Essential Wholesale Clauses

[Erik Carrion]

Are there any New Yorkers out there who have any advice as to the clauses that should be included in the Purchase and Sale Contract as well as the assignment contract?

In the assignment, should the entire fee amount be stipulated, or should it just be a deposit, with a clause stipulating the balance be paid at closing?

For the purchase and sale contract, would it be wise to include a contingency allowing me to back out of the contract if I can't find a buyer withing a specified period? Obviously the longer the better, but is there a generally accepted time limit that most people like to conform to?