm whether a low appraisal permits cancellation, renegotiation, or another remedy.

When the offer includes an appraisal-gap provision, ask how the gap is calculated, whether there is a dollar limit, what proof of value is required, and whether the provision changes the financing contingency.

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6. How Much Is the Deposit, and When Can It Be Returned?

Ask when the deposit is due, who will hold it in escrow, and which circumstances permit its return. The contract may distinguish between cancellation under a valid contingency and default without contractual justification.

Do not treat the deposit as a reservation payment that will always be returned. Sellers should not assume that every failed transaction allows them to keep it. Ask how the contract addresses escrow disputes, written consent to release funds, and any legal proceeding needed when the parties disagree.

Confirm that the deposit amount fits your finances without interfering with your down payment, closing costs, reserves, or moving expenses.

7. Which Seller Disclosures Have Been Provided?

For many sales of residential real property, New York law requires the seller to complete and deliver a Property Condition Disclosure Statement to the buyer or the buyer’s agent before the buyer signs a binding contract. Statutory exemptions apply to certain transfers and property types.

Ask whether you received the current form and whether any response requires further investigation. The disclosure does not replace an inspection. It may identify concerns involving water, flooding, drainage, structure, utilities, environmental conditions, or prior repairs.

For most housing built before 1978, federal law also requires disclosure of known lead-based paint information before the buyer becomes obligated under the contract. Buyers generally receive a 10-day opportunity to conduct a lead-based paint inspection or risk assessment, although the parties may agree in writing to a different period, and the buyer may waive the opportunity.

8. What Title, Survey, Boundary, and Access Terms Apply?

Ask what type of title the seller must provide and what happens if a lien, old mortgage, judgment, deed error, estate issue, easement, encroachment, or boundary concern appears.

A buyer should also ask:

• Is there a current survey?
  • Does a driveway, fence, utility line, or structure cross a boundary?
  • Is access public, private, shared, or subject to an easement?
  • Are there restrictions on additions, rentals, parking, fences, or business use?
  • Who must correct title defects, and how much time is allowed?
  • What happens when a title problem cannot be corrected before closing?

A home inspection addresses physical condition. Title and survey review address ownership, legal rights, boundaries, access, and transfer requirements.

9. Is the Closing Date Firm or a Target Date?

Ask whether the stated closing date is a strict deadline, a target date, or subject to a reasonable adjournment. Lender approval, title clearance, required documents, municipal searches, and scheduling may affect the final closing date. The contract language and any time-is-of-the-essence notice can change the parties’ duties.

Do not make irreversible moving, travel, storage, or utility arrangements until the closing has been confirmed. Ask when possession, keys, and access will transfer. When a seller will remain after closing or a buyer needs early access, the parties should use a written occupancy agreement that addresses payment, insurance, utilities, damage, and the move-out date.

Related guidance:

https://www.colesorrentino.com/what-to-know-when-closing-real-estate/

10. What Happens if Another Home Sale Is Involved?

You may need proceeds from another sale to complete the purchase. A seller may need the current transaction to close before buying another property. Ask whether the contract includes a sale contingency, closing contingency, occupancy agreement, or coordinated closing provision.

Connected transactions can create timing risks. A delayed title issue, inspection dispute, lender request, or closing document may affect more than one household.

The contract should identify each dependency, applicable deadline, notice requirement, and cancellation right. Informal expectations do not provide the same clarity as written terms.

11. Who Pays Which Costs and Adjustments?

Ask for an estimate of attorney fees, lender charges, title insurance, recording fees, transfer taxes, inspections, survey costs, prepaid items, escrow requirements, property-tax adjustments, association charges, and broker-related obligations.

The final figures may change, but the contract should identify negotiated credits, concessions, repairs, or seller-paid expenses. Ask your lender whether a proposed credit is permitted under the loan program. A credit that exceeds lender limits may require a different arrangement.

Also ask how fuel, water, rent, association fees, taxes, and other recurring expenses will be adjusted at closing.

12. Are All Promises Written Into the Agreement?

When the seller agrees to repair a roof leak, remove debris, replace a broken window, obtain a permit, leave furniture, service equipment, or complete landscaping work, confirm that the agreement states:

• The exact work to be completed
  • The completion deadline
  • The required contractor or licensing standard
  • The proof or receipts that must be provided
  • Any reinspection right
  • The remedy for incomplete or defective work

The same rule applies to possession, storage, rent-back arrangements, access before closing, and items left at the property. Written terms give both parties a clear reference point.

Pre-Signing Real Estate Contract Checklist

Before signing, confirm that you can answer each question:

• Have you read every page, rider, addendum, and disclosure?
  • Do you know when the contract becomes binding?
  • Do you understand the attorney approval deadline and delivery rules?
  • Are the inspection, financing, appraisal, and closing dates realistic?
  • Is the deposit amount manageable?
  • Are all included and excluded items listed?
  • Does the agreement reflect your moving and possession needs?
  • Is every repair promise, credit, and concession in writing?
  • Do you understand the consequences of cancellation or default?
  • Has your attorney explained every term that you do not understand?

After acceptance, the transaction may move into inspections, mortgage processing, title review, insurance, document preparation, and closing coordination.

Related guidance:

https://www.colesorrentino.com/next-step-real-estate-contract-place/

Speak With a Buffalo Real Estate Attorney Before You Sign

Your real estate contract should match the property, financing, timing, and risks of your transaction. Cole, Sorrentino, Hurley, Hewner & Gambino, P.C. assists buyers and sellers with contract review, negotiations, title concerns, and closings in Buffalo, New York, and nearby Western New York communities.

The firm offers consultations for real estate matters. Call 716-869-3011 or visit the contact page before signing or before a short attorney approval period expires:

https://www.colesorrentino.com/Contact/

This article is for general informational purposes only. It is not legal advice and does not create an attorney-client relationship. Consult an attorney about your specific transaction.