Manhattan Real Estate Attorney Peter Zinkovetsky Explains Who Drafts the Contract in a New York FSBO Transaction

NEW YORK, NY - Selling a home without a listing agent can save commission costs, but it also leaves the seller responsible for legal documents that govern the entire transaction. Manhattan real estate attorney Peter Zinkovetsky of Avenue Law Firm (https://www.avenuelawfirm.com/who-draws-up-the-contract-in-a-for-sale-by-owner-transaction/) explains who typically prepares the contract of sale in a For Sale by Owner transaction in Manhattan and what New York sellers should consider before signing.

According to Manhattan real estate attorney Peter Zinkovetsky, the seller's real estate attorney typically drafts the purchase contract in a Manhattan FSBO transaction. Although New York law does not strictly require an attorney for every residential sale, attorney involvement is customary in downstate New York, and the seller's side generally controls the drafting process. "When the seller has counsel, the contract and rider are tailored to the property and the seller's interests, but when the seller does not, those documents are usually drafted by the buyer's side, and they often reflect that imbalance," Zinkovetsky explains.

Manhattan real estate attorney Peter Zinkovetsky notes that there are three common scenarios for who prepares an FSBO contract. The first, and most common in Manhattan, is for the seller's attorney to draft the contract of sale and a rider after the seller accepts an offer. The second is for the buyer's agent or buyer's attorney to circulate a proposed agreement when the seller has no representation, which can result in broad inspection contingencies, extended financing timelines, and deposit refund conditions favorable to the buyer. The third is for the seller to attempt to draft the contract themselves, which carries significant risk in a market that involves co-op board approvals, building document packages, and rider negotiations specific to New York City.

Attorney Zinkovetsky adds that the FSBO contract process follows a specific sequence. Once an offer is accepted and a deal sheet circulates, the seller's attorney drafts the contract and rider and delivers them to the buyer's attorney for review. The buyer's attorney examines title or building issues, raises repair or permit questions, and proposes rider edits. The buyer signs first and delivers a contract deposit, commonly 10%, to the seller's attorney's escrow account. The seller then countersigns, which makes the agreement binding and starts the financing, board, and closing preparation phases.

For homes built before 1978, the package must include the federal lead-paint disclosure required under 42 U.S.C. 4852d. For most one-to-four-family residential property, the seller must also deliver the New York Property Condition Disclosure Statement (PCDS) before the buyer signs a binding contract, unless an exemption applies. Condominium units and cooperative apartments are excluded from the statutory definition of "residential real property" for the PCDS requirement. As of March 20, 2024, sellers can no longer offer a $500 credit instead of completing the PCDS, and the form was updated again in July 2025 to require additional disclosures.

A properly drafted FSBO contract should identify the parties, include an accurate legal description of the property, set out price and payment terms, address financing, inspection, appraisal, and home-sale contingencies, specify the closing details, and incorporate all legally mandated disclosures. Condo and co-op transactions involve additional building documents, including financials, house rules, recent minutes, the offering plan, and amendments.

The team at Avenue Law Firm assists Manhattan sellers and buyers with FSBO contract preparation, document review, and closing representation throughout Manhattan and the broader New York City market. The firm reviews contract terms, holds contract deposits in escrow, and coordinates with the buyer's attorney on title, building documents, and rider negotiations.

"Signing the contract is the moment most FSBO sellers feel committed, but it is also the point where contract defects become hardest to fix, and a missing contingency, an incorrect legal description, or an omitted disclosure can lead to litigation or financial loss after closing," Zinkovetsky observes.

For Manhattan sellers considering a FSBO transaction, having an experienced real estate attorney prepare or review the contract before signing remains the most effective safeguard against post-closing disputes.

About Avenue Law Firm:

Avenue Law Firm is a Manhattan-based law firm focused on residential and commercial real estate transactions in New York City. Led by attorney Peter Zinkovetsky, the firm represents buyers and sellers in condo, co-op, townhouse, and single-family home transactions throughout Manhattan and the surrounding region. For consultations, call (212) 729-4090.

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Email: peter@avenuelawfirm.com

Website: https://avenuelawfirm.com/

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