The New York purchase agreement establishes the terms and conditions for the sale of a residence. The form includes information about the buyer and seller, purchase price, earnest money deposit, closing date, and any additional terms to sale. The deal can commence on the assigned closing date if all parties sign the contract and adhere to its conditions.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – The seriousness of potential contact with lead-based paints on the premises must be disclosed in accordance with federal law for homes built in 1978 or earlier. The required pamphlet and disclosure statement must be presented along with the contract and approved via a signature from the buyer(s).
Property Condition Disclosure Statement (§14-462) – State legislation imposes the obligation for the seller to properly inform the purchaser of a property of any structural, environmental, or alternative defects associated with the piece of real estate. The regulatory statutes require that the standard form, provided by the state of New York, is to be employed for disclosure with thorough completion and accurate information to the knowledge of the seller.
Realtor Version
Elmira-Corning Regional Board of Realtors Purchase and Sale Contract for Real Property – PDF