The New York residential purchase and sale agreement allows a prospective homeowner to make a written offer to a seller on a residential property. The document outlines the terms and conditions of the real estate transaction and states details such as the property type, proposed purchase price, and any personal property the seller wishes to include.
The buyer and seller will typically fill out this form with the assistance of a real estate agent or broker. It should be noted that prior to 2001, the state of New York was a “Caveat Emptor” state, meaning that the seller was not responsible for any undisclosed issues with the property. Now, a property disclosure statement must be provided to the buyer, or the seller must pay a $500 credit to the buyer.
New York Purchase and Sale Contract – Created by the Elmira Corning Association of REALTORS®, this contract may be used by real estate agents and brokers to handle residential real estate transactions.
Lead-Based Paint – If the property was built before 1978, federal law dictates that the seller must disclose any knowledge of lead-based paint on the premises and provide the buyer with an EPA-approved pamphlet regarding the dangers of toxic paint.
Property Disclosure Statement (§ 462) – The seller must provide this document describing information about the property including but not limited to the property age, utilities, structural information, and known defects. A $500 fee will be paid by the buyer to the seller should they fail to provide this document before closing.
