Fillable Printable Sample Residential Contract of Sale
Fillable Printable Sample Residential Contract of Sale
Sample Residential Contract of Sale
Reorder Form No. 8068 (3/00)– Residential contract of sale 2-91
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 OR 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
the law makes a Purchaser responsible for fire and casualty loss upon taking possession of
the Premises before the title closing.
Residential Contract of Sale
Date:
CONTRACT OF SALE, made as of , 20
BETWEEN
Parties: Address:
Social Security Number/Fed. I.D. No(s):
hereinafter called “SELLER”, and
Address:
Social Security Number/Fed. I.D. No.(s):
hereinafter called “PURCHASER”.
The parties hereby agree as follows:
Premises:
1. Seller shall
sell and convey
and Purchaser
shall purchase
the property,
together will all
buildings and
improvements
thereon
(collectively the
“Premises”),
more fully
described on a
separate page
marked
“Schedule A”,
annexed hereto
and made a part
hereof and also
known as:
Street Address:
Tax Map
Designation:
Together with
Seller’s
ownership and
rights, if any, to
land lying in the
bed of any street
or highway,
opened or
proposed,
adjoining the
Premises to the
center line
thereof,
including any
right of Seller to
any unpaid
award by reason
of any taking by
condemnation
and/or for any
damage to the
Premises by
reason of change
of grade of any
street or
highway. Seller
shall deliver at
no additional
cost to
Purchaser, at
Closing (as
hereinafter
defined), or
thereafter, on
demand, any
documents that
Purchaser may
reasonably
require for the
conveyance of
such title and
the assignment
and collection of
such award or
damages.
Personal
Property:
2. This sale also
includes all
fixtures and
articles of
personal
property now
attached or
appurtenant to
the Premises,
unless
specifically
excluded below.
Seller represents
and warrants
that at Closing
they will paid
for and owned
by Seller, free
and clear of all
liens and
encumbrances,
except any
existing
mortgage to
which this sale
may be subject.
They include,
but are not
limited to,
plumbing,
heating, lighting
and cooking
fixtures,
bathroom and
kitchen cabinets,
mantels, door
mirrors, switch
plates and door
hardware,
venetian blinds,
window
treatments,
shades, screens,
awnings, storm
windows, storm
doors, window
boxes, mail box,
TV aerials,
weather vane,
flagpole, pumps,
shrubbery,
fencing, outdoor
statuary, tool
shed,
dishwasher,
washing
machine, clothes
dryer, garbage
disposal unit,
range, oven,
refrigerator,
freezer, air
conditioning
equipment and
installations,
wall to wall
carpeting and
built-ins not
excluded below
(strike out
inapplicable
items).
Excluded from
this sale are
furniture and
household
furnishings and
Purchase
Price:
3. The purchase price is $
payable as follows:
(a) on the signing of this contract, by Purchaser’s check payable to the Escrowee
(as hereinafter defined), subject to collection, the receipt of which is hereby
acknowledged, to be held in escrow pursuant to paragraph 6 of this contract (the
“Downpayment”): $
(b) by allowance for the principal amount unpaid on the existing mortgage on the
date hereof, payment of which Purchaser shall assume by joinder in the deed:
$
(c) by a purchase money note and mortgage from Purchaser to Seller:
$
(d) balance at Closing in accordance with paragraph 7:
$
Existing
Mortgage:
4. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated
in paragraph 3(b) above:
(a) The premises shall be conveyed subject to the continuing lien of the existing
mortgage, which is presently payable, with interest at the rate of percent per
annum, in monthly installments of $ which include principal, interest and escrow
amounts, if any, and with any balance of principal being due and payable on
(b) To the extent that any required payments are made on the existing mortgage
between the date hereof and Closing which reduce the unpaid principal amount thereof
below the amount shown in paragraph 3(b), then the balance of the price payable at
Closing under paragraph 3(d) shall be increased by the amount of the payments of
principal. Seller represents and warrants that the amount shown in paragraph 3(b) is
substantially correct and agrees that only payments required by the existing mortgage
will be made between the date hereof and Closing.
(c) If there is a mortgagee escrow account, Seller shall assign it to Purchaser, if it
can be assigned, and in that case Purchaser shall pay the amount in the escrow account to
Seller at Closing.
(d) Seller shall deliver to Purchaser at Closing a certificate dated not more than 30
days before Closing signed by the holder of the existing mortgage, in form for recording,
certifying the amount of the unpaid principal, the date to which interest has been paid and
the amounts, if any, claimed to be unpaid for principal and interest, itemizing the same.
Seller shall pay the fees for recording such certificate. If the holder of the existing
mortgage is a bank or other institution as defined in Section 274-a of the Real Property
Law (“Institutional Lender”), it may, instead of the certificate, furnish a letter signed by a
duly authorized officer, employee or agent, dated not more than 30 days before Closing,
containing the same information.
(e) Seller represents and warrants that (i) Seller has delivered to Purchaser true
and complete copies of the existing mortgage, the note secured thereby and any
extensions and modifications thereof, (ii) the existing mortgage is not now, and at the
time of Closing will not be, in default, and (iii) the existing mortgage does not contain
any provision that permits the holder of the mortgage to require its immediate payment in
full or to change any other term thereof by reason of the sale or conveyance of the
Premises.
Purchase
Money
Mortgage:
5. (Delete if inapplicable) If there is to be a purchase money mortgage as indicated
in paragraph 3(c) above:
(a) The purchase money note and mortgage shall be drawn by the attorney for
Seller in the form attached or, if not, in the standard form adopted by the New York State
Land Title Association. Purchaser shall pay at Closing the mortgage recording tax,
recording fees and the attorney’s fees in the amount of $ for its preparation.
(b) The purchase money note and mortgage shall also provide that it is subject and
subordinate to the lien of the existing mortgage and any extensions, modifications,
replacements or consolidations of the existing mortgage, provided that (i) the interest rate
thereof shall not be greater than percent per annum and the total debt service
thereunder shall not be greater than $ per annum, and (ii) if the principal amount
thereof shall exceed the amount of principal owing and unpaid on the existing mortgage
at the time of placing such new mortgage or consolidated mortgage, the excess be paid to
the holder of such purchase money mortgage in reduction of the principal thereof. The
purchase money mortgage shall also provide that such payment to the holder thereof shall
not alter or affect the regular installments, if any, of principal payable thereunder and that
the holder thereof will, on demand and without charge therefor, execute, acknowledge
and deliver any agreement or agreements further to effectuate such subordination.
Downpayment
in Escrow:
6. (a)
Sellers’ attorney
(“Escrowee”)
shall hold the
Downpayment
for Seller’s
account in
escrow in a
segregated bank
account at
until
Closing or
sooner
termination of
this contract and
shall pay over or
apply the
Downpayment
in accordance
with the terms
of this
paragraph.
Escrowee shall
(not) (Delete if
inapplicable)
hold the
Downpayment
in an interest-
bearing account
for the benefit of
the parties. If
interest is held
for the benefit of
the parties, it
shall be paid to
the party entitled
to the
Downpayment
and the party
receiving the
interest shall pay
any income
taxes thereon. If
interest is not
held for the
benefit of the
parties, the
Downpayment
shall be place in
an IOLA
account or as
otherwise
permitted or
required by law.
The Social
Security or
Federal
Identification
numbers of the
parties shall be
furnished to
Escrowee upon
request. At
Closing, the
Downpayment
shall be paid by
Escrowee to
Seller. If for any
reason Closing
does not occur
and either party
gives Notice (as
defined in
paragraph 25) to
Escrowee
demanding
payment of the
Downpayment,
Escrowee shall
give prompt
Notice to the
other party of
such demand. If
Escrowee does
not receive
Notice of
objection from
such other party
to the proposed
payment within
10 business days
after the giving
of such Notice,
Escrowee is
hereby
authorized and
directed to make
such payment. If
Escrowee does
receive such
Notice of
objection within
such 10 day
period or if for
any other reason
Escrowee in
good faith shall
elect not to
make such
payment,
Escrowee shall
continue to hold
such amount
until otherwise
directed by
Notice from the
parties to this
contract or a
final,
nonappealable
judgment, order
or decree of a
court. However,
Escrowee shall
have the right at
any time to
deposit the
Downpayment
and the interest
thereon with the
clerk of a court
in the county in
which the
Premises are
located and shall
give Notice of
such deposit to
Seller and
Purchaser. Upon
such deposit or
other
disbursement in
accordance with
the terms of this
paragraph,
Escrowee shall
be relieved and
discharged of all
further
obligations and
responsibilities
hereunder.
(b)
Parties
acknowledge
that, although
Escrowee is
holding the
Downpayment
for Seller’s
account, for all
other purposes
Escrowee is
acting solely as
a stakeholder at
their request and
for their
convenience and
that Escrowee
shall not be
liable to either
party for any act
or omission on
its part unless
taken or suffered
in bad faith or in
willful disregard
of this contract
or involving
gross negligence
on the part of
Escrowee. Seller
and Purchaser
jointly and
severally agree
to defend,
indemnify and
hold Escrowee
harmless from
and against all
costs, claims
and expenses
(including
reasonable
attorney’s fees)
incurred in
connection with
the performance
of Escrowee’s
duties
hereunder,
except with
respect to
actions or
omissions taken
or suffered by
Escrowee in bad
faith or in
willful disregard
of this contract
or involving
gross negligence
on the part of
Escrowee.
(c)
Escrowee may
act or refrain
from acting in
respect of any
matter referred
to herein in full
reliance upon
and with the
advice of
counsel which
may be selected
by it (including
any member of
its firm) and
shall be fully
protected in so
acting or
refraining from
action upon the
advice of such
counsel.
(d)
Escrowee
acknowledges
receipt of the
Downpayment
by check subject
to collection and
Escrowee’s
agreement to the
provision of this
paragraph by
signing in the
place indicated
on the signature
page of this
contract.
(e)
Escrowee or any
member of its
firm shall be
permitted to act
as counsel for
Seller in any
dispute as to the
disbursement of
the
Downpayment
or any other
dispute between
the parties
whether or not
Escrowee is in
possession of
the
Downpayment
and continues to
act as Escrowee.
Acceptable
Funds:
7. All money payable under this contract, unless otherwise specified, shall be paid by:
(a) Cash, but not over $1,000.00;
(b) Good certified check of Purchaser drawn on or official check issued by any
bank, savings bank, trust company or savings and loan association having a banking
office in the State of New York, unendorsed and payable to the order of Seller, or as Seller
may otherwise direct upon not less than 3 business days notice (by telephone or
otherwise) to Purchaser;
(c) As to money other than the purchase price payable to Seller at Closing,
uncertified check of Purchaser up to the amount of
$ ; and
(d) As otherwise agreed to in writing by Seller or Seller’s attorney.
Mortgage
Contingency:
8. (Delete if
inapplicable)
The obligations
of Purchaser
hereunder are
conditional upon
issuance on or
beore ,
20 , (the
“Commitment
Date”) of a
written
commitment
from any
Institutional
Lender pursuant
to which such
Institutional
Lender agrees to
make a first
mortgage loan,
other than a VA,
FHA or other
governmentally
insured loan, to
Purchaser, at
Purchaser’s sole
cost and
expense, of
$ or such
lesser sum as
Purchaser shall
be willing to
accept, at the
prevailing fixed
rate of interest
not to exceed
or initial
adjustable rate
of interest not to
exceed
for a term of at
least
years and on
other customary
commitment
terms, whether
or not
conditional upon
any factors other
than an appraisal
satisfactory to
the Institutional
Lender.
Purchaser shall
(a) make prompt
application to an
Institutional
Lender for such
mortgage loan,
(b) furnish
accurate and
complete
information
regarding
Purchaser and
members of
Purchaser’s
family, as
required, (c) pay
all fees, points
and charges
required in
connection with
such application
and loan, (d)
pursue such
application with
diligence, (e)
cooperate in
good faith with
such
Institutional
Lender to obtain
such
commitment and
(f) promptly
give Notice to
Seller of the
name and
address of each
Institutional
Lender to which
Purchaser has
made such
application.
Purchaser shall
comply with all
requirements of
such
commitment (or
of any other
commitment
accepted by
Purchaser) and
shall furnish
Seller with a
copy thereof
promptly after
receipt thereof.
If such
commitment is
not issued on or
before the
Commitment
Date, then,
unless Purchaser
has accepted a
commitment
that does not
comply with the
requirements set
forth above,
Purchaser may
cancel this
contract by
giving Notice to
Seller within 5
business days
after the
Commitment
Date, in which
case this
contract shall be
deemed
cancelled and
thereafter
neither party
shall have any
further rights
against, or
obligations or
liabilities to, the
other by reason
of this contract,
except that the
Downpayment
shall be
promptly
refunded to
Purchaser and
except as set
forth in
paragraph 27. If
Purchaser fails
to give notice of
cancellation or if
Purchaser shall
accept a
commitment
that does not
comply with the
terms set forth
above, then
Purchaser shall
be deemed to
have waived
Purchaser’s
right to cancel
this contract and
to receive a
refund of the
Downpayment
by reason of the
contingency
contained in this
paragraph.
