The New York purchase agreement is a legal document that outlines the terms and conditions under which the seller will sell and the buyer will buy a certain item.
It is most often used for the transfer of more valuable items, like real estate, motor vehicles, boats, firearms, companies, and more.
The general recommendation is that you should use the purchase agreement when selling and purchasing any item with a purchase price of over $500 or when you need to provide many conditions that will affect the sale and purchase of a certain item.
New York Purchase and Sale Agreement Form
The New York purchase and sale agreement form usually includes the following elements:
Purchase and Sale Agreement Form Mandatory Details
Information about the seller and the buyer
Description of the transferred item
Purchase price and details about the financing
Other terms and conditions connected to the sale and purchase
The New York purchase agreement is also known as the New York purchase and sale agreement, the New York sale and purchase agreement, the New York sale and purchase contract, the New York purchase and sales contract, and more.
However, it all refers to one document that provides the terms and conditions for the property transfer in New York.
Purchase Agreement New York Laws & Requirements
The form of the New York purchase agreement is not mandated by any specific law. However, if you are involved in a real estate transaction in New York, you must make sure that certain disclosures are included in the purchase agreement template.
Purchase Agreement Required Disclosures in New York
Here, you can find the list of disclosures that must be included in the New York real estate purchase agreement:
Lead-Based Paint Disclosure: As mandated by 42 U.S. Code § 4852d, the seller must disclose to the buyer any lead-based paint hazard at the property. This disclosure is mandatory for all properties with a known lead-based paint hazard or for properties that were constructed before 1978.
Property Condition Disclosure Statement: The seller is required to disclose any material, structural, environmental, or other defects in the transferred property. This form must be delivered to the buyer before they sign any binding contract. (§14-462)
Common Types of Purchase Agreements in New York
This section provides all the types of purchase agreements used in New York:
Types of Purchase Agreement
Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in New York.
Stock purchase agreement. This type of purchase agreement form is used for selling the stocks of companies.
Purchase Agreement in New York FAQ
Yes, a purchase agreement is a legally binding document in New York. It becomes legally binding the moment both the seller and buyer sign it.
Yes, a New York sales agreement needs to state the purchase price. The reason for this is that the purchase price provides the main obligation for the buyer, and it is, therefore, one of the essential elements of the purchase agreement.
No, purchase and sales agreements in New York don’t need to be notarized. This is due to the fact that the purchase agreement itself doesn’t transfer any legal rights between the parties.
A seller can back out of a purchase agreement in New York without having to compensate the buyer only when the buyer fails to meet the contingencies set out in the document.