Vintage American Realty
Email Tom
Lesson 6 Understanding Real Estate Forms and Paperwork: Demystifying the Documents
Welcome to your guide to navigating the complex world of real estate paperwork. Understanding what you're signing is crucial to protecting your interests and avoiding costly mistakes in your home buying journey.
Why Understanding Forms Matters
Every form, clause, and initial in real estate creates legal obligations and determines your rights throughout the transaction. Rushing through paperwork without careful review can lead to agreeing to terms you don't fully understand.
Consider this cautionary tale: clients who were so excited about their offer being accepted rushed through signing paperwork without reading carefully. Later, they discovered they had agreed to unfavorable terms that put them in a difficult position—a situation that could have been avoided by understanding what they were signing upfront.

The Golden Rule of Real Estate Paperwork
Never sign anything without reading it first, never assume a form is "standard" or unimportant, and always get copies of everything you sign. In today's digital world, if someone doesn't immediately provide you with a copy, take a picture with your phone.
How the Long Island Contract Process Works
1
Submit an Offer
You submit an offer using an offer sheet with your terms and conditions.
2
Seller's Attorney Drafts Contract
The seller's attorney draws up the formal contract based on your accepted offer.
3
Contract Sent for Review
The contract is sent to your attorney for thorough review.
4
Attorney Review
Your attorney reviews and may suggest modifications to protect your interests.
5
You Sign the Contract
You sign the contract after attorney review and approval.
IMPORTANT: You are not "in contract" until the seller signs. Until then, the seller could still accept a better offer and the listing agent should continue showing the house.
Required Forms: What Everyone Must Sign
New York State Disclosure Form
Explains agency relationships (seller's agent, buyer's agent, broker's agent, dual agent). Establishes your legal relationship with your agent and protects you from conflicts of interest.
Property Condition Disclosure
Covers known defects, previous repairs, environmental hazards, structural issues, and system problems. You must receive this before signing a binding contract. The seller fills it out and you get a copy before signing the contract.
Lead-Based Paint Disclosure
Required for pre-1978 properties. Includes information about known lead hazards and a 10-day right to conduct testing (which you can waive).
Housing Anti-Discrimination Disclosure
Educates you about fair housing laws that prohibit discrimination based on race, color, religion, national origin, sex, age, disability, and other protected characteristics.
Buyer Representation Agreements
Non-Exclusive Agreement
  • Work with multiple agents
  • Agent only paid if they're the "procuring cause"
  • More flexibility but potentially less dedicated service
  • Good for initial property viewing
Exclusive Agreement
  • Work exclusively with one agent
  • Agent represents you for all properties in specified area
  • More dedicated service and priority attention
  • Agent compensation clearly defined

Many buyers start with non-exclusive and convert to exclusive when they find an agent they trust. Don't start with a long-term exclusive contract!
You must sign an agreement before touring properties. Key terms to understand include commission structure, geographic area covered, property types included, and duration of agreement.
The Offer Process and Documentation
Offer to Purchase Sheet
This formal offer document becomes the basis for the contract that the seller's attorney will draft. Never sign an offer sheet.
Essential Information
  • Property address and legal description
  • Offered purchase price
  • Down payment and financing terms
  • Proposed closing date
  • Contingencies (inspection, financing, attorney review)
Critical Details
  • Commission arrangement
  • Timeline for contract signing
  • Special terms or conditions
  • Deadlines for responses
  • What's included/excluded from sale
Contract Creation and Review Process
Contract Preparation
Seller's attorney drafts formal contract based on your offer, including standard legal language and local requirements.
Attorney Review
Contract sent to your attorney who may suggest modifications or additional protections. Any changes are negotiated between attorneys.
Contract Execution
You sign after attorney approval. Earnest money deposit is typically due at signing. Timeline for closing and contingencies begins.
Remember: You are not "in contract" until the seller signs. Until then, the seller can still accept other offers.
Red Flags in Paperwork
Pressure to Sign Quickly
Anyone who rushes you through paperwork or discourages careful reading is not looking out for your interests.
Pre-Signed Forms
Never sign blank forms or documents where key details haven't been filled in yet.
Verbal Agreements
If it's not in writing, it doesn't exist. Don't rely on verbal promises – get everything in writing.
Unusual Language
If something doesn't sound right or seems unusual, ask questions before signing.
Missing Disclosures
All required forms must be provided. Don't proceed without proper disclosures.
Your Rights and Protections
Right to Review
You have the right to review and understand every document before signing. Don't let anyone pressure you to sign immediately.
Attorney Review Protection
Your attorney's review protects your interests and ensures the contract terms are fair and legal.
Disclosure Rights
You're entitled to all required disclosures before making binding commitments.
Access to Information
You have the right to receive copies of all documents you sign and to ask questions about anything you don't understand.
Understanding your rights is essential to protecting yourself throughout the real estate transaction. The time you spend reading and understanding paperwork upfront can save you thousands of dollars and months of headaches later.
Your Action Plan for Paperwork Success
1
Read Every Word
Take the time to read and understand every document. This is not the time to hurry.
2
Ask Questions
Don't be embarrassed to ask your attorney or agent to explain anything you don't understand.
3
Get Copies Immediately
Take pictures or get copies of everything you sign right away.
4
Track Deadlines
Understand and monitor all deadlines and your obligations throughout the process.
5
Stay Involved
Don't delegate everything—remain actively engaged in the process from start to finish.
"Understanding real estate forms isn't just about being informed – it's about protecting yourself, your money, and your future."
Thomas Brady SFR, e-PRO, SRES, BPOR,C_REPS
Licensed Associate Real Estate Broker/ Director of Operations
Notary Public, Retired N.Y.P.D. Lt., U.S. Air Force Veteran
Vintage American Realty LLC.
1551 Montauk Hwy. Suite E
Oakdale, NY 11769
631-682-8660