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Contract Of Sale - Condominium Unit - New York

Contract Of Sale - Condominium Unit Form. This is a New York form and can be used in Contracts Title Real Estate Statewide .
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CONTRACT OF SALE - CONDOMINIUM UNIT (2000) This form was prepared by the Real Property Section of the New York State Bar Association and the Committee on Real Property Law and the Committee on Cooperative and Condominium Law of the Association of the Bar of the City of New York. Note: This form is intended to deal with matters common to most transactions involving the sale of a condominium unit. Provisions should be added, altered or deleted to suit the circumstances of a particular transaction. No representation is made that this form of contract complies with Section 5-702 of the General Obligations Law ("Plain Language Law"). CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT Contract of Sale - Condominium Unit Agreement made as of ________________________________________ between ____________________________________________________________ residing at ____________________________________________________________________ and ________________________________________________________ ("Seller") residing at ______________________________________________________________________ ("Purchaser"). 1. Unit: Seller agrees to sell and convey, and Purchaser agrees to purchase, Unit No. _________________ ("Unit") in the building ("Building") known as ____________________ Condominium ("Condominium") and located at ___________________________________________, New York, together with a ____________________ percent undivided interest in the Common Elements (as defined in para. 6) appurtenant thereto, all upon and subject to the terms and conditions set forth herein. The Unit shall be as designated in the Declaration of Condominium Ownership (as the same may be amended from time to time, the "Declaration") of the Condominium, recorded in ______________ County, New York or the By-Laws (as the same may be amended from time to time, the "By-Laws") of the Condominium. 2. Personal Property: (a) The sale includes all of Seller's right, title and interest, if any, in and to: (i) the refrigerators, freezers, ranges, ovens, built-in microwave ovens, dishwashers, washing machines, clothes dryers, cabinets and counters, lighting and plumbing fixtures, chandeliers, air conditioning equipment, venetian blinds, shades, screens, storm windows and other window treatments, wall-to-wall carpeting, bookshelves, switchplates, door hardware and mirrors, built-ins and articles of property and fixtures attached to or appurtenant to the Unit, except those listed in subpara. 2(b), all of which included property and fixtures are represented to be owned by Seller, free and clear of all liens and encumbrances other than those encumbrances ("Permitted American LegalNet, Inc. Exceptions") set forth on Schedule A annexed hereto and made a part hereof (strike out inapplicable items); and (ii) _____________________________________________. (b) Excluded from this sale are: (i) in this Contract); and (ii) _____________________________________________. furniture and furnishings (other than as specifically provided (c) The property referred to in subpara. 2(a)(i) and (ii) may not be purchased if title to the Unit is not conveyed hereunder. 3. Purchase Price: (a) The $________________, payable as follows: purchase price ("Purchase Price") is (i) $_____________ ("Downpayment") on the signing of this Contract by good check subject to collection, the receipt of which is hereby acknowledged, to be held in escrow pursuant to para. 16; and (ii) $_____________ constituting the balance of the Purchase Price, by certified check of Purchaser or official bank check (except as otherwise provided in this Contract) on the delivery of the deed as hereinafter provided. (b) All checks in payment of the Purchase Price shall represent United States currency and be drawn on or issued by a bank or trust company authorized to accept deposits in New York State. All checks in payment of the Downpayment shall be payable to the order of Escrowee (as hereinafter defined). All checks in payment of the balance of the Purchase Price shall be payable to the order of Seller (or as Seller otherwise directs pursuant to subparas. 6(a)(viii) or 18(b)). (c) Except for the Downpayment and checks aggregating not more than one-half of one percent of the Purchase Price, including payment for closing adjustments, all checks delivered by Purchaser shall be certified or official bank checks as hereinabove provided. 4. Closing of Title: The closing documents referred to in para. 6 shall be delivered, and payment of the balance of the Purchase Price shall be made, at the closing of title ("Closing"), to be held on ____________________________ at ______________ M., at the offices of ___________________________________________ or at the office of Purchaser's lending institution or its counsel; provided, however, that such office is located in either the City or County in which either (a) Seller's attorney maintains an office or (b) the Unit is located. - 2 - American LegalNet, Inc. 5. Representations, Warranties and Covenants: Seller represents, warrants and covenants that: (a) Seller is the sole owner of the Unit and the property referred to in subpara. 2(a) and Seller has the full right, power and authority to sell, convey and transfer the same; (b) The common charges (excluding separately billed utility charges) for the Unit on the date hereof are $______________ per month; (c) Seller has not received any written notice of any intended assessment or increase in common charges not reflected in subpara. 5(b). Purchaser acknowledges that it will not have the right to cancel this Contract in the event of the imposition of any assessment or increase in common charges after the date hereof of which Seller has not heretofore received written notice; (d) The real estate taxes for the Unit for the fiscal year of __________ through __________ are $_____________; (e) Seller is not a "sponsor" or a nominee of a "sponsor" under any plan of condominium organization affecting the Unit; (f) All refrigerators, freezers, ranges, dishwashers, washing machines, clothes dryers and air conditioning equipment included in this sale will be in working order at the time of Closing; (g) If a copy is attached to this Contract, the copy of the Certificate of Occupancy covering the Unit is a true and correct copy; and (h) Seller is not a "foreign person" as defined in para. 17. (If inapplicable, delete and provide for compliance with Code Withholding Section, as
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