New York Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement
About this form
This form is a Contract for the Sale and Purchase of Real Estate designed for residential home sales in New York. It is specifically tailored for transactions without a broker, ensuring that the buyer and seller can negotiate directly. The contract covers essential aspects of the property sale, including financing options and conditions related to the property's status. This form is distinct from other real estate contracts as it specifically excludes broker involvement.
What’s included in this form
- Details of included property items such as fixtures and built-in appliances.
- Financing provisions for cash sales or loans, including specific terms for VA loans.
- Title examination requirements and procedures for handling title defects.
- Terms regarding appraisal, surveys, and inspections, including termite inspections.
- Conditions for casualty losses affecting the property before closing.
- Remedies for defaults by either party and provisions for attorneys' fees.
When to use this document
This form should be utilized when a homeowner in New York wants to sell their residential property directly without the assistance of a real estate broker. It is suitable for any cash sales or transactions involving assumed loans, particularly when the parties have completed negotiations and are ready to formalize the sale agreement. This form helps outline the essential terms of the deal and protect the interests of both parties.
Who needs this form
- Property owners looking to sell their residential home in New York.
- Buyers interested in purchasing a home directly from the seller without broker involvement.
- Individuals familiar with real estate transactions who prefer to manage their sale or purchase directly.
Steps to complete this form
- Identify the parties involved: enter the full names and addresses of the seller and buyer.
- Specify the property: provide the address and legal description of the real estate being sold.
- Detail the sale terms: include the purchase price and any financing arrangements.
- List items included in the sale: note any fixtures or appliances that are part of the sale agreement.
- Sign and date the contract: both parties should sign the agreement to affirm their consent to the terms outlined.
Notarization requirements for this form
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes
- Failing to specify included property items, which can lead to disputes later.
- Not conducting a title examination, which may result in undiscovered liens or defects.
- Neglecting financing details, leading to misunderstandings about payment structures.
- Overlooking inspection and appraisal requirements, which could affect the sale agreement.
Why use this form online
- Easy access to legally-compliant document templates created by licensed attorneys.
- Convenience of immediate download and completion at your own pace.
- Ability to customize the form to fit specific transaction needs while adhering to New York legal standards.
- Reduced paperwork and time savings compared to in-person legal consultations.
Form popularity
FAQ
Does a Real Estate Purchase Agreement have to be notarized in order to be valid? No, this document does not have to be signed by a notary public since it does not get filed with the County Recorder's Office.
1 Access The Desired Real Estate Template To Record A Purchase Agreement. 2 Introduce The Agreement, Seller, Buyer, And Concerned Property. 3 Define The Basic Terms Of The Real Estate Purchase. 4 Record Any Property The Buyer Must Sell To Complete This Purchase.
The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser.
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
Submit the offer to the seller's listing agent. If the home is for sale by owner, you can submit the offer directly to the seller. The seller may then accept your offer, deny it or return with a counteroffer.
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
A purchase agreement is a legal document that is signed by both the buyer and the seller. Once it is signed by both parties, it is a legally binding contract. The seller can only accept the offer by signing the document, not by just providing the goods.
Romance the Seller. This is one of the easiest ways to make your offer competitive. Escalate Your Offer. Get Pre-approved for a Loan. Offer a Quick Inspection. Make an Offer with No Contingencies. Final Thoughts on Making a Competitive Offer with No Realtor. Related Articles. You May Also Like.
