This comprehensive legal document is specifically tailored to govern a real estate transaction, effectively safeguarding the interests of both the buyer and seller.
Every pivotal aspect of your property purchase in New York is catered for in this contract, ensuring a foolproof agreement between all parties involved.
You can conveniently download, edit and utilize this contract for any real estate transaction, making it an indispensable tool in your property sale or purchase process.
CONTRACT OF SALE – RESIDENTIAL PROPERTYTHIS CONTRACT OF SALE (the “Contract”) is made and entered into this [Date], by and between [Seller’s Full Legal Name] (the “Seller”), residing at [Seller’s Full Address], and [Buyer’s Full Legal Name], (the “Buyer”), residing at [Buyer’s Full Address].
1. DESCRIPTION OF PROPERTYThe Seller agrees to sell, and the Buyer agrees to buy, the property located at [Property Full Address], County of [County], State of New York, further described in Exhibit A attached hereto (the “Property”).
2. PURCHASE PRICEThe purchase price for the Property is [Purchase Price in Words] dollars ($[Purchase Price in Figures]) and shall be paid as follows: [Payment Terms].
3. CLOSING DATEThe closing of the sale of the Property shall occur on [Closing Date], or on such other date as may be mutually agreed upon by the parties.
4. INSPECTIONThe Buyer acknowledges that they had the opportunity to inspect the Property and is purchasing the Property “as is,” subject to: (i) the rights of any tenants or persons in possession of the Property; and (ii) any state of facts an accurate survey or physical inspection of the Property might show.
5. REPRESENTATIONS AND WARRANTIESThe Seller represents and warrants to the Buyer that there are no pending actions, suits, or proceedings affecting the Property in any court or before any governmental authority.
6. RISK OF LOSSIf the Property is damaged by fire or other casualty prior to closing, the risk of loss shall be on the Seller.
7. NEW YORK LAW AND VENUEThis Contract shall be governed by and construed in accordance with the laws of the State of New York. Any legal action to enforce the terms of this Contract shall be brought in the State of New York.
8. ENTIRE AGREEMENTThis Contract constitutes the entire agreement between the parties and supersedes all prior discussions, negotiations, and agreements, whether oral or written. SELLER: ______________________________ Date: ________ [Seller’s Full Legal Name] BUYER: ______________________________ Date: ________ [Buyer’s Full Legal Name] This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing. Note: This is a basic residential contract of sale for New York. Depending on the specifics of the transaction, additional terms and conditions may be required. It is recommended that this form be used in conjunction with legal advice from an attorney.
If you’re interested in the specifics of real estate transactions in New York, this post on the Contract For Sale Of Real Estate In New York is a great place to start. Similarly, you might find our Contract For Deed Template New York and Contract For Rental Property New York useful as well. These will provide detailed guidance on important contractual aspects when purchasing or leasing property in the state.