NYC Real Estate Deal Sheet Template & Guide
A well-prepared deal sheet is essential for converting accepted offers into signed contracts. This guide provides everything you need to create professional deal sheets for your NYC apartment sale.
What is a Deal Sheet?
A deal sheet (also called a term sheet) is a one-page summary of the key terms of a real estate transaction. It serves as:
- Communication tool between buyer and seller
- Attorney instruction sheet for contract preparation
- Reference document during negotiations
- Timeline tracker for important dates
Essential Deal Sheet Elements
Property Information
Property Address: [Full address including unit number]
Legal Description: [From deed or building records]
Property Type: [Co-op, Condo, Townhouse]
Apartment Details: [Bedrooms, bathrooms, square footage]
Financial Terms
Purchase Price: $[Amount]
Down Payment: $[Amount] ([Percentage]%)
Financing: [Cash / Conventional / FHA / Other]
Mortgage Amount: $[If applicable]
Key Dates and Deadlines
Contract Signing Date: [Date]
Board Package Due: [Date - Co-ops only]
Board Interview: [TBD - Co-ops only]
Mortgage Contingency Date: [Date]
Inspection Contingency Date: [Date]
Closing Date: [Target date]
Co-op Specific Terms
Maintenance: $[Monthly amount]
Assessment: $[If any special assessments]
Flip Tax: [Amount or percentage]
Move-in Requirements: [Deposit, insurance, etc.]
Condo Specific Terms
Common Charges: $[Monthly amount]
Real Estate Taxes: $[Annual amount]
Special Assessments: [If any]
Sample Deal Sheet Template
DEAL SHEET
Property: 123 Main Street, Apt 4B, New York, NY 10001 Property Type: Co-op, 2BR/1.5BA, 850 sq ft
FINANCIAL TERMS
- Purchase Price: $750,000
- Down Payment: $150,000 (20%)
- Financing: Conventional mortgage
- Mortgage Amount: $600,000
MONTHLY CARRYING COSTS
- Maintenance: $1,250/month
- Real Estate Taxes: Included in maintenance
- Special Assessments: None
KEY DATES
- Contract Signing: Within 5 business days of acceptance
- Attorney Review: 3 business days after signing
- Board Package Due: 10 business days after signed contract
- Mortgage Contingency: 45 days from contract
- Closing: 60-90 days from board approval
CONTINGENCIES
- Mortgage contingency (45 days)
- Board approval (co-op standard)
- Property inspection (7 days)
OTHER TERMS
- Flip tax: $2,250 (0.3% of sale price, paid by seller)
- Broker commission: N/A (direct sale)
- Attorney fees: Each party pays their own
- Title insurance: Buyer pays
CONTACT INFORMATION
- Seller Attorney: [Name, Phone, Email]
- Buyer Attorney: [Name, Phone, Email]
- Managing Agent: [Name, Phone, Email]
Customizing for Different Situations
Cash Purchases
Financing: All cash purchase
Proof of Funds: Provided with offer
Mortgage Contingency: N/A
Expedited Closing: [If desired]
Investor Purchases
Intended Use: Investment property
Subletting Plans: [If co-op allows]
LLC Purchase: [If applicable]
Additional Requirements: [Building-specific]
First-Time Buyers
First-Time Buyer: Yes
Special Programs: [If applicable]
Extra Documentation: [May be required]
Extended Timeline: [If needed for board approval]
Common NYC Terms to Include
Co-op Specific
- Flip tax: Transfer fee (typically 1-3% of sale price)
- Board approval: Required for all co-op sales
- Financial requirements: Typically 20-25% down minimum
- Post-closing occupancy: When buyer can move in
Condo Specific
- Right of first refusal: Building's right to purchase
- Transfer tax: NYC and NYS transfer taxes
- Common charges: Monthly fees for building maintenance
- Special assessments: One-time fees for capital improvements
Universal Terms
- "As-is" condition: Property sold in current condition
- Possession: When keys are transferred
- Risk of loss: Who bears responsibility until closing
- Default provisions: What happens if party defaults
Red Flags to Avoid
Problematic Terms
- Unrealistic closing dates - Allow adequate time
- Excessive contingencies - Keep standard and necessary
- Unclear financial terms - Be specific about amounts and dates
- Missing key information - Include all essential details
Timeline Issues
- Insufficient board package time - Allow 2+ weeks
- Conflicting dates - Ensure logical sequence
- No buffer time - Build in cushion for delays
- Holiday considerations - Account for business day impacts
Working with Attorneys
Attorney Instructions
Your deal sheet becomes the instruction sheet for contract preparation. Ensure your attorney:
- Reviews all terms before contract drafting
- Understands building-specific requirements
- Coordinates with buyer's attorney on timeline
- Includes all necessary NYC-specific clauses
Communication Best Practices
- Copy all parties on deal sheet distribution
- Version control - Date and track revisions
- Confirm receipt from all parties
- Update promptly when terms change
SellWise Deal Sheet Generator
Our platform includes an automated deal sheet generator that:
- Pre-fills property information from your project
- Calculates key dates based on property type
- Includes NYC-specific terms automatically
- Exports PDF for attorney and buyer distribution
- Tracks revisions and maintains version history
Next Steps After Deal Sheet
Contract Preparation
- Attorney drafting (2-3 business days)
- Review and negotiation (varies)
- Contract execution (signing by all parties)
- Attorney review period (standard 3 days in NY)
Post-Contract Process
- Board package preparation (co-ops)
- Mortgage application (if financing)
- Property inspection (if applicable)
- Closing preparation and coordination
Ready to create your deal sheet? Our automated deal sheet generator is included in all SellWise plans and integrates with your property information for error-free professional documents. Get started or view our plans to access this tool.