Contracts
In New York, which of the following is NOT a required element for a valid real estate contract?
AOffer and acceptance (mutual assent)
BConsideration
CNotarization of the contract by a notary public✓ Correct
DCompetent parties
Explanation
A valid real estate contract in New York requires: offer and acceptance, consideration, competent parties, lawful purpose, and must be in writing (Statute of Frauds). Notarization is NOT required for a purchase contract (though deeds must be acknowledged before a notary to be recorded).
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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