What is a covenant of further assurance in New York?

A covenant of further assurance is a contract between the seller and buyer of a property, where the seller promises to make certain repairs or improvements to the property. The buyer then has the right to seek reimbursement from the seller if these repairs are not completed by a specified date.  To learn more about a covenant of further assurance, contact MacGregor Abstract.

How does it work?

In New York, covenants of further assurance are included in real estate contracts as part of the sale of residential properties or commercial properties. They require that both parties agree on what repairs must be made and how much time they have to be completed in.

The parties can also agree on who will pay for these repairs through escrow payments or other methods. If they don’t agree on this, then it’s up to the court to decide who pays for what repair costs.

Covenants of further assurances can also include things like window replacements, roof replacement and even painting services. Some covenants may require specific types of materials used for these repairs so that you can get your money’s worth out of them later on down the road if you want to sell your home again at some point in time or rent it out as an investment property later down the road when it needs