Fillable NEW YORK RESIDENTIAL PURCHASE AGREEMENT

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NEW YORK RESIDENTIAL PURCHASE AGREEMENT

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Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 1 of 10
NEW YORK RESIDENTIAL PURCHASE AGREEMENT
I. THE PARTIES. This New York Real Estate Purchase Agreement
(“Agreement”) made on ____________________, 20____, (“Effective Date”)
between:
Buyer: ____________________, with a mailing address of
_______________________________________ (“Buyer”), who agrees to buy,
and:
Seller: ____________________, with a mailing address of
_______________________________________ (“Seller”), who agrees to sell
and convey real and personal property as described in Sections II & III.
Buyer and Seller are each referred to herein as a “Party” and, collectively, as
the "Parties."
II. LEGAL DESCRIPTION. The real property is a: (check one)
☐ - Single-Family Home
☐ - Condominium
☐ - Planned Unit Development (PUD)
☐ - Duplex
☐ - Triplex
☐ - Fourplex
☐ - Other: _______________________________________.
Street Address: _______________________________________.
Tax Parcel Information: _______________________________________.
Other Description: _______________________________________.
III. PERSONAL PROPERTY. In addition to the real property described in Section
II, the Seller shall include the following personal property:
The described real property in Section II and personal property in Section III
shall be collectively known as the “Property.”
IV. EARNEST MONEY. After acceptance by all Parties, the Buyer agrees to make
a payment in the amount of $____________________ as consideration by
____________________, 20____, at ____:____ ☐ AM ☐ PM (“Earnest
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 2 of 10
Money”). The Earnest Money shall be applied to the Purchase Price at Closing
and subject to the Buyer’s ability to perform under the terms of this Agreement.
Any Earnest Money accepted ☐ is ☐ is not required to be placed in a separate
trust or escrow account in accordance with Governing Law.
V. PURCHASE PRICE & TERMS. The Buyer agrees to purchase the Property by
payment of ____________________ US Dollars ($____________________)
as follows: (check one)
☐ - All Cash Offer. No loan or financing of any kind is required in order to
purchase the Property. Buyer shall provide Seller written third (3
rd
) party
documentation verifying sufficient funds to close no later than
____________________, 20___, at ____:____ ☐ AM ☐ PM. Seller shall
have three (3) business days after the receipt of such documentation to
notify Buyer, in writing, if the verification of funds is not acceptable. If
Buyer fails to provide such documentation, or if Seller finds such
verification of funds is not acceptable, Seller may terminate this
Agreement. Failure of Seller to provide Buyer written notice of objection to
such verification shall be considered acceptance of verification of funds.
☐ - Bank Financing. The Buyer’s ability to purchase the Property is
contingent upon the Buyer’s ability to obtain financing under the following
conditions: (check one)
☐ - Conventional Loan
☐ - FHA Loan (Attach Required Addendums)
☐ - VA Loan (Attach Required Addendums)
☐ - Other: _______________________________________.
a.) In addition, Buyer agrees, within a reasonable time, to make a
good faith loan application with a credible financial institution;
b.) If Buyer does not reveal a fact of contingency to the lender and
this purchase does not record because of such nondisclosure
after initial application, the Buyer shall be in default;
c.) On or before ____________________, 20____, the Buyer will
provide the Seller a letter from a credible financial institution
verifying a satisfactory credit report, acceptable income, source
of down payment, availability of funds to close, and that the loan
approval ☐ is ☐ is not contingent on the lease, sale, or
recording of another property;
d.) In the event the Buyer fails to produce the aforementioned letter
or other acceptable verification by the date above in Section
V(c), this Agreement may be terminated at the election of the
Seller with written notice provided to the Buyer within ____ days
from said date;
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 3 of 10
e.) Buyer must obtain Seller’s approval, in writing, to any change to
the letter described in Section V(c) regarding the financial
institution, type of financing, or allocation of closing costs; and
f.) Buyer agrees to pay all fees and satisfy all conditions, in a
timely manner, required by the financial institution for
processing of the loan application. Buyer agrees the interest
rate offered by lender or the availability of any financing
program is not a contingency of this Agreement, so long as
Buyer qualifies for the financing herein agreed. Availability of
any financing program may change at any time. Any licensed
real estate agent hired by either Party is not responsible for
representations or guarantees as to the availability of any loans,
project and/or property approvals or interest rates.
☐ - Seller Financing. Seller agrees to provide financing to the Buyer
under the following terms and conditions:
a.) Loan Amount: $____________________
b.) Down Payment: $____________________
c.) Interest Rate (per annum): ____%
d.) Term: ____ ☐ Months ☐ Years
e.) Documents: The Buyer shall be required to produce
documentation, as required by the Seller, verifying the Buyer’s
ability to purchase according to the Purchase Price and the
terms of the Seller Financing. Therefore, such Seller Financing
is contingent upon the Seller’s approval of the requested
documentation to be provided on or before
____________________, 20____. The Seller shall have until
____________________, 20____, to approve the Buyer's
documentation. In the event Buyer fails to obtain Seller’s
approval, this Agreement shall be terminated with the Buyer’s
Earnest Money being returned within five (5) business days.
VI. SALE OF ANOTHER PROPERTY. Buyer’s performance under this Agreement:
(check one)
☐ - Shall not be contingent upon selling another property.
☐ - Shall be contingent upon selling another property with a mailing
address of _______________________________________, within ____
days from the Effective Date.
VII. CLOSING COSTS. The costs attributed to the Closing of the Property shall be
the responsibility of ☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs
related to the Closing shall include but not be limited to a title search (including
the abstract and any owner’s title policy), preparation of the deed, transfer
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 4 of 10
taxes, recording fees, and any other costs by the title company that is in
standard procedure with conducting the sale of a property.
VIII. FUNDS AT CLOSING. Buyer and Seller agree that before the recording can
take place, funds provided shall be in one (1) of the following forms: cash,
interbank electronic transfer, money order, certified check or cashier’s check
drawn on a financial institution located in the state of Governing Law, or any
above combination that permits the Seller to convert the deposit to cash no
later than the next business day.
IX. CLOSING DATE. This transaction shall close on ____________________,
20____, at ____:____ ☐ AM ☐ PM or earlier at the office of a title company to
be agreed upon by the Parties (“Closing”). Any extension of the Closing must
be agreed upon, in writing, by Buyer and Seller. Real estate taxes, rents,
dues, fees, and expenses relating to the Property for the year in which the
sale is closed shall be prorated as of the Closing. Taxes due for prior years
shall be paid by Seller.
X. SURVEY. Buyer may obtain a survey of the Property before the Closing to
assure that there are no defects, encroachments, overlaps, boundary line or
acreage disputes, or other such matters, that would be disclosed by a survey
("Survey Problems"). The cost of the survey shall be paid by the Buyer. Not
later than ____ business days prior to the Closing, Buyer shall notify Seller of
any Survey Problems which shall be deemed to be a defect in the title to the
Property. Seller shall be required to remedy such defects within ____ business
days and prior to the Closing.
If Seller does not or cannot remedy any such defect(s), Buyer shall have the
option of canceling this Agreement, in which case the Earnest Money shall be
returned to Buyer.
XI. MINERAL RIGHTS. It is agreed and understood that all rights under the soil,
including but not limited to water, gas, oil, and mineral rights shall be
transferred by the Seller to the Buyer at Closing.
XII. TITLE. Seller shall convey title to the property by warranty deed or equivalent.
The Property may be subject to restrictions contained on the plat, deed,
covenants, conditions, and restrictions, or other documents noted in a Title
Search Report. Upon execution of this Agreement by the Parties, Seller will,
at the shared expense of both Buyer and Seller, order a Title Search Report
and have delivered to the Buyer.
Upon receipt of the Title Search Report, the Buyer shall have ____ business
days to notify the Seller, in writing, of any matters disclosed in the report
which are unacceptable to Buyer. Buyer’s failure to timely object to the report
shall constitute acceptance of the Title Search Report.
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 5 of 10
If any objections are made by Buyer regarding the Title Search Report,
mortgage loan inspection, or other information that discloses a material
defect, the Seller shall have ____ business days from the date the objections
were received to correct said matters. If Seller does not remedy any defect
discovered by the Title Search Report, Buyer shall have the option of canceling
this Agreement, in which case the Earnest Money shall be returned to Buyer.
After Closing, Buyer shall receive an owner’s standard form policy of title
insurance insuring marketable title in the Property to Buyer in the amount of the
Purchase Price, free and clear of the objections and all other title exceptions
agreed to be removed as part of this transaction.
XIII. PROPERTY CONDITION. Seller agrees to maintain the Property in its current
condition, subject to ordinary wear and tear, from the time this Agreement
comes into effect until the Closing. Buyer recognizes that the Seller, along with
any licensed real estate agent(s) involved in this transaction, make no claims
as to the validity of any property disclosure information. Buyer is required to
perform their own inspections, tests, and investigations to verify any information
provided by the Seller. Afterward, the Buyer shall submit copies of all tests and
reports to the Seller at no cost.
Therefore, Buyer shall hold the right to hire licensed contractors, or other
qualified professionals, to further inspect and investigate the Property until
____________________, 20____, at ____:____ ☐ AM ☐ PM.
After all inspections are completed, Buyer shall have until
____________________, 20____, at ____:____ ☐ AM ☐ PM to present any
new property disclosures to the Seller in writing. The Buyer and Seller shall
have ____ business days to reach an agreement over any new property
disclosures found by the Buyer. If the Parties cannot come to an agreement,
this Agreement shall be terminated with the Earnest Money being returned to
the Buyer.
If the Buyer fails to have the Property inspected or does not provide the Seller
with written notice of the new disclosures on the Property, in accordance with
this Agreement, Buyer hereby accepts the Property in its current condition
and as described in any disclosure forms presented by the Seller.
In the event improvements on the Property are destroyed, compromised, or
materially damaged prior to Closing, the Agreement may be terminated at
Buyer’s option.
XIV. SELLER’S INDEMNIFICATION. Except as otherwise stated in this
Agreement, after recording, the Buyer shall accept the Property AS IS,
WHERE IS, with all defects, latent or otherwise. Neither Seller nor their
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 6 of 10
licensed real estate agent(s) or any other agent(s) of the Seller, shall be
bound to any representation or warranty of any kind relating in any way to the
Property or its condition, quality or quantity, except as specifically set forth in
this Agreement or any property disclosure, which contains representations of
the Seller only, and which is based upon the best of the Seller’s personal
knowledge.
XV. APPRAISAL. Buyer’s performance under this Agreement: (check one)
☐ - Shall not be contingent upon the appraisal of the Property being
equal to or greater than the agreed upon Purchase Price.
☐ - Shall be contingent upon the appraisal of the Property being equal to
or greater than the agreed upon Purchase Price. If the Property does not
appraise to at least the amount of the Purchase Price, or if the appraisal
discovers lender-required repairs, the Parties shall have ____ business
days to re-negotiate this Agreement (“Negotiation Period”). In such event
the Parties cannot come to an agreement during the Negotiation Period,
this Agreement shall terminate with the Earnest Money being returned to
the Buyer.
XVI. REQUIRED DOCUMENTS. Prior to the Closing, the Parties agree to authorize
all necessary documents, in good faith, in order to record the transaction under
the conditions required by the recorder, title company, lender, or any other
public or private entity.
XVII. TERMINATION. In the event this Agreement is terminated, as provided in this
Agreement, absent of default, any Earnest Money shall be returned to the
Buyer, in-full, within ____ business days with all parties being relieved of their
obligations as set forth herein.
XVIII. SEX OFFENDERS. Section 2250 of Title 18, United States Code, makes it a
federal offense for sex offenders required to register pursuant to the Sex
Offender Registration and Notification Act (SORNA), to knowingly fail to register
or update a registration as required. State convicted sex offenders may also be
prosecuted under this statute if the sex offender knowingly fails to register or
update a registration as required, and engages in interstate travel, foreign
travel, or enters, leaves, or resides on an Indian reservation.
A sex offender who fails to properly register may face fines and up to ten (10)
years in prison. Furthermore, if a sex offender knowingly fails to update or
register as required and commits a violent federal crime, he or she may face up
to thirty (30) years in prison under this statute. The Buyer may seek more
information online by visiting https://www.nsopw.gov/.
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 7 of 10
XIX. TIME. Time is of the essence. All understandings between the Parties are
incorporated in this Agreement. Its terms are intended by the Parties as a final,
complete and exclusive expression of their Agreement with respect to its
subject matter and they may not be contradicted by evidence of any prior
agreement or contemporaneous oral agreement.
XX. BUYER’S DEFAULT. Seller’s remedies shall be limited to liquidated damages
in the amount of the Earnest Money set forth in Section IV. It is agreed that
such payments and things of value are liquidated damages and are Seller’s
sole and only remedy for Buyer’s failure to perform the obligations of this
Agreement. The Parties agree that Seller’s actual damages in the event of
Buyer’s default would be difficult to measure, and the amount of the liquidated
damages herein provided for is a reasonable estimate of such damages.
XXI. SELLER’S DEFAULT. Buyer may elect to treat this Agreement as cancelled, in
which case all Earnest Money paid by Buyer hereunder shall be returned and
Buyer may recover such damages as may be proper, or Buyer may elect to
treat this Agreement as being in full force and effect and Buyer shall have the
right to specific performance or damages, or both.
XXII. EARNEST MONEY DISPUTE. Notwithstanding any termination of this
Agreement, the Parties agree that in the event of any controversy regarding
the release of the Earnest Money that the matter shall be submitted to
mediation as provided in Section XXIII.
XXIII. DISPUTE RESOLUTION. Buyer and Seller agree to mediate any dispute or
claim arising out of this Agreement, or in any resulting transaction, before
resorting to arbitration or court action.
a.) Mediation. If a dispute arises, between or among the Parties, and it is
not resolved prior to or after recording, the Parties shall first proceed in
good faith to submit the matter to mediation. Costs related to mediation
shall be mutually shared between or among the Parties. Unless
otherwise agreed in mediation, the Parties retain their rights to proceed
to arbitration or litigation.
b.) Arbitration. The Parties agree that any dispute or claim in law or equity
arising between them out of this Agreement or any resulting transaction,
which is not settled through mediation, shall be decided by neutral,
binding arbitration. The arbitrator is required to be a retired judge or
justice, or an attorney with at least five (5) years of residential real estate
law experience unless the Parties mutually agree to a different arbitrator.
Under arbitration, the Parties shall have the right to discovery in
accordance with Governing Law. Judgment upon the award of the
arbitrator(s) may be entered into any court having jurisdiction.
Enforcement of this Agreement to arbitrate shall be governed by the
Federal Arbitration Act.
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 8 of 10
c.) Exclusions. The following matters shall be excluded from the mediation
and arbitration: (i) a judicial or non-judicial foreclosure or other action or
proceeding to enforce a deed, mortgage or installment land sale contract
as defined in accordance with Governing Law; (ii) an unlawful detainer
action, forcible entry detainer, eviction action, or equivalent; (iii) the filing
or enforcement of a mechanic’s lien; and (iv) any matter that is within the
jurisdiction of a probate, small claims or bankruptcy court. The filing of a
court action to enable the recording of a notice of pending action, for
order of attachment, receivership, injunction, or other provisional
remedies, shall not constitute a waiver or violation of the mediation and
arbitration provisions of this Section.
XXIV. GOVERNING LAW. This Agreement shall be interpreted in accordance with
the laws in the state of New York (“Governing Law”).
XXV. TERMS AND CONDITIONS OF OFFER. This is an offer to purchase the
Property in accordance with the above stated terms and conditions of this
Agreement. If at least one, but not all, of the Parties initial such pages, a
counteroffer is required until an agreement is reached. Seller has the right to
continue to offer the Property for sale and to accept any other offer at any
time prior to notification of acceptance. If this offer is accepted and Buyer
subsequently defaults, Buyer may be responsible for payment of licensed real
estate agent(s) compensation. This Agreement and any supplement,
addendum or modification, including any copy, may be signed in two or more
counterparts, all of which shall constitute one and the same writing.
XXVI. BINDING EFFECT. This Agreement shall be for the benefit of, and be binding
upon, the Parties, their heirs, successors, legal representatives, and assigns,
which therefore, constitutes the entire agreement between the Parties. No
modification of this Agreement shall be binding unless signed by both Buyer
and Seller.
XXVII. SEVERABILITY. In the event any provision or part of this Agreement is found
to be invalid or unenforceable, only that particular provision or part so found,
and not the entire Agreement, will be inoperative.
XXVIII. OFFER EXPIRATION. This offer to purchase the Property as outlined in this
Agreement shall be deemed revoked and the Earnest Money shall be
returned unless this Agreement is signed by Seller and a copy of this
Agreement is personally given to the Buyer by ____________________,
20____, at ____:____ ☐ AM ☐ PM.
XXIX. ACCEPTANCE. Seller warrants that Seller is the owner of the Property or has
the authority to execute this Agreement. Therefore, by the Seller’s
authorization below, he/she/they accepts the above offer and agrees to sell
the Property on the above terms and conditions and agrees to the agency
Buyer’s Initials _______ - _______ Seller’s Initials _______ - _______
Page 9 of 10
relationships in accordance with any agreement(s) made with licensed real
estate agent(s). Seller has read and acknowledges receipt of a copy of this
Agreement and authorizes any licensed real estate agent(s) to deliver a
signed copy to the Buyer.
Delivery may be in any of the following: (i) hand delivery; (ii) email under the
condition that the Party transmitting the email receives electronic confirmation
that the email was received to the intended recipient; and (iii) by facsimile to
the other Party or the other Party’s licensee, but only if the transmitting fax
machine prints a confirmation that the transmission was successful.
XXX. LICENSED REAL ESTATE AGENT(S). If Buyer or Seller have hired the
services of licensed real estate agent(s) to perform representation on their
behalf, he/she/they shall be entitled to payment for their services as outlined
in their separate written agreement.
XXXI. DISCLOSURES. It is acknowledged by the Parties that: (check one)
☐ - There are no attached addendums or disclosures to this Agreement.
☐ - The following addendums or disclosures are attached to this
Agreement: (check all that apply)
☐ - Lead-Based Paint Disclosure Form
☐ - Property Condition Disclosure Statement
☐ - _______________________________________.
☐ - _______________________________________.
XXXII. ADDITIONAL TERMS AND CONDITIONS.
XXXIII. ENTIRE AGREEMENT. This Agreement together with any attached
addendums or disclosures shall supersede any and all other prior
understandings and agreements, either oral or in writing, between the Parties
with respect to the subject matter hereof and shall constitute the sole and only
agreements between the Parties with respect to the said Property. All prior
negotiations and agreements between the Parties with respect to the Property
hereof are merged into this Agreement. Each Party to this Agreement
acknowledges that no representations, inducements, promises, or
agreements, orally or otherwise, have been made by any Party or by anyone
acting on behalf of any Party, which are not embodied in this Agreement and
that any agreement, statement or promise that is not contained in this
Agreement shall not be valid or binding or of any force or effect.
Page 10 of 10
XXXIV. EXECUTION.
Buyer Signature: _____________________________ Date: ______________
Print Name: _____________________________
Buyer Signature: _____________________________ Date: ______________
Print Name: _____________________________
Seller Signature: _____________________________ Date: ______________
Print Name: _____________________________
Seller Signature: _____________________________ Date: ______________
Print Name: _____________________________
Agent Signature: _____________________________ Date: ______________
Print Name: _____________________________
Agent Signature: _____________________________ Date: ______________
Print Name: _____________________________
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NEW YORK RESIDENTIAL PURCHASE AGREEMENT

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Completed 27 June 2022

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