Legal Real Estate Purchase Agreement Document for New York State

• Lease Agreement: This document outlines the terms under which a tenant may occupy a property. Similar to a purchase agreement, it specifies the parties involved, the property description, and the obligations of each party.
• Option to Purchase Agreement: This agreement grants a potential buyer the right to purchase a property at a later date. Like a purchase agreement, it includes terms related to price and conditions but focuses on the option rather than an immediate sale.
• Seller’s Disclosure Statement: This document is often provided alongside a purchase agreement. It details the condition of the property and any known issues, ensuring that buyers are informed before finalizing the sale.
• Listing Agreement: This contract is between a property owner and a real estate agent. It outlines the agent's authority to sell the property, similar to how a purchase agreement outlines the terms of the sale between buyer and seller.
• Purchase and Sale Agreement: This document serves a similar purpose to a Real Estate Purchase Agreement. It formalizes the terms of the sale, including price, contingencies, and closing details, ensuring both parties are aligned.
• Closing Disclosure: This document provides a detailed account of the final terms of the mortgage loan and the costs associated with closing. It is similar to a purchase agreement in that it outlines critical financial details necessary for completing the transaction.

Guide to Filling Out New York Real Estate Purchase Agreement

After gathering all necessary information, you are ready to fill out the New York Real Estate Purchase Agreement form. This document will require specific details about the property and the parties involved in the transaction. Ensure that you have accurate information at hand to complete the form correctly.

1. Begin by entering the date at the top of the form. This is the date on which the agreement is being signed.
2. Fill in the names and addresses of both the buyer and the seller. Ensure that all names are spelled correctly and that the addresses are complete.
3. Provide a detailed description of the property being sold. This should include the address, lot number, and any other identifying information.
4. Specify the purchase price of the property. Clearly state the amount in both numerical and written form to avoid any confusion.
5. Indicate the amount of the deposit. This is typically a percentage of the purchase price and shows the buyer's commitment to the transaction.
6. Outline the closing date. This is the date when the property will officially change hands and ownership will be transferred.
7. Include any contingencies that may apply to the sale. Common contingencies include financing, inspections, or the sale of another property.
8. Review any additional terms or conditions that both parties agree upon. This can cover specific agreements about repairs, appliances, or other aspects of the sale.
9. Sign and date the agreement. Both the buyer and seller must sign to validate the contract.
10. Make copies of the completed form for all parties involved. It’s important that everyone has access to the signed agreement for their records.