New York Residential Real Estate Purchase and Sale Agreement

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Updated February 16, 2022

A New York residential real estate purchase and sale agreement contains the terms of a property transaction involving a seller of a piece of property and a potential buyer. The purchaser will use the agreement form to present their financial offer to the real estate seller. On the document, the buyer will list the terms of their offer including how the payment will be financed, when payments and deposits will be made, and the duration of time that the offer will remain open. If the seller is including other property in the sale, such as furniture or appliances, these items can be included within the agreement. Before the purchase agreement is signed, State law requires that the seller provide the buyer with a property disclosure that describes the condition of the residence and its utilities.

Table of Contents

Realtor Version

Elmira-Corning Board of Realtors – Adobe PDF

Required Disclosures

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.

Seller’s Property 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.

Commercial Property

Commercial Purchase AgreementUse to buy or sell any type of commercial property.

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