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Fillable Printable Residential Contract of Sale Template

Fillable Printable Residential Contract of Sale Template

Residential Contract of Sale Template

Residential Contract of Sale Template

Jointly prepared by the Real Property Section of the New York State Bar Association, the New York State
Land Title Association, the Committee on Real Property Law of the Association of the Bar of the City of
New York and the Committee on Real Property Law of the New York County Lawyers’Association
WARNING:NO REPRESENTATION IS MADE THAT THIS FORM OF CONTRACT FOR
THE SALE AND PURCHASE OF REAL ESTATE COMPLIES WITH SECTION 5-
702 OF THE GENERAL OBLIGATIONS LAW (“PLAIN LANGUAGE”).
CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT
NOTE: FIRE AND CASUALTY LOSSES AND CONDEMNATION
This contract form does not provide for what happens in the event of fire, or other casualty loss or
condemnation before the title closing. Unless different provision is made in this contract, Section 5-1311
of the General Obligations Law will apply. One part of that law makes a Purchaser responsible for fire
and casualty loss upon taking possession of the Premises before the title closing.
Residential Contract of Sale
     BETWEEN
Contract of Sale made as of      
Address:      
Social Security Number/Fed. I.D. No.(s):      hereinafter called “Seller” and
     
Address:      
hereinafter called “Purchaser”
Social Security Number/Fed. I.D. No.(s):      
The parties hereby agree as follows:
1.Premises. Seller
shallsellandconvey
andPurchasershall
purchasetheproperty,
togetherwithall
buildingsand
improvementsthereon
(collectivelythe
“Premises”),more
fully described on a
separatepagemarked
“Schedule A”, annexed
heretoandmadea
parthereofandalso
known as:      
Street Address:      
TaxMapDesignation:
     
TogetherwithSeller’s
ownershipandrights,
ifany, tolandlyingin
the bed of any street or
highway,openedor
proposed,adjoining
thePremisestothe
centerlinethereof,
includinganyrightof
Sellertoanyunpaid
award byreason of
anytakingby
condemnationand/or
foranydamagetothe
Premisesbyreasonof
change ofgradeofany
streetorhighway.
Sellershalldeliverat
noadditionalcostto
Purchaser,atClosing
(ashereinafter
defined),orthereafter,
ondemand,any
documentsthat
Purchasermay
reasonablyrequirefor
the conveyance of such
titleandthe
assignmentand
collectionofsuch
award or damages.
2.Personal Property.
Thissalealsoincludes
all fixtures and articles
of personalproperty
nowattachedor
appurtenanttothe
Premises,unless
specificallyexcluded
below.Seller
representsand
warrantsthatat
Closing they will be
paidforandownedby
Seller, free and clear of
allliensand
encumbrances, except
anyexistingmortgage
towhichthissalemay
besubject.They
include, but are not
limitedto,plumbing,
heating, lighting and
cookingfixtures,
chandeliers,bathroom
and kitchen cabinets
andcounters,mantels,
door mirrors, switch
platesanddoor
hardware,venetian
blinds,window
treatments,shades,
screens,awnings,
stormwindows,storm
doors,windowboxes,
mailbox,TVaerials,
weather vane, flagpole,
pumps,shrubbery,
fencing,outdoor
statuary,toolshed,
dishwasher,washing
machine,clothes
dryer,garbage
disposalunit,range,
oven,built-in-
microwaveoven,
refrigerator,freezer,
airconditioning
equipmentand
installations,wallto
wallcarpetingand
built-insnotexcluded
below(strikeout
inapplicable items).
     
Excludedfromthis
salearefurnitureand
householdfurnishings
and      
3. Purchase Price. The
purchasepriceis
$     payableas
follows:
(a)Onthesigningof
thiscontract, by
Purchaser’sgood
checkpayableto
theEscrowee(as
hereinafter
defined),subject
tocollection,the
receipt of which is
hereby
acknowledged,to
beheldinescrow
pursuantto
paragraph6of
thiscontract(the
“Downpayment”)
:
$     
(b)Byallowancefor
theprincipal
amountunpaid
ontheexisting
mortgageonthe
datehereof,
paymentofwhich
Purchaser shall
assumeby
joinder in the deed:
$     
(c)Byapurchase
money note and
mortgagefrom
Purchaserto
Seller:
$     
(d)Balanceat
Closingin
accordancewith
paragraph 7:
$     
4.ExistingMortgage.
(Deleteifinapplicable)
If this sale is subjectto
an existing mortgage
asindicatedin
paragraph 3(b) above:
(a)ThePremises
shallbeconveyed
subjecttothe
continuinglienof
theexisting
mortgage,which
ispresently
payable,with
interestatthe
rateof     
percentper
annum,in
monthly
installmentsof$
     which
includeprincipal,
interestand
escrowamounts,
ifany,andwith
anybalanceof
principalbeing
dueandpayable
on      
(b)To theextentthat
anyrequired
paymentsare
madeonthe
existingmortgage
betweenthedate
hereofand
Closingwhich
reduce theunpaid
principalamount
thereofbelowthe
amountshownin
paragraph3(b),
thenthebalance
oftheprice
payableat
Closingunder
paragraph3(d)
shallbeincreased
bytheamountof
the payments of
principal.Seller
representsand
warrantsthatthe
amountshownin
paragraph3(b)is
substantially
correctand
agrees that only
payments
requiredbythe
existingmortgage
willbemade
betweenthedate
hereofand
Closing.
(c)Ifthereisa
mortgageeescrow
account,Seller
shallassignitto
Purchaser,ifit
can be assigned,
andinthatcase
Purchasershall
pay the amount in
theescrow
accounttoSeller
at Closing.
(d)Sellershall
deliverto
Purchaserat
Closinga
certificatedated
notmorethat30
daysbefore
Closingsignedby
theholderofthe
existing
mortgage, in form
forrecording,
certifyingthe
amountofthe
unpaidprincipal,
thedatetowhich
interesthasbeen
paidandthe
amounts, if any,
claimedtobe
unpaidfor
principaland
interest,itemizing
thesame.Seller
shallpaythefees
forrecording
suchcertificate.
If the holderof
theexisting
mortgageisa
bankorother
institutionas
definedinSection
274-aoftheReal
Property Law it
may,insteadof
thecertificate,
furnishaletter
signedbyaduly
authorized
officer,employee
oragent,dated
notmorethen30
daysbefore
Closing,
containingthe
same information.
(e)Sellerrepresents
and warrants that
(i)Sellerhas
deliveredto
Purchasertrue
andcomplete
copiesofthe
existing
mortgage,the
notesecured
therebyandany
extensionsand
modifications
thereof,(ii)the
existingmortgage
isnotnow, andat
thetimeof
Closingwill not
be, in default, and
(iii)theexisting
mortgagedoes
notcontainany
provisionthat
permitsthe
holderofthe
mortgageto
requireits
immediate
payment in full or
tochangeany
otherterm
thereofbyreason
ofthesaleor
conveyanceofthe
Premises.
5.PurchaseMoney
Mortgage. (Deleteif
inapplicable)Ifthere
is to be a purchase
moneymortgageas
indicated in paragraph
3(c) above:
(a)Thepurchase
money note and
mortgageshallbe
drawnbythe
attorneyfor
Sellerintheform
attached or, if not,
inthestandard
formadoptedby
theNewYork
StateLandTitle
Association.
Purchasershall
pay at Closing the
mortgage
recordingtax,
recordingfees
and the attorney’s
feesinthe
amountof$
     forits
preparation.
(b)Thepurchase
money note and
mortgageshall
alsoprovidethat
itissubjectand
subordinate to the
lien of the existing
mortgage and any
extensions,
modifications,
replacementsor
consolidationsof
theexisting
mortgage,
providedthat(i)
the interest rate
thereofshall not
begreaterthan
     percent
perannumand
thetotaldebt
service
thereundershall
notbegreater
than $     
per annum, and
(ii)ifthe
principalamount
thereofshall
exceedthe
amountof
principalowing
and unpaid on the
existingmortgage
atthetimeof
placingsuchnew
mortgageor
consolidated
mortgage,the
excessistobe
paidtotheholder
ofsuchpurchase
moneymortgage
inreductionof
theprincipal
thereof.The
purchasemoney
mortgageshall
alsoprovidethat
suchpaymentto
theholderthereof
shallnotalteror
affecttheregular
installments,if
any,ofprincipal
payable
thereunderand
thattheholder
thereofwill,on
demandand
withoutcharge
therefore,
execute,
acknowledgeand
deliverany
agreementor
agreements
furtherto
effectuatesuch
subordination.
6.Downpaymentin
Escrow.
(a)Seller’sattorney
(“Escrowee”)
shallholdthe
Downpayment in
escrowina
segregatedbank
account at:      
address      
untilClosing or
sooner
terminationof
thiscontractshall
payoverorapply
the
Downpayment in
accordancewith
thetermsofthis
paragraph.
Escroweeshall
holdthe
Downpayment in
a(n)      
interest-bearing
accountforthe
benefitofthe
parties.If
interest is held for
thebenefitofthe
parties,itshallbe
paidtotheparty
entitledtothe
Downpayment
andtheparty
receivingthe
interestshallpay
anyincometaxes
thereon.If
interestisnot
heldforthe
benefitofthe
parties,the
Downpayment
shallbeplacedin
anIOLAaccount
orasotherwise
permittedor
required bylaw.
TheSocial
Securityor
Federal
Identification
numbersofthe
partiesshallbe
furnishedto
Escroweeupon
request.At
Closing,the
Downpayment
shallbepaidby
Escroweeto
Seller.Ifforany
reasonClosing
doesnotoccur
andeitherparty
givesNotice(as
definedin
paragraph25)to
Escrowee
demanding
paymentofthe
Downpayment,
Escroweeshall
giveprompt
Noticetothe
otherpartyof
suchdemand.If
Escroweedoes
notreceiveNotice
ofobjectionfrom
suchotherparty
totheproposed
paymentwithin
10businessdays
afterthegivingof
suchNotice,
Escroweeis
hereby authorized
anddirectedto
makesuch
payment.If
Escroweedoes
receivesuch
Noticeof
objectionwithin
such10day
period orif for
anyotherreason
Escroweeingood
faithshallelect
nottomakesuch
payment,
Escroweeshall
continuetohold
such amount until
otherwise
directed by Notice
from the parties
tothiscontractor
afinal,non-
appealable
judgment,order
ordecreeofa
court.However,
Escroweeshall
havetherightat
anytimeto
depositthe
Downpayment
andtheinterest
thereonwiththe
clerkofa courtin
thecountyin
whichthe
Premisesare
locatedandshall
giveNoticeof
suchdepositto
Sellerand
Purchaser.Upon
suchdepositor
other
disbursementin
accordancewith
thetermsofthis
paragraph,
Escroweeshallbe
relievedand
dischargedofall
further
obligationsand
responsibilities
hereunder.
(b)Theparties
acknowledgethat
Escroweeis
actingsolelyasa
stakeholderat
theirrequestand
fortheir
convenienceand
that
Escroweeshall
not be liable to
eitherpartyfor
anyactor
omissiononits
partunlesstaken
or sufferedin bad
faithorinwillful
disregardofthis
contractor
involvinggross
negligenceonthe
partofEscrowee.
Sellerand
Purchaserjointly
andseverally
(withrightof
contribution)
agreetodefend
(byattorneys
selectedby
Escrowee),
indemnifyand
holdEscrowee
harmlessfrom
andagainstall
costs,claimsand
expenses
(including
reasonable
attorneys’fees)
incurredin
connectionwith
theperformance
ofEscrowee’s
dutieshereunder,
exceptwith
respecttoactions
oromissions
takenorsuffered
byEscroweein
bad faithor in
willfuldisregard
of thiscontract or
involvinggross
negligenceonthe
part of Escrowee.
(c)Escroweemayact
orrefrainfrom
actinginrespect
ofanymatter
referredtoherein
infullreliance
upon and with the
adviceofcounsel
whichmaybe
selectedbyit
(includingany
memberofits
firm)andshallbe
fullyprotectedin
soactingor
refrainingfrom
actionuponthe
adviseofsuch
counsel.
(d)Escrowee
acknowledges
receiptofthe
Downpaymentby
check subject to
collectionand
Escrowee’s
agreementtothe
provisionsofthis
paragraphby
signinginthe
place indicated on
thesignature
pageofthis
contract.
(e)Escroweeorany
memberofits
firmshallbe
permitted to act
ascounselfor
Sellerinany
disputeastothe
disbursementof
the
Downpaymentor
anyotherdispute
betweenthe
partieswhether
or not Escrowee is
inpossessionof
the
Downpayment
andcontinuesto
act as Escrowee.
(f)Thepartywhose
attorneyis
Escroweeshallbe
liableforlossof
the
Downpayment.
7. Acceptable Funds.
Allmoneypayable
underthiscontract
unlessotherwise
specified,shallbepaid
by:
(a)Cash,butnot
over $1,000.00
(b)Cash,butnot
over $1,000. Good
certifiedcheckof
Purchaserdrawn
onorofficial
checkissuedby
anybank,savings
bank,trust
companyor
savingsandloan
association
havingabanking
officeintheState
ofNewYork
unendorsedand
payabletothe
orderofSeller, or
asSellermay
otherwisedirect
uponreasonable
prior notice(by
telephoneor
otherwise)to
Purchaser.
(c)Astomoney
otherthanthe
purchaseprice
payabletoSeller
atClosing,
uncertifiedcheck
of Purchaser up
to the amount of
$       ; and
(d)Asotherwise
agreedtoin
writingbySeller
orSeller’s
attorney.
8.Mortgage
Commitment
Contingency.(Delete
paragraphif
inapplicable.For
explanation,see:
NOTESON
MORTGAGE
COMMITMENT
CONTINGENCY
CLAUSE.)
(a)Theobligationof
Purchaserto
purchaseunder
thiscontractis
conditionedupon
issuance,onor
before     days
afterafully
executedcopyof
thiscontractis
givento
Purchaseror
Purchaser’s
attorneyinthe
mannersetforth
inparagraph25
or subparagraph
8(j)(the
“Commitment
Date”),ofa
written
commitmentfrom
anInstitutional
Lender pursuant
towhichsuch
Institutional
Lenderagreesto
makeafirst
mortgageloan,
otherthanaVA,
FHAorother
governmentally
insured loan,to
Purchaser,at
Purchaser’ssole
costandexpense,
of $     for a
term of atleast
     years(or
such lesser sum or
shortertermas
Purchasershall
bewillingto
accept)atthe
prevailingfixed
oradjustablerate
ofinterestandon
othercustomary
commitment
terms(the
“Commitment”).
To the extent a
Commitmentis
conditionedon
thesaleof
Purchaser’s
currenthome,
paymentofany
outstandingdebt,
nomaterial
adversechangein
Purchaser’s
financial
conditionorany
othercustomary
conditions,
Purchaseraccepts
theriskthatsuch
conditionsmay
notbemet;
however,a
commitment
conditionedon
theInstitutional
Lender’s
approvalofan
appraisalshall
notbedeemeda
“Commitment”
hereunderuntil
anappraisalis
approved(andif
thatdoesnot
occurbefore the
Commitment
DatePurchaser
maycancelunder
subparagraph
8(e)unlessthe
Commitment
Dateisextended).
Purchaser’s
obligations
hereunderare
conditionedonly
onissuanceofa
Commitment.
Oncea
Commitmentis
issued,Purchaser
isboundunder
thiscontracteven
ifthelenderfails
orrefusestofund
theloanforany
reason.
(b)Purchasershall
(i)makeprompt
applicationtoone
or,atPurchaser’s
election,more
thanone
Institutional
Lender for such
mortgageloan,
(ii)furnish
accurateand
complete
information
regarding
Purchaserand
membersof
Purchaser’s
family,as
required,(iii)pay
allfees,points
andcharges
requiredin
connectionwith
suchapplication
andloan,(iv)
pursuesuch
applicationwith
diligence,and(v)
cooperateingood
faithwithsuch
Institutional
Lender(s)to
obtaina
Commitment.
Purchasershall
accepta
Commitment
meetingtheterms
setforthin
subparagraph
8(a)andshall
complywithall
requirementsof
such
Commitment(or
anyother
commitment
acceptedby
Purchaser).
Purchasershall
furnishSeller
withacopyofthe
Commitment
promptlyafter
receipt thereof.
(c)(Deletethis
subparagraphif
inapplicable)
Prompt
submissionby
Purchaser of an
applicationtoa
mortgagebroker
registered
pursuantto
Article12-Dof
theNewYork
BankingLaw
(“Mortgage
Broker”)shall
constitutefull
compliancewith
thetermsand
conditionsset
forthin
subparagraph
8(b)(i),provided
thatsuch
MortgageBroker
promptlysubmits
suchapplication
tosuch
Institutional
Lender(s).
Purchasershall
cooperateingood
faithwithsuch
MortgageBroker
toobtaina
Commitment
fromsuch
Institutional
Lender(s).
(d)IfallInstitutional
Lenderstowhom
applicationswere
madedenysuch
applicationsin
writing prior to
the Commitment
Date,Purchaser
maycancelthis
contract by giving
Noticethereofto
Seller, with a copy
ofsuchdenials,
providedthat
Purchaserhas
compliedwithall
itsobligations
underthis
paragraph 8.
(e)Ifno
Commitmentis
issuedbyan
Institutional
Lenderonor
beforethe
Commitment
Date,then,unless
Purchaserhas
accepteda
written
commitmentfrom
anInstitutional
Lenderthatdoes
notconformto
thetermsset
forthin
subparagraph
8(a),Purchaser
maycancelthis
contract by giving
NoticetoSeller
within5business
daysafterthe
Commitment
Date,provided
thatsuchNotice
includesthename
andaddressof
theInstitutional
Lender(s)to
whomapplication
wasmadeand
thatPurchaser
has complied with
allitsobligations
underthis
paragraph 8.
(f)Ifthiscontractis
canceledby
Purchaser
pursuantto
subparagraphs
8(d)or(e),
neitherparty
shallthereafter
haveanyfurther
rightsagainst,or
obligationsor
liabilities to, the
other by reason of
thiscontract,
exceptthatthe
Downpayment
shallbepromptly
refundedto
Purchaserand
except as setforth
in paragraph 27.
(g)IfPurchaserfails
togivetimely
Noticeof
cancellationorif
Purchaseraccepts
awritten
commitmentfrom
anInstitutional
Lenderthatdoes
notconformto
thetermsset
forthin
subparagraph
8(a),then
Purchasershall
bedeemedto
havewaived
Purchaser’sright
tocancelthis
contractandto
receive arefund
ofthe
Downpaymentby
reasonofthe
contingency
containedinthis
paragraph 8.
(g)IfSellerhasnot
received acopyof
acommitment
froman
Institutional
Lenderaccepted
byPurchaserby
the Commitment
Date,Sellermay
cancelthis
contract bygiving
Noticeto
Purchaser within
5businessdays
afterthe
Commitment
Date,which
cancellationshall
becomeeffective
unlessPurchaser
deliversacopyof
suchcommitment
to Seller within 10
businessdays
afterthe
Commitment
Date.Aftersuch
cancellation
neitherparty
shallhaveany
furtherrights
against,or
obligationsor
liabilities to, the
other by reason of
thiscontract,
exceptthatthe
Downpayment
shallbepromptly
refundedto
Purchaser
(provided
Purchaserhas
compliedwithall
itsobligations
underthis
paragraph8)and
except as setforth
in paragraph 27.
(h)For purposes of
thiscontract,the
term
“Institutional
Lender”shall
mean any bank,
savingsbank,
privatebanker,
trustcompany,
savingsandloan
association,credit
union or similar
banking
institution
whether
organizedunder
the laws of this
state,theUnited
Statesorany
otherstate,
foreignbanking
corporation
licensedbythe
Superintendentof
BanksofNew
Yorkorregulated
bythe
Comptrollerof
the Currency to
transact business
inNewYork
State;insurance
companyduly
organizedor
licensedtodo
business in New
YorkState;
mortgagebanker
licensedpursuant
toArticle12-Dof
theBankingLaw;
andany
instrumentality
createdbythe
United States or
anystatewiththe
powertomake
mortgage loans.
(i)For purposes of
subparagraph
8(a),Purchaser
shall be deemed
tohavebeen
givenafully
executedcopyof
thiscontracton
thethirdbusiness
dayfollowingthe
date ofordinary
orregular
mailing,postage
prepaid.
9. Permitted
Exceptions. The
Premises are sold and
shall be conveyed
subject to:
(a)Zoningand
subdivisionlaws
andregulations,
andlandmark,
historicor
wetlands
designation,
providedthat
theyarenot
violatedbythe
existingbuildings
and
improvements
erectedonthe
propertyortheir
use;
(b)Consentsforthe
erectionofany
structureson,
underorabove
anystreetson
whichthe
Premises abut;
(c)Encroachments of
stoops,areas,
cellarsteps,trim
andcornices,if
any,uponany
street or highway;
(d)Realestatetaxes
thatare alien,but
are notyetdue
and payable; and
(e)Theother
matters,ifany,
includingasurvey
exception,set
forthinaRider
attached.
10.Governmental
Violations and Orders.
(a)Sellershall
complywithall
notes or noticesof
violationsoflaw
ormunicipal
ordinances,
ordersor
requirements
notedorissuedas
ofthedatehereof
byany
governmental
department
havingauthority
astolands,
housing,
buildings,fire,
health,
environmental
andlabor
conditions
affectingthe
Premises.The
Premisesshallbe
conveyedfree of
thematClosing.
Sellershall
furnishPurchaser
withany
authorizations
necessary to make
thesearchesthat
coulddisclose
these matters.
(b)(Deleteif
inapplicable)All
obligations
affectingthe
Premises
pursuanttothe
Administrative
CodeoftheCity
of New York
incurredpriorto
Closingand
payableinmoney
shallbe
dischargedby
Selleratorprior
to Closing.
11.Seller’s
Representations.
(a)Sellerrepresents
andwarrantsto
Purchaser that:
I.ThePremises
abutorhavea
rightofaccess
toapublic
road;
II.Selleristhe
soleownerof
thePremises
andhasthe
fullright,
powerand
authorityto
sell,convey
andtransfer
thesamein
accordance
withthe terms
ofthis
contract;
III.Sellerisnota
“foreign
person”,as
thattermis
definedfor
purposesof
theForeign
Investmentin
RealProperty
TaxAct.
Internal
RevenueCode
(“IRC”)
Section1445,
asamended,
andthe
regulations
promulgated
thereunder
(collectively
“FIRPTA”);
IV.ThePremises
arenot
affectedby
any
exemptionsor
abatementsof
taxes; and
V.Sellerhas
beenknown
bynoother
nameforthe
pasttenyears,
except:      
(b)Sellercovenants
and warrants that
allofthe
representations
andwarranties
setforth in this
contractshallbe
trueandcorrect
at Closing.
(c)Exceptas
otherwise
expressly set forth
in thiscontract,
noneofSeller’s
covenants,
representations,
warrantiesor
otherobligations
containedinthis
contractshall
survive Closing.
12.Conditionof
Property. Purchaser
acknowledgesand
representsthat
Purchaserisfully
awareofthephysical
conditionandstateof
repairofthePremises
andofallother
property includedin
thissale,basedon
Purchaser’sown
inspectionand
investigationthereof,
andthatPurchaseris
enteringintothis
contract based solely
uponsuch inspection
andinvestigationand
notuponany
information,data,
statementsor
representations,
writtenororal,asto
thephysical
conditions,stateof
repair,use,costof
operationoranyother
matterrelatedtothe
Premisesortheother
property includedin
the sale, given or made
bySellerorits
representatives,and
shallacceptthesame
“asis”intheirpresent
conditionandstateof
repair,subjectto
reasonableuse,wear,
tearandnatural
deterioration between
the date hereof and the
dateofClosing(except
asotherwisesetforth
inparagraph16(e),
withoutanyreduction
inthepurchaseprice
orclaimofanykind
for anychangeinsuch
conditionbyreason
thereofsubsequentto
thedateofthis
contract.Purchaser
anditsauthorized
representativesshall
havetheright,at
reasonabletimesand
upon reasonable notice
(bytelephoneor
otherwise)toSeller,to
inspectthePremises
before Closing.
13.InsurableTitle.
Seller shall giveand
Purchasershallaccept
suchtitleas
shallbewillingto
approveandinsurein
accordancewithits
standardformoftitle
policy approved by the
NewYorkState
Insurance
Department,subject
onlytothematters
providedforthis
contract.
14.Closing,Deedand
Title.
(a)“Closing”means
thesettlementof
theobligationsof
Sellerand
Purchasertoeach
otherunderthis
contract,
includingthe
paymentofthe
purchasepriceto
Seller,andthe
deliveryto
Purchaserofa
     deedin
properstatutory
shortformfor
record,duly
executedand
acknowledged,so
as to convey to
Purchaserfee
simpletitletothe
Premises,freeof
allencumbrances,
exceptas
otherwiseherein
stated.Thedeed
shallcontaina
covenantby
Sellerasrequired
bysubd.5of
Section13ofthe
Lien Law.
(b)IfSellerisa
corporation,it
shalldeliverto
Purchaseratthe
timeof Closing(i)
aresolutionofits
Boardof
Directors
authorizingthe
saleanddelivery
ofthedeed,and
(ii)acertificate
bytheSecretary
orAssistant
Secretary of the
corporation
certifyingsuch
resolution and
settingforthfacts
showingthatthe
transferisin
conformitywith
the requirements
ofSection909of
theBusiness
CorporationLaw.
Thedeedinsuch
caseshallcontain
arecitalsufficient
toestablish
compliancewith
that Section.
15.ClosingDateand
Place. Closing shall
takeplaceattheoffice
of      at      
o’clock on     or
upon reasonable notice
(bytelephoneor
otherwise)by
Purchaser, at the office
of      
16.Conditionsto
Closing. Thiscontract
andPurchaser’s
obligationtopurchase
thePremisesarealso
subjecttoand
conditioned uponthe
fulfillmentofthe
followingconditions
precedent:
(a)Theaccuracy,as
ofthedateof
Closing,ofthe
representations
andwarrantiesof
Sellermadein
this contract.
(b)The deliveryby
Sellerto
Purchaserofa
validand
subsisting
Certificateof
Occupancyor
otherrequired
certificateof
compliance,or
evidencethat
nonewas
required,
coveringthe
building(s) and all
oftheother
improvements
locatedonthe
property
authorizing their
useasa     
familydwellingat
thedateof
Closing.
(c)Thedelivery by
Sellerto
Purchaserofa
certificatestating
that Seller is not a
foreignperson,
whichcertificate
shallbeinthe
formthen
requiredby
FIRPTAora
withholding
certificatefrom
I.R.S. If Seller
failstodeliverthe
aforesaid
certificateorif
Purchaserisnot
entitledunder
FIRPTA torely
onsuch
certificate,
Purchasershall
deductand
withhold from the
purchasepricea
sum equal to 10%
thereof(orany
lesseramount
permittedbylaw)
andshallat
Closingremitthe
withheld amount
withtherequired
formstothe
InternalRevenue
Service.
(d)Thedeliveryof
thePremisesand
allbuilding(s)
and
improvements
comprisingapart
thereofinbroom
cleancondition,
vacant andfree of
leasesor
tenancies,
togetherwith
keystothe
Premises.
(e)Allplumbing
(includingwater
supplyandseptic
systems, if any),
heatingandair
conditioning,if
any, electrical and
mechanical
systems,
equipment,and
machineryinthe
building(s)
locatedonthe
propertyandall
appliances which
areincludedin
thissalebeingin
workingorderas
ofthedateof
Closing.
(f)IfthePremises
areaoneortwo
familyhouse,
deliverybythe
partiesatClosing
ofaffidavitsin
compliancewith
stateandlocal
lawrequirements
totheeffectthat
thereisinstalled
inthePremisesa
smokedetecting
alarmdeviceor
devices.
(g)The deliveryby
thepartiesofany
otheraffidavits
requiredasa
conditionof
recordingthe
deed.
17.DeedTransferand
RecordingTaxes. At
Closing,certifiedor
officialbankchecks
payable to theorder of
theappropriateState,
CityorCountyofficer
intheamountofany
applicabletransfer
and/or recording tax
payablebyreasonof
thedeliveryor
recordingofthedeed
or mortgage, if any,
shallbedeliveredby
thepartyrequiredby
laworbythiscontract
topay suchtransfer
and/orrecordingtax,
togetherwithany
requiredtaxreturns
dulyexecutedand
swornto,andsuch
partyshallcauseany
suchchecksand
returns tobedelivered
totheappropriate
officerpromptlyafter
Closing.The
obligationtopayany
additionaltaxor
deficiencyandany
interestorpenalties
thereon shall survive
Closing.
18.Apportionments
andOther
Adjustments;Water
MeterandInstallment
Assessments.
(a)Totheextent
applicable,the
followingshallbe
apportionedasof
midnightofthe
daybeforethe
day of Closing:
(i)taxes,water
chargesand
sewerrents,on
the basis of the
fiscal period for
whichassessed;
(ii)fuel;(iii)
interestonthe
existing
mortgage;(iv)
premiumson
existing
transferable
insurancepolicies
and renewals of
thoseexpiring
priortoClosing;
(v)vaultcharges;
(vi)rentsasand
when collected.
(b)IfClosingshall
occurbeforea
new tax rate is
fixed,the
apportionmentof
taxesshallbe
uponthebasisof
thetaxratefor
theimmediately
precedingfiscal
periodappliedto
thelatestassessed
valuation.
(c)Ifthereisawater
meteronthe
Premises,Seller
shallfurnisha
readingtoadate
notmorethan30
daysbefore
Closingand the
unfixedmeter
chargeandsewer
rent,ifany,shall
be apportioned on
thebasisofsuch
last reading.
(d)Ifatthedateof
Closingthe
Premisesare
affectedbyan
assessmentwhich
isormaybecome
payableinannual
installments, and
thefirst
installmentis
thenalien,orhas
beenpaid,then
forthepurposes
of this contract all
theunpaid
installmentsshall
beconsidereddue
andshallbepaid
bySellerator
prior to Closing.
(e)Anyerrorsor
omissionsin
computing
apportionments
orother
adjustmentsat
Closing shall be
corrected within a
reasonabletime
followingClosing.
This
subparagraph
shallsurvive
Closing.
19.Allowancefor
UnpaidTaxes,etc.
Seller has the option to
creditPurchaserasan
adjustmenttothe
purchasepricewith
theamountofany
unpaidtaxes,
assessments,water
chargesandsewer
rents,togetherwith
anyinterestand
penaltiesthereontoa
datenotlessthatfive
businessdatesafter
Closing,providedthe
officialbillstherefor
computedtosaiddate
areproducedat
Closing.
20. Use of Purchase
PricetoRemove
Encumbrances. Ifat
Closing there are other
liensorencumbrances
thatSellerisobligated
to pay or discharge,
Sellermayuseany
portionofthecash
balanceofthe
purchasepricetopay
ordischargethem,
provided Seller shall
simultaneouslydeliver
toPurchaserat
Closinginstrumentsin
recordable form and
sufficienttosatisfy
suchliensor
encumbrancesof
record,togetherwith
thecostofrecording
orfilingsaid
instruments. As an
alternativeSellermay
depositsufficient
monieswiththetitle
insurancecompany
employedby
Purchaseracceptable
toandrequiredbyit
toassuretheir
discharge,butonlyif
thetitleinsurance
companywillinsure
Purchaser’stitleclear
ofthemattersor
insureagainsttheir
enforcementoutofthe
Premisesandwill
insurePurchaser’s
InstitutionalLender
clearofsuchmatters.
Uponreasonableprior
notice (by telephoneor
otherwise), Purchaser
shallprovideseparate
certifiedorofficial
bankchecksas
requestedtoassistin
clearingupthese
matters.
21.TitleExamination;
Seller’sInabilityto
Convey; Limitations of
Liability.
(a)Purchasershall
orderan
examinationof
titleinrespectof
the Premises from
atitlecompany
licensedor
authorizedto
issuetitle
insurancebythe
NewYorkState
Insurance
Departmentor
anyagentfor
suchtitle
company
promptlyafter
the execution of
thiscontractor, if
thiscontractis
subjecttothe
mortgage
contingencyset
forthin
paragraph8,
afteramortgage
commitmenthas
beenacceptedby
Purchaser.
Purchasershall
causeacopyof
thetitlereport
andofany
additions thereto
tobedeliveredto
the attorney(s) for
Sellerpromptly
afterreceipt
thereof.
(b)(i) If at the date of
Closing,Selleris
unabletotransfer
titletoPurchaser
inaccordance
with this contract,
orPurchaserhas
othervalid
groundsfor
refusingtoclose,
whetherby
reasonofliens,
encumbrances or
otherobjections
totitleor
otherwise(herein
collectivelycalled
“Defects”),other
than those subject
towhich
Purchaseris
obligatedto
accepttitle
hereunderor
whichPurchaser
mayhavewaived
andotherthan
those which Seller
hasherein
expresslyagreed
toremove,
remedyor
discharge and if
Purchasershall
beunwillingto
waivethesame
andtoclosetitle
without
abatementofthe
purchaseprice,
then,exceptas
hereinafterset
forth,Sellershall
havetheright,at
Seller’ssole
election,eitherto
takesuch action
asSellermay
deemadvisableto
remove,remedy,
dischargeor
complywithsuch
Defectsorto
cancelthis
contract;(ii)if
Sellerelectsto
takeactionto
remove,remedy
orcomplywith
suchDefects,
Sellershallbe
entitled from time
totime,upon
Noticeto
Purchaser,to
adjournthedate
forClosing
hereunder fora
periodorperiods
notexceeding60
daysinthe
aggregate(but
notextending
beyond the date
uponwhich
Purchaser’s
mortgage
commitment,if
any,shallexpire),
andthedatefor
Closing shall be
adjournedtoa
datespecifiedby
Sellernotbeyond
suchperiod.If
foranyreason
whatsoever,Seller
shallnothave
succeededin
removing,
remedyingor
complyingwith
suchDefectsat
theexpirationof
such
adjournment(s),
andifPurchaser
shallstillbe
unwilling to waive
thesameandto
closetitlewithout
abatementofthe
purchaseprice,
theneitherparty
maycancelthis
contractby
Noticetothe
other given within
10 daysafter such
adjourneddate;
(iii)
notwithstanding
theforegoing,the
existingmortgage
(unlessthissaleis
subjecttothe
same)andany
mattercreatedby
Seller
afterthedate
hereofshallbe
released,
dischargedor
otherwise
curedbySellerat
orpriorto
Closing.
(c)Ifthiscontractis
cancelled
pursuanttoits
terms,otherthan
asaresultof
Purchaser’s
default,this
contractshall
terminateand
cometoanend,
andneitherparty
shallhaveany
furtherrights,
obligationsor
liabilitiesagainst
or to the other
hereunderor
otherwise, except
that:(i)Seller
shallpromptly
refundor cause
the Escrowee to
refundthe
Downpaymentto
Purchaserand,
unlesscancelled
asaresultof
Purchaser’s
defaultor
pursuantto
paragraph 8,to
reimburse
Purchaserforthe
netcostof
examinationof
title,including
anyappropriate
additional
chargesrelated
thereto, and the
netcost,if
actually paid or
incurredby
Purchaserfor
updating the
existingsurveyof
the Premises or of
a newsurvey, and
(ii) the obligations
underparagraph
27shallsurvive
the termination of
this contract.
22.Affidavitasto
Judgments,
Bankruptcies, etc.If a
titleexamination
disclosesjudgments,
bankruptciesorother
returnsagainst
personshavingnames
thesameasorsimilar
tothatofSeller,Seller
shalldeliveran
affidavitatClosing
showingthattheyare
not against Seller.
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