The New York residential purchase agreement is a document that allows a buyer to make a written offer to a seller for a residential property. It outlines the terms of the transaction, including the property type, purchase price, any included personal property, earnest money deposit, and closing date.
The agreement initiates negotiations and requires the seller to make necessary disclosures before the sale. If all parties sign and comply with the contract terms, the transaction proceeds on the closing date.
State Laws
- Definition of Residential Real Property: The PCDA applies to a one- to four-family dwelling that is either actually used as a home or residence by one or more people or intended to be used as such. [1]
- Exclusions from Residential Real Property: The term does not include condominium units, cooperative apartments, vacant land on which the owner intends to build a residence, or property in a homeowner’s association that is not owned by the seller. [2]
- Applicability of the Law: The law applies to all contracts for the purchase of “residential real property,” including standard contracts, long-term installment contracts, and leases with either an obligation or an option to purchase the property. [3]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law mandates that sellers disclose known lead paint hazards in homes built before 1978, as per (42 U.S. Code § 4852d).
New York Seller Property Disclosure Statement
The seller must give a document with details about the property, like its age, utilities, structure, and any known issues. If the seller doesn't provide this before closing, the seller must pay the buyer $500 (§ 462).
Do Sellers in New York Have to Disclose Property Defects?
Yes, New York requires home sellers to either make certain disclosures about the property or pay a $500 credit to the home buyer at closing.
