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New York Residential Purchase Agreement

A New York residential purchase agreement outlines the terms of a transaction between the buyer and the seller of a residential property. The buyer will use the agreement to make an offer, listing the purchase price, expiration date, and more. The seller must make legally required disclosures before closing the sale.
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Required Disclosures (2)

Lead-Based Paint Disclosure – If the residence was built prior to 1978 the seller must give potential buyers a disclosure statement that describes the presence of lead-based paint on the property.

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Property Condition Disclosure Statement (§ 462) – The seller of a residence must fill out this form and give it to potential buyers. On the form, the seller will describe the residence’s various utilities and the condition of the property, including any defects. According to State law, if the seller does not provide this disclosure at the time of signing the buyer shall be credited with $500 at closing.

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