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Form 8080 Condominium Contract of Sale

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Contract of Sale – Condominium Unit

Reorder form 8080 – Contract of Sale, Condominium Unit, 3-95

Prepared by the Committee on Real Property Law of the Association of the Bar of the City of New York

Note: This form is intended to deal with matters common to most transactions involving the sale of a condominium unit. Provisions should be added, altered or deleted to suit the circumstances of a particular transaction. No representation is made that this form of contract complies with Section 5-702 of the General Obligations Law ("Plain Language Law").

CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT

Contract of Sale – Condominium Unit

Agreement made as of 20 between

residing at ("Seller")

and

residing at ("Purchaser")

1. Unit: Seller agrees to sell and convey, and Purchaser agrees to purchase, Unit No. ("Unit") in the building ("Building") known as Condominium ("Condominium") and located at New York, together with a percent undivided interest in the Common Elements.

2. Personal Property: (a) The sale includes all of Seller’s right, title and interest, if any, in and to:

(i) the refrigerators, freezers, ranges, ovens, dishwashers, washing machines, clothes dryers, cabinets and counters, lighting and plumbing fixtures, air conditioning equipment, Venetian blinds, shades, screens, storm windows and other window treatments, wall-to-wall carpeting, bookshelves, switchplates, door hardware, built-ins and articles of property and fixtures attached to or appurtenant to the Unit, except those listed in subpara. 2(b), all of which included property and fixtures are represented to be owned by Seller, free and clear of all liens and encumbrances other than those enumerated;

(ii)

(b) Excluded from this sale are:

(i)

3. Purchase Price: ("Purchase Price") is payable as follows:

(i) $ on the signing of this Contract by check subject to "downpayment" on the receipt of which is hereby acknowledged...

(ii) $ constituting the balance of the Purchase Price...

4. Closing of Title: The closing documents referred to in para. 6 shall be delivered, and payment of the balance of the Purchase Price shall be made, on the closing of title ("Closing"), to be held on at

5. Representations, Warranties and Covenants:

Seller represents, warrants and covenants that:

6. Closing Documents:

Seller shall deliver to Purchaser the following:

7. Closing Adjustments:

8. Right of First Refusal:

9. Processing Fee:

10. No Other Representations:

11. Possession:

12. Access: Seller shall permit Purchaser and its architect, decorator or other authorized persons to have the right of access to the Unit between the date hereof and the Closing for the purpose of inspecting the same and taking measurements.

13. Defaults and Remedies:

14. Notices:

15. Purchaser’s Lien:

16. Buydown / Downpayment in Escrow:

17. New York State Gains Tax:

18. FIRPTA:

19. Title Report; Acceptable Title:

20. Risk of Loss; Casualty:

21. Initial Revenue Service Reporting Requirement:

22. Broker:

23. Mortgage Contingency:

24. Gender, Etc.:

25. Entire Contract:

26. Captions:

27. No Assignment by Purchaser:

28. Successor and Assigns:

29. No Oral Changes:

30. Contract Not Binding Until Signed:

In Witness Whereof, the parties hereto have duly executed this Contract on the day and year first above written.

Seller

(Soc. Sec. No.)

Seller

(Soc. Sec. No.)

Purchaser

(Soc. Sec. No.)

Purchaser

(Soc. Sec. No.)

Agreed to as to para. 16:

Escrow Depository:

Schedule A – Permitted Exceptions

1. Zoning laws and regulations and landmark, historic or wetlands designation which are not violated by the Unit and which are not violated by the Common Elements to the extent that access to or use of the Unit would be materially and adversely affected.

2. Consents for the erection of any structure or structures on, under or above any street or streets on which the Building may abut.

3. The terms, burdens, covenants, restrictions, conditions, easements and rules and regulations set forth in the Declaration, By-Laws and rules and regulations of the Condominium, the Power of Attorney from the Condominium, if any, and the floor plans filed with the Condominium.

4. Rights of utility companies to lay, maintain, install and repair pipes, lines, poles, conduits, cable boxes and related equipment.

5. Encroachments of stoops, areaways, cellar steps, trims, cornices, lintels, window sills, awnings, canopies, ledges, fences, hedges, projecting walls and other similar elements.

6. Any state of facts which an accurate survey or personal inspection of the Building, Common Elements or Unit would disclose.

7. The lien of any unpaid common charge, real estate tax, water charge, sewer rent or vault charge.

8. The lien of any unpaid assessments to the extent of installments thereof payable after the Closing.

9. Liens, encumbrances and title conditions affecting the Common Elements which do not materially and adversely affect the right of the Unit owner to use and enjoy the Unit.

10. Notes or notices of violations of law or governmental orders, ordinances or requirements affecting only the Common Elements which were not issued prior to the date of this Contract or at any time thereafter.

11. Any other matters or encumbrances subject to which Purchaser is required to accept title to the Unit pursuant to this Contract.

The survey referred to in No. 6 above was prepared by dated 20 and last revised

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What the Form 8080 Condominium Contract of Sale Is

Form 8080 Condominium Contract of Sale is a standardized real estate purchase agreement used to document the sale and transfer of condominium units. It records buyer and seller information, the legal description of the unit, purchase price and deposit terms, financing contingencies, inspection and disclosure items, closing date, prorations, and title or recording instructions. The form is intended to create clear contractual obligations between parties, allocate risk for inspections and repairs, and provide a basis for closing and recording the conveyance with the county recorder or appropriate land records office.

Why Use a Form 8080 Contract for Condominium Sales

Using Form 8080 provides a consistent framework that reduces ambiguity, helps satisfy statutory disclosure obligations, and documents key dates and contingencies in writing. Because it captures price, deposit, buyer/seller covenants, and closing mechanics, it reduces later disputes and supports title transfer and lender requirements while aligning with state real estate practice and disclosure laws.

Why Use a Form 8080 Contract for Condominium Sales

Who Typically Prepares and Signs Form 8080

Real estate brokers, listing agents, buyers, sellers, title companies, and closing attorneys commonly complete or rely on Form 8080 when transferring condominium units.

  • Buyers and buyer agents who need to document offers, contingencies, financing terms, and inspection timelines.
  • Sellers and listing agents who must disclose condominium association information and confirm title and deed requirements.
  • Title companies, lenders, and closing attorneys who verify recording instructions, payoffs, and final settlement figures.

Each party should review obligations and signatory authority carefully; parties often consult counsel or title professionals to confirm recording and disclosure requirements.

Core Sections to Expect in a Professional Form 8080

A complete Form 8080 organizes the transaction into clear sections so parties and third parties can confirm obligations quickly and avoid errors during closing.

Parties

Full legal names and entity types for buyer(s) and seller(s), including contact information and authorized signers.

Property Description

Unit number, condominium name, legal description, and parking/storage allocations referenced to the master deed.

Price & Terms

Purchase price, earnest money amount, deposit schedule, and acceptable forms of payment.

Contingencies

Inspection, financing, association approval, and sale-of-home contingencies with deadlines.

Closing Instructions

Closing date, prorations, escrow holder or title company, and recordation instructions.

Representations

Seller disclosures about condition, pending litigation, association assessments, and any known defects.

Step-by-Step: Completing Form 8080

Follow these sequential steps to prepare a complete, enforceable contract and reduce closing delays.

  • 01
    Prepare Parties: Confirm full legal names and authorized signers for all parties.
  • 02
    Enter Property Details: Paste the exact legal description and unit identifiers from title documents.
  • 03
    Specify Terms: Fill purchase price, deposits, and contingency deadlines in MM/DD/YYYY format.
  • 04
    Sign and Deliver: Obtain signatures, notarization if required, and route to title or escrow for closing.

How to Customize and Automate Form 8080 Online

Configure a digital workflow to reduce manual errors and speed execution while preserving a clear audit trail.

Field Configuration
Template Create a reusable template with locked sections for legal descriptions.
Conditional Fields Show financing and inspection fields only when corresponding checkboxes are selected.
Signer Roles Assign buyer, seller, and agent roles with sequential signing order.
Authentication Require email plus SMS code or ID verification for higher-assurance signers.

Digital Signing and Distribution Considerations

When you complete Form 8080 electronically, plan for integrations, file formats, and signer authentication levels.

  • Integrations: Connect to CRM or title platforms like Salesforce or NetSuite.
  • File Formats: Use PDF or PDF/A for recording compatibility.
  • Authentication: Choose email, SMS, or KBA depending on risk.

Ensure the chosen platform supports audit trails, tamper-evident PDFs, and the record retention and access controls required by your organization or regulator.

Where to Send Form 8080 After Execution

After signatures, route the executed contract and supporting documents to parties and entities responsible for closing, recording, and financing.

  • Title Company: Receives executed contract and title commitment for closing.
  • Condo Association: Sends association approval forms and resale disclosure materials.
  • Lender: Obtains contract to finalize mortgage commitment and closing figures.
  • County Recorder: Records deed after closing per local recording rules.

Typical Deadlines and Timing to Track

Form 8080 commonly establishes time limits for deposits, inspections, financing, and closing; adapt these to the negotiation and lender requirements.

Earnest Money Due:

Often due within 1–5 business days after contract execution.

Inspection Period:

Commonly 7–15 days for property inspection and review of association documents.

Financing Contingency:

Buyer typically has 14–30 days to secure loan commitment.

Association Approval:

Approval or denial sometimes required within 30–45 days per association bylaws.

Closing Date:

Usually set 30–60 days, or as agreed by parties.

Key Transaction Milestones from Offer to Recording

A concise milestone sequence helps keep all parties aligned on required actions and timing.

01

Offer Accepted

Contract executed and earnest money delivered to escrow or title company.

02

Inspections Complete

Buyer completes inspections and decides on repair requests or contract termination.

03

Financing Clear

Lender issues commitment and conditions are satisfied.

04

Close and Record

Settlement occurs, deed executed, and recorder files the deed and related documents.

Common Mistakes That Delay Condominium Closings

  • Using an imprecise legal description or unit identifier causes title exceptions and requires re-execution or corrective instruments.
  • Failing to verify signatory authority for entity sellers leads to missing signatures or demands for corporate resolutions.
  • Omitting association disclosure forms or resale certificates triggers delays while the association compiles required documents.
  • Not coordinating payoff statements, HOA assessments, and prorations can produce last-minute adjustments and postponements of closing.

Potential Consequences of Errors or Omissions

Recording Delay: Title transfer delayed
Contract Voidance: Buyer/seller rescission risk
Financial Exposure: Unanticipated lien payments
Legal Disputes: Breach claims and litigation
Tax Reporting: Incorrect 1099-S reporting
Assessment Liability: Unpaid HOA assessments

Security and Compliance Considerations for Electronic Contracting

Encryption: TLS 1.2/1.3; AES-256
Audit Trail: IP, timestamp, and action logs
Access Controls: Role-based access and SSO
HIPAA: BAA available when required
21 CFR Part 11: Supported for regulated records
Retention: Tamper-evident file storage

eSignature Pricing and Feature Comparison for Contract Execution

Comparison of common eSignature vendors and practical feature considerations for executing Form 8080; signNow is listed first for parity with platform data and plan models.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

FAQs and Troubleshooting for Form 8080

Answers to common questions about enforceability, notarization, corrections, cancellations, signature authority, and secure storage for Form 8080.


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