I am unclear about what the deal sheet is, what is the purpose, and if I should forward that to somebody or keep it for my records.

Asked by mikeyork1234, New York, NY Thu Nov 15, 2012

I am studying to become a real estate agent in NY. Say, I receive a deal sheet from the listing agent. What should I do with it?

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Weichert Realtors House and Home’s answer
Weichert Rea…, Agent, Bronx, NY
Thu Nov 15, 2012
HI Mike,

The deal sheet is the pertinent information that is to go into the contract of sale. It contains the buyer & seller's names, their Attorney information, Your Broker's information, The Co-operating Broker's information, All pertinent information about the property being transferred, A rudimentary timeline for closing, Your Broker's commission, etc... The most important people that should have this deal sheet are You, the co-operating Broker, both Attorneys, and possibly your Client/customer.

Always make sure the deal sheet is as complete as possible. Every office has a different format, and some may call it a "deal sheet," others may call it a "memorandum of understanding," etc...

Please let me know if you have any other questions.

All the best,

Joe Greene
Broker/Owner
WEICHERT, REALTORS - House & Home
609 Kappock Street Suite 1A Bronx, NY 10463
(718) 432-5000 (Office)
(917) 974-2600 (Cell)
joegreene@weichert.com
http://www.WeichertWorks4U.com
1 vote
Thank you very much for your answer Joe!
Flag Thu Nov 15, 2012
Mbautista2111, , New York, NY
Mon Feb 6, 2017
A standard deal sheet in NYC usually includes the sale terms (price, % down, contingencies, etc.), information about the unit and building (flip tax, monthly taxes, etc.) and the contact details of buyer/seller attorney, both brokers and the managing agent.

Please note that the listing agent usually completes the deal sheet and sends it around to the attorneys as well as both brokers. The deal sheet itself is mostly ceremonial and simply serves the purpose of connecting everyone on a deal and reminding all parties of the terms of the proposed transaction. The deal sheet itself is not contractually binding in any way.

If you do not want to make a deal sheet from scratch, you can easily find a template online (Hauseit has one). Simply fill out the template with the relevant details of your specific deal.
1 vote
Joseph Hasti…, Agent, Bayside, NY
Thu Nov 15, 2012
Mike, you're getting ahead of yourself. The deal memo names all parties to the transaction and their Attorneys. It also specifies the property and negotiated items or requests. It also names the broker(s) involved, amount of shares (if it's a coop sale), etc.

When you hook up with a brokerage, they'll give you supplemental training and you'll unlock the mystery of the deal memo. If you need more info, ask your teacher. After all, you're paying for it. Good luck.
1 vote
andrew watson, Agent, BROOKLYN, NY
Wed Jul 6, 2016
No real estate school can teach you everything about the business. As a new agent, you must find a brokerage that provides ongoing and onboarding training.

The deal sheet is a form that helps everyone in the transaction know who the key players such as buyer, seller, bank attorney, title company are. It will also state the terms and transaction detail such as price, mortgage contigency if any.
0 votes
Robert Krava…, Agent, New York, NY
Sat Oct 5, 2013
Your real estate agent will handle it.
0 votes
Elena Ravich,…, Agent, New York City, NY
Thu Nov 15, 2012
However, only licensed agents and brokers can negotiate terms of a real estate transaction and conduct any other activities that require a license -until you receive your license, it is better if your supervising broker makes comments to the deal sheet and responds to the listing agent.
0 votes
Elena Ravich,…, Agent, New York City, NY
Thu Nov 15, 2012
The deal sheet contains all main terms of a proposed deal. If you received a deal sheet from a listing broker, you have probably submitted an offer for your client and it got accepted. You should verify and confirm that all the information is correct, purchase price, maintenance, name of your client, your name & a firm, percentage of commission, address, etc. Usually it is prepared when the offer has been already accepted and a listing broker is getting ready to send all main terms, i.e. the deal sheet to the seller's attorney to incorporate into a contract.
0 votes
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