Residential Contract of Sale - New York City

A New York Residential Contract of Sale is a formal document that establishes the mutual rights and obligations of the seller and the buyer regarding the transfer of ownership of the residential property situated in the state of New York. To make this agreement valid, the parties must provide the following information in writing:

1. Identification of the seller and the purchaser.
2. Description of the premises in question and personal property sold along with the house or apartment.
3. Purchase price and the method of payment.
4. Mortgage commitment and contingencies that will terminate the agreement if the sale is subject to an existing mortgage.
5. Warranties and guarantees from the seller.
6. The physical condition of the property at the time of the sale.
7. Transfer of the title and the closing date of the transaction.
8. Signatures of both parties and their contact details.

Alternate Name:

• New York Real Estate Purchase Agreement

This form is released by the New York City Bar Association on January 1, 2000 . You may download a fillable version through the link below.

If you plan to sell residential property in the state of New York, you need to fill out two more documents and give them to the prospective buyer:

• A Property Disclosure Statement describes various issues and defects with the real estate that may reduce its price or even prevent the sale if the purchaser finds them unacceptable;
• A Lead Disclosure Form informs the purchaser about lead-based paint used in the construction process if the house or apartment was built before 1978.