Posted on December 13, 2020 in
Written by: David B. Honig
A contract to purchase and sell residential real estate in New York Is a written agreement between the seller of a land and a potential buyer. The buyer will use the contract form to present his financial offer to the real estate seller. On the document, the buyer will indicate the terms of his offer, including how the payment is financed, when payments and deposits are made, and the duration of the offer remaining open. If the seller includes other real estate in the sale, such as furniture or appliances, these items may be included in the agreement. Before the contract of sale is signed, state law requires the seller to provide the buyer with an advertisement of the property describing the condition of the home and its suppliers. Lead-Based Paint Disclosure – If the residence was built before 1978, the seller must give potential buyers a disclosure statement describing the presence of lead paint on the land. Seller`s Disclosure Statement (No. 462) – The seller of a residence must complete this form and inform potential buyers. On the form, the seller would describe the various services of the residence and the condition of the property, including any defects. According to state law, if the seller does not provide this disclosure at the time of signing, the buyer is credited with 500 $US at the close.