What to Include in a Purchase Agreement When Buying Property in Rochester

When buying a home or property in Rochester or the surrounding areas of Monroe, Orleans, and Genesee Counties, the purchase agreement is one of the most important documents you’ll sign. This contract sets the terms for your real estate transaction and outlines everything from the purchase price to closing details. If it’s incomplete or poorly written, you risk disputes, delays, or even losing the property.

At Klafehn, Heise & Johnson P.L.L.C., we help buyers understand and negotiate purchase agreements to protect their investment. Here’s what every property purchase agreement in New York should include—and why legal review is critical before signing.

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1. Accurate Property Details

The agreement should clearly identify the property being purchased, including the correct address, tax map number, a general description of the property being conveyed and its size and maybe even the legal description. Mistakes here can lead to confusion about what you’re actually buying and cause problems at closing.

Tip: Verify that the descriptive details about the property being purchased are correct in the contract in order to avoid disputes later.

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2. Purchase Price and Payment Terms

Beyond the total purchase price, the agreement should specify:

• Earnest money deposit amount and due date.
• How the deposit will be held (escrow) and applied at closing.
• Financing details, including a mortgage contingency and timelines.
• Any seller concessions or credits agreed upon.

We can help ensure your payment terms are fair and protect your interests.

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3. Contingencies and Conditions

Contingencies give you a way out of the contract—or a way to renegotiate—if certain conditions aren’t met. Common contingencies include:

• Home inspection: Allows you to request repairs or back out if significant defects are found.
• Financing approval: Protects you if you can’t secure a mortgage within a set time period.
• Appraisal contingency: Ensures you don’t overpay if the property appraises lower than expected.
• Sale of existing home: Gives you time to sell your current property before you are obligated to purchase.

Without proper contingencies, you could lose your deposit if something unexpected arises.

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4. Closing Date and Possession Terms

The agreement should outline the targeted closing date and when you’ll take possession of the property. If the seller needs extra time to move (or you need possession before closing), those terms should be included to prevent misunderstandings.

Tip: Include flexibility for unexpected delays—such as lender backlogs or title issues—that could push the closing date back.

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5. Items Included and Excluded in the Sale

Clearly state what’s included in the purchase—appliances, light fixtures, window treatments, or outdoor structures—and what the seller plans to take. Ambiguity here is a common source of disputes during final walk-throughs.

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6. Disclosures and Inspection Rights

New York law requires certain disclosures, like lead-based paint for older homes. The agreement should confirm the seller has provided or will provide all required disclosures and allow you time to inspect the property, if applicable.

It should also outline who pays for inspections, how inspection results will be handled, and timelines for repair negotiations.

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7. Title and Deed Provisions

The purchase agreement should state that the seller will deliver clear title at closing and identify the type of deed to be provided (typically a warranty deed). It should also specify who will pay title insurance premiums and closing costs.

We review title to try to protect your ownership rights and prevent surprises after closing.

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8. Default and Remedies

The agreement should spell out what happens if either party defaults. For example, if the buyer fails to close, does the seller keep the deposit? If the seller backs out, is the buyer entitled to damages or maybe specific performance? Clear default provisions prevent confusion if the deal falls through.

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9. Signatures and Execution Details

Make sure all parties sign the agreement, including spouses or co-owners when required. Digital signatures may be acceptable but should comply with New York law and lender requirements.

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Why Work With a Local Real Estate Attorney?

Every county in Western New York has unique practices for closings, title searches, and related items. A local attorney knows these procedures and can identify potential problems before they become costly.

At Klafehn, Heise & Johnson P.L.L.C., we represent buyers throughout Rochester, Brockport, and surrounding areas, ensuring purchase agreements are complete, accurate, and enforceable.

Schedule a consultation today to review your purchase agreement before you sign.

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Legal Disclaimer

This article provides general information about purchase agreements and real estate law in New York. It is not legal advice. For advice specific to your transaction, contact Klafehn, Heise & Johnson P.L.L.C. in Rochester, NY. Portions of this article may be considered ATTORNEY ADVERTISING under 22 NYCRR Part 1200. Past results do not guarantee similar outcomes.