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New York Contract for Sale and Purchase of Real Estate

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE (NO BROKER)

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, , “Seller” whether one or more, and , “Buyer” whether one or more, do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows:

County, New York. Tax map designation:

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included:

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Item Amount
Purchase Price$
Earnest Money$
New Loan$
Assumption of Loan$
Seller Financing$
Cash at Closing$
Total (both columns should be equal)$

Both columns should be an equal amount.

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20.

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval.

Conventional VA FHA Other:

FHA appraisal value not less than $ .

Existing Loan Review: calendar days from acceptance. If lender's approval is not obtained on or before this contract shall be terminated.

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. PROPERTY CONDITION:

Lead-based paint disclosure addendum is attached.

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense. Inspection notice within days after execution.

Buyer accepts the Property in its present condition; provided Seller shall complete the following repairs and treatment:

Mechanical equipment/appliances responsibility: Seller Buyer.

Utilities: Water provided by ; Sewer by ; Gas by ; Electricity by .

6. CLOSING: The closing of the sale will be on or before , unless extended pursuant to the terms hereof.

7. TITLE AND CONVEYANCE: Seller is to convey title by (as appropriate).

Other title exceptions:

8. TITLE EXAMINATION; SELLER’S INABILITY TO CONVEY; LIMITATIONS OF LIABILITY:

Title report deadline: days before closing.

9. APPRAISAL, SURVEY AND TERMITE INSPECTION:

Appraisal responsibility: Buyer Seller.

Survey required: not required required; paid by Seller Buyer.

Termite inspection required: not required required; paid by Seller Buyer.

10. POSSESSION AND TITLE:

Title to be conveyed to Buyer as Joint tenants with rights of survivorship Tenants in common Other:

11. CLOSING COSTS AND EXPENSES:

Closing Costs Buyer Seller Both*
Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs

12. PRORATIONS: Taxes, interest, maintenance fees, assessments, dues and rents will be prorated through the Closing Date.

13. CASUALTY LOSS: If any part of the Property is damaged or destroyed after the effective date of the contract, Seller shall restore the Property as soon as reasonably possible.

14. DEFAULTS AND REMEDIES: If Buyer defaults, Seller’s remedy is to retain the down payment/earnest money. If Seller defaults, Buyer shall be refunded the earnest money and have legal/equitable remedies.

15. ATTORNEY'S FEES: Prevailing party may recover costs and reasonable attorney’s fees.

16. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no unsatisfied liens or defaults.

17. FEDERAL TAX REQUIREMENT: If Seller is a foreign person, Buyer may withhold from the sales proceeds.

18. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by written agreement.

19. NOTICES: All notices must be in writing.

To Buyer at:

Telephone:

Facsimile:

To Seller at:

Telephone:

Facsimile:

20. ASSIGNMENT: Buyer may not assign without Seller consent.

21. PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties.

22. NO BROKER OR AGENTS: Neither party has employed a real estate broker or agent.

23. EMINENT DOMAIN: If the property is condemned, the parties may continue or cancel the contract.

24. OTHER PROVISIONS

25. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

26. GOVERNING LAW: This contract shall be governed by the laws of the State of New York.

27. DEADLINE LIST (Optional) (complete all that apply).

Deadline Date
Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Appraisal Deadline
Property Inspection Deadline

EXECUTED the day of , 20 (THE EFFECTIVE DATE).

Buyer

Seller

Buyer

Seller

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.

Signature:

By:

Address

City State Zip Code

Date:

Telephone:

Facsimile:

Lead-Based Paint Disclosure Instruction Page

This page is not part of the contract.

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What the New York Contract for Sale and Purchase of Real Estate Is

The New York Contract for Sale and Purchase of Real Estate is the standardized legal agreement used to transfer residential or commercial property ownership in New York State. It sets out essential terms including purchase price, deposit, financing contingencies, closing date, property condition disclosures, and prorations for taxes and utilities. The form allocates responsibilities for inspections, title review, and curing defects, and it establishes remedies for default. Parties should ensure the contract reflects negotiated terms and complies with New York statutory requirements and local custom.

Why a Clear New York Purchase Contract Matters

Using a New York Contract for Sale and Purchase of Real Estate clarifies rights, allocates risk, and documents closing conditions and remedies. A clear contract reduces disputes, supports title examination and lender requirements, and provides a legally enforceable roadmap for completing the transaction.

Why a Clear New York Purchase Contract Matters

Who Typically Uses This Contract

Agents, sellers, buyers, mortgage lenders, and attorneys commonly use this contract in New York property transactions.

  • Real estate agents managing offers and negotiations on residential or multi-family properties.
  • Buyers and sellers formalizing price, deposit, contingencies, and closing schedule with legal certainty.
  • Lenders and title companies reviewing contract terms for underwriting and title insurance conditions.

Practitioners should confirm the contract version matches local practice and any required state disclosures or statutory language.

Typical Signers and Their Roles

Buyer Individual

Individual buyers typically sign as named parties and must match their government ID. If purchasing through an LLC or trust, provide entity documentation and authorized signer details. Lenders will require accurate names and TINs for underwriting and closing.

Seller Entity

Corporate sellers must provide corporate resolutions, authority to sell, and officer signatures. Trustees and executors sign pursuant to trust or probate documents; ensure notarization or witness requirements are met. Escrow and closing agents often verify signatory authority before funding.

Core Clauses to Review Before You Sign

Key sections and clauses to review in a New York Contract for Sale and Purchase of Real Estate before signing and closing.

Purchase Price

State total consideration and payment schedule. Clarify cash at closing, scheduled deposits, escrow handling, and whether adjustments apply for credits, fees, or prorations to avoid later disputes.

Deposits

Specify amount, form, escrow holder, and conditions for release or forfeiture. Address deposit refunds upon failed contingencies and process for applying funds at closing timelines.

Closing Date

Include precise date, time, and location for closing, conditions for extension, and cure periods for title objections. Note adjustments for weekend or bank holiday closings.

Contingencies

List financing, appraisal, inspection, and attorney approval contingencies with explicit deadlines, cure periods, and consequences if conditions are not satisfied or waived in writing.

Property Condition

Attach disclosures and reports; specify seller's representations and buyer's inspection rights. Define acceptance standards and responsibility for repairs or credits discovered before closing.

Title and Survey

Require seller to provide marketable title, specify required closing documents, and outline survey obligations. Address title exceptions, gap indemnities, and procedures for clearing defects.

Step-by-Step: Preparing and Executing the Contract

Step-by-step completion guide to prepare and execute a New York real estate purchase contract correctly.

  • 01
    Gather Information: Collect legal names, addresses, and deed references
  • 02
    Define Price: State purchase price, deposit amount, and payment terms
  • 03
    Contingencies: Include financing, inspection, and title review contingencies
  • 04
    Sign & Exchange: All parties sign, date, and deliver executed copies

How to Configure an Electronic Signing Workflow

Configure an online workflow for executing the New York sale contract with consistent signer authentication and delivery.

Field Configuration
Signing Order Sequential or parallel signer routing
Authentication Email link, SMS code, or ID verification
Notifications Email reminders and completion receipts
Document Format PDF or Word DOCX best practices

Electronic Execution: Typical Workflow

Overview of electronic execution and routing for New York purchase contracts, including signing order and document delivery options.

  • Upload Document: Prepare final PDF or DOCX for signature
  • Assign Fields: Place signature, initial, date, and checkbox fields
  • Set Routing: Specify signer order and authentication methods
  • Complete Audit: Signed copies plus audit trail delivered to parties

Platform and File Requirements for eSigning

Digital execution works with PDF, DOCX, and online templates; choose a platform supporting required authentication.

  • File Types: PDF and Word DOCX formats supported
  • Integrations: Integrates with Salesforce, NetSuite, Google Workspace
  • Authentication: Support for SMS, email, KBA

Comparing eSignature Vendor Pricing and Features

Compare pricing and plan features for electronic execution of the New York Contract for Sale and Purchase of Real Estate across common vendors.

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 by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Common Contract Deadlines and What They Mean

Typical timing and deadlines found in New York purchase contracts, including deposit and contingency windows.

Offer Acceptance Deadline:

Date when seller must accept or reject offer

Deposit Deadline:

When buyer must deliver initial deposit to escrow

Financing Commitment:

Final mortgage approval date per contract terms

Inspection Period:

Timeframe to complete inspections and demand repairs

Closing Date:

Scheduled date for transfer and escrow disbursement

Milestone Sequence From Contract to Recording

Key milestones from contract execution through closing, represented as sequential stages for tracking obligations and deadlines.

01

Execution

Offer accepted and parties sign the contract

02

Deposit Posted

Escrow receives buyer's deposit per contract terms

03

Contingency Clearance

Inspections and financing satisfied or waived before closing

04

Closing & Recording

Funds transferred, deed delivered, and recording completed

Common Preparation Errors to Avoid

  • Using an outdated contract form that lacks required New York statutory disclosures or local addenda can create enforceability gaps and delay closing.
  • Entering mismatched party names or incorrect vesting (individual vs. entity) leads to title insurance exceptions and can require corrective deeds.
  • Leaving financing contingencies ambiguous or omitting exact dates for mortgage commitments increases risk of litigation if financing falls through.
  • Failing to attach or reference important exhibits—survey, property condition disclosure, or lead-based paint—creates ambiguity about obligations at closing.

Key Risks and Consequences of Errors

Title Defects: Incorrect names can impede transfer
Missed Deadlines: May cause contract termination
Improper Disclosure: Failure to disclose material defects
Financing Failure: Buyer default or lost deposit
Notarization Errors: Improper acknowledgements undermine recordation
Tax Proration Errors: Post-closing disputes and adjustment claims

Security and Compliance Considerations

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
ESIGN / UETA: Meets ESIGN and New York ESRA standards
HIPAA: HIPAA compliant; BAA available
SOC 2: SOC 2 Type II certified
21 CFR Part 11: Controls supporting FDA-regulated records
PCI DSS: Payment data protection certified

Frequently Asked Questions About the New York Contract

Answers to common questions about completing, signing, notarizing, and storing the New York Contract for Sale and Purchase of Real Estate.


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