What are the key provisions of the purchase contract?
We think there are four key provisions of a real estate contract. Obviously the price, what is included in the sale, the mortgage contingency date and the closing date. The price is negotiated before they come to the attorney as are the inclusions, but the mortgage contingency date is typically decided between the attorneys. It’s either 30 or 45 days. And then the closing date is typically 60 days out, but that’s a target date. It’s not a hard and fast date in New York.