New York State Real Estate Salesperson Licensing Exam

Who is typically the first party to sign a real estate contract?

1. Agent

2. Seller

3. Purchaser

4. Notary Public

The correct answer is: Purchaser

In real estate transactions, the purchaser is typically the first party to sign a contract. This is because the buyer expresses their intent to purchase the property and outlines the terms under which they are willing to do so. By signing first, the purchaser signifies their commitment to the agreement and provides the seller with a formal proposal to consider. Following the buyer's signature, the seller reviews the terms presented in the contract and decides whether to accept, reject, or counter the offer. This process establishes a clear indication of interest and intention from the buyer and sets the stage for the negotiation and finalization of the contract. The other parties mentioned, such as agents and notaries, play important roles in the real estate transaction but do not typically initiate the contract by signing it first. Agents may assist in drafting the agreement and facilitating the transaction, while notaries are involved later in the process to verify signatures and documents, ensuring their legality. Thus, the correct understanding of this sequence highlights why the purchaser usually signs first in a real estate contract.