Learn about Navigating Real Estate Contracts in New York State: Key Terms and Legal Considerations in this blog and contact our attorney today. The parties are officially "in contract" once the buyers and sellers sign the contract and the deposit is delivered and clears. 5.Obtaining Financing. Call (800) 230-0744 - Shane D. Scott is dedicated to serving our clients with a range of legal services including Real Estate and Property Law cases. Under New York Law, a contract for the sale for real property must be in writing; thus a verbal offer creates no binding obligation upon either party. Visit the top banking attorney in Queens, NY, Albert Maimone. As a real estate contract lawyer in New York City, I work closely with my clients to help them negotiate and finalize their real estate contracts. Educate yourself before looking for a home. -Put Property on Market. -Have a potential Buyer make an offer.