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Real Estate Purchase Agreement

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NEW YORK HOME SALE PACKAGE

Prepared by U.S. Legal Forms, Inc.

Copyright 2019 ~ U.S. Legal Forms, Inc.

NEW YORK HOME SALE PACKAGE

Control Number: NY-HOME

Offer to Purchase, Contract and Disclosure Forms
for use in the sale of a home.

USLEGAL

USLEGALFORMS.COM

TABLE OF CONTENTS

This USLF Home Sale Package includes essential, state-specific forms for the sale of residential real estate.

I. Form List

II. Definitions

III. Form Descriptions

IV. Additional Notes

  • - Other Useful USLF Home-sale Products
  • - Tips on Completing the Forms
  • - Disclaimer

I. FORM LIST

  1. Offer to Purchase Real Estate
  2. Contract for the Sale and Purchase of Real Estate
  3. Seller's Disclosure
  4. Lead-Based Paint Disclosure*
  5. EPA-required* pamphlet: “Protect Your Family From Lead in Your Home”

*Required if the house was built prior to 1978.

II. DEFINITIONS

The following real estate terms are defined for your convenience:

  1. Contract: The Contract in this package is a detailed written agreement, signed by the parties thereto, to buy and sell real estate.
  2. Real Estate: Land and any structures thereon.
  3. Consideration: Something promised, given, or done that has the effect of making an agreement a legally enforceable contract.
  4. Fixture: Property that becomes part of the real estate when attached thereto in a permanent manner, for example, a ceiling fan.
  5. Earnest Money: Money paid by the buyer at the time of the initial signing of the contract, usually $1000.00 or 1% of the sale price.
  6. Closing: The final meeting in which all purchase money is paid over by buyer to seller and ownership is exchanged.
  7. Pro-rationing: Dividing yearly (or other) costs (such as property taxes) between buyer and seller in proportion to how much of the year each party owns the property.
  8. Casualty Loss: Damage to or destruction of the property, for example by fire. The Contract contains an agreement on the consequences of a casualty loss after initial signing, but before final closing.
  9. Default: A failure by one party to live up to their contractual obligations. The Contract contains an agreement on the rights of the non-defaulting party in case of default.
  10. Eminent Domain: An appropriation of the property by the government. The Contract contains a provision on the consequences of loss of the property due to Eminent Domain after initial signing, but before final closing.
  11. "Time is of the Essence”: Language used in the Contract to indicate that deadlines stated therein are important, and will be strictly enforced.

III. FORM DESCRIPTIONS

  1. Offer to Purchase Real Estate

    This form is in effect an invitation to enter into a full-scale sale/purchase contract, and is sometimes used by purchasers to show definite interest by virtue of a written statement. The Offer to Purchase form is only used by prospective purchasers, not by sellers. Its use is completely optional, and may be skipped altogether in favor of submitting a proper Contract to the seller as the first step in the negotiation process. This form is not a binding contract, because it states that any agreement is contingent upon approval and signing by the parties of a Contract for Purchase (i.e., a detailed sale/purchase contract). Important terms and conditions acceptable to the purchaser are outlined in the Offer to Purchase form. The seller normally responds to this type of offer by presenting the prospective purchaser with a detailed, full-scale contract like the Contract for the Sale and Purchase of Real Estate contained in this package.

  2. Contract of Sale

    The Contract for the Sale and Purchase of Real Estate (“the Contract") is the central legal document through which Buyer and Seller (“the Parties”) agree upon the terms and conditions of the property sale. Because real estate sales are relatively complex and important transactions, state law requires a written, signed contract for such transactions to be enforceable. This legal requirement is rooted in the practical reality that with so many details involved in the typical home sale, the Parties could easily become confused and fall into disagreement over their various rights and responsibilities related to the sale. The Contract provides an organized framework within which the Parties can proceed with the sale process from beginning to end without unnecessary disputes, omissions or misunderstandings.

    The Contract identifies the buyer(s) and seller(s), and specifies the property to be sold. Items to be taken away and/or left behind by the seller are also specified. The all-important sale price for the property to be sold is stated, along with details of whatever financing the buyer needs to secure funds for the purchase. The amount of earnest money put down by the buyer is also stated, and all the costs associated with the sale of property are identified and allocated to be paid by either seller or buyer, as agreed.

    Disclosure and inspection procedures are discussed in detail. If your state has special property condition disclosure rules, they are stated here. If the buyer or the buyer's inspector locates defects in the house, time limits and steps are set out for repair of these defects by the seller, or cancellation of the contract.

    In addition to the Disclosure provisions, the Contract contains detailed clauses regarding conveyance of title, pro-rationing of expenses, casualty loss, and default, among others. The Contract states that it represents the entire agreement of the parties, meaning that no “side agreements” made verbally or otherwise, will be enforceable. Agreeing to everything in writing, and having the writing be the ONLY agreement, helps avoid disagreements after closing.

  3. Seller's Disclosure

    The Seller's Disclosure is the document used by the Seller to reveal all problems and defects in the house (if any) and age of appliances. The Seller can thereby hopefully avoid the Buyer later claiming that the Seller concealed known defects from the Buyer. This form is typically completed by the Seller prior to listing the house for sale, and given to all potential purchasers.

  4. Lead-Based Paint Disclosure

    The "Seller's Disclosure of Lead-Based Paint and Lead-Based Paint Hazards" form is required by Federal law for a residential dwelling constructed prior to 1978. A Buyer of a home built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of lead poisoning. If your home was constructed in 1978 or later, this disclosure is not required.

    Requirements: Before the sale contract becomes enforceable, sellers must fully comply with lead-paint disclosure law. Compliance is accomplished by:

    1. Fully completing and delivering to the buyers, as an attachment to the contract, the LEAD-BASED PAINT DISCLOSURE form (the buyers also initial and sign this form), and
    2. Giving the buyers the EPA pamphlet entitled "Protect Your Family From Lead In Your Home."
  5. Pamphlet: "Protect Your Family From Lead in Your Home"

    The Seller of a dwelling constructed prior to 1978 is required by federal law to give the Buyer the above-titled pamphlet. This pamphlet explains potential lead-paint problems in homes, and how to combat them.

IV. ADDITIONAL NOTES

OTHER USEFUL USLF HOME-SALE PRODUCTS

USLF publishes a concise, authoritative Guide to the process of selling and buying residential real estate, explaining the essential concepts and strategies for sellers and buyers from start to finish of the home-sale process. A quick look at the Table of Contents (click the link below) will demonstrate why purchasing our Guide can put thousands of dollars in your pocket that might have otherwise slipped through your fingers, whether you are a buyer or seller.

Don't miss out on the benefit of our experience. Purchasing our Real Estate Guide really is like putting money in your pocket. Click below for the piece of mind and financial security that come with understanding the difficult process of selling/purchasing a home.

Click this link to view our Real Estate Buyer/Seller Guide.

USLF publishes a wide variety of supplemental real estate forms to handle any obstacles in the sale process. Contract Addendums, Options, Closing Forms, and much more can be found on the convenient Real Estate Forms area of our web site - Click here to view. If you have any questions about our forms, please call our help line toll free at 1-877-389-0141.

TIPS ON COMPLETING THESE FORMS

The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (".pdf" format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form "in blank” and complete with a typewriter or by hand.

It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter "a". Click this button and the form fields will be visible.

By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner.

DISCLAIMER

These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the subject state. All information and Forms are subject to this Disclaimer:

All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney.

THESE MATERIALS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

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What a Real Estate Purchase Agreement Is and When It Applies

A Real Estate Purchase Agreement is a legally binding contract that sets the terms for transferring property between buyer and seller. It records the purchase price, deposit (earnest money), financing and inspection contingencies, property legal description, closing date, and responsibilities for taxes, title, and closing costs. The agreement creates enforceable obligations once signed by the parties and may be subject to state-specific recording, notarization, or disclosure requirements. Properly completed, it provides the roadmap for title transfer, escrow handling, and closing logistics.

Why a Clear Purchase Agreement Matters for the Transaction

A precise purchase agreement reduces ambiguity about price, timelines, and risk allocation, protecting both parties and title insurers. It clarifies contingencies such as financing, inspection, and appraisal, which determine whether the sale may be completed, renegotiated, or terminated without penalty.

Why a Clear Purchase Agreement Matters for the Transaction

Who Drafts, Signs, and Reviews This Agreement

Typical participants include buyers, sellers, listing and buyer agents, escrow officers, and closing attorneys.

  • Buyers and buyers' agents: Draft offers, negotiate contingencies, and coordinate financing and inspections.
  • Sellers and listing agents: Provide disclosures, accept or counter offers, and coordinate title and possession details.
  • Title companies and closing attorneys: Handle title search, closing statement, escrow, and recording processes.

Primary Signatories and Their Roles

Buyer — Individual

Individual buyers are the primary obligors to pay purchase price and satisfy financing contingencies; they must provide accurate identity, financing details, and execute closing documents to transfer title.

Seller — Property Owner

Sellers must disclose known property defects, deliver marketable title at closing, and sign deed and transfer documents; corporate or trust sellers may require authorized signatory documentation.

Essential Clauses to Include in a Professional Agreement

A thorough Real Estate Purchase Agreement covers price and payment terms, contingencies, property description, closing mechanics, risk allocation, and remedies for breach. Each clause should be clear, measurable, and consistent with applicable state law.

Purchase Price

State the exact purchase price, deposit amount, and the method and schedule for balance payment, including escrow instructions and whether funds are earnest money or nonrefundable deposits.

Contingencies

List inspection, financing, appraisal, and title contingencies with deadlines for removal; specify who bears cure costs and the process for terminating if contingencies are not met.

Property Description

Include full legal description or assessor parcel number, street address, and any included fixtures or personal property; ambiguous descriptions can cloud title and affect recording.

Closing and Possession

Specify the closing date, location, prorations for taxes and utilities, possession timing, and obligations if closing is delayed or extended by one party.

Title and Survey

Require delivery of marketable title, title insurance commitment, and survey or boundary resolution procedures; identify which title exceptions are acceptable to the buyer.

Remedies and Defaults

Define remedies for breach (specific performance, deposit forfeiture, damages) and any liquidated damages; state governing law and dispute resolution method.

Step-by-Step: Completing a Real Estate Purchase Agreement

Follow these steps to prepare an enforceable agreement, verify facts, and route documents to closing parties in correct order.

  • 01
    Prepare Offer: Enter parties, price, and contingencies accurately.
  • 02
    Attach Disclosures: Include required state and seller disclosures.
  • 03
    Obtain Earnest Money: Deposit funds with named escrow agent per instructions.
  • 04
    Sign and Deliver: All parties sign; deliver copies to agents, escrow, and title.

Common Online Workflow Settings for Electronic Completion

Configure fields and recipient routing to mirror in-person signing order and to capture necessary evidence of intent and consent.

Field Configuration
Signature Field Required; assign to specific signer and lock on completion.
Initials Field Optional per page; use for multiple-page acknowledgment.
Date Field Auto-fill in MM/DD/YYYY with manual override allowed.
Deposit Instructions Attach escrow wiring or deposit receipt as required file field.

Typical Electronic Signing Flow for a Purchase Agreement

A digital workflow reduces time to signature by sequencing tasks, authenticating signers, and capturing an audit trail for each action.

  • Upload Document: Sender uploads finalized agreement to the platform.
  • Place Fields: Assign signature, initials, date, and attachment fields.
  • Add Signers: Enter signer emails and define signing order.
  • Send for Signature: Signers receive secure links and complete signing steps.

Technical Considerations for eSigning and eSubmission

Ensure the platform supports required file types, signer authentication, and an auditable trail for later title or lender review.

  • File Formats: PDF and DOCX are standard and widely accepted.
  • Signer Authentication: Email, SMS, or stronger multi-factor methods.
  • Integrations: CRM, title, and cloud storage connections supported.

Essential Security and Compliance Elements

Encryption: TLS 1.2/1.3 transport; AES-256 at rest
Audit Trail: IP, timestamp, action log
Authentication: Email/SMS/KBA/MFA options
Certifications: SOC 2 Type II, ISO 27001
HIPAA Support: BAA available where required
Retention Controls: Exportable, immutable records

Common Preparation Errors to Avoid

  • Using incomplete legal descriptions that do not match county records, which can delay recording and require corrective deeds.
  • Leaving contingency deadlines unspecified or inconsistent, creating disputes about whether a contingency was timely removed.
  • Failing to name the escrow agent or provide deposit instructions, causing funds to be held improperly or returned.
  • Mismatching signer names or capacities (e.g., trustee vs trustee of a trust) that can invalidate the grantor’s authority at closing.

Potential Legal and Financial Consequences of Errors

Title Defects: Delay or litigation risk
Deposit Forfeiture: Buyer may lose earnest money
Contract Rescission: Sale may be voided
Closing Delays: Costs for extensions
Tax Exposure: Incorrect prorations or reporting
Regulatory Noncompliance: Potential fines or sanctions

Comparison: eSignature Vendors for Real Estate Documents

Overview of starting price and key capabilities among common eSignature providers; signNow is listed first per page conventions.

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 (Premium) Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Key Transaction Milestones from Offer to Closing

The purchase lifecycle follows predictable milestones; aligning dates with contingency removal and funding deadlines prevents costly delays.

01

Offer Acceptance

Agreement signed and deposit due; triggers contingency clocks

02

Contingency Period

Inspections, financing, and title cure deadlines occur here

03

Closing Preparation

Title commitment, payoff demands, and final prorations finalized

04

Funding and Recording

Lender funds, deed recorded, and possession transferred

Practical Examples from Firms Handling Online Closings

Real customers report streamlining closings and compliance when using secure eSignature platforms and integrated workflows.

Tim Martin — Martin Properties

Our team moved to online processing for all closing documents.

  • Result: execution and return rates improved across agents.
  • Outcome: The company can execute compliant closings remotely, maintain mobile access, and reduce turnaround times for signed purchase agreements.

Brian Fitzgibbons — Optica Ventures LLC

We adopted digital signatures to simplify client interactions.

  • Point: Interface ease helped external buyers.
  • Outcome: Customers complete agreements faster and the team reduces administrative follow-up while preserving an auditable signing record for each transaction.

Frequently Asked Questions About Real Estate Purchase Agreements

Answers to common legal, procedural, and technical questions about completing, signing, and storing purchase agreements electronically.


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