New York Real Estate Purchase Agreement

Last Updated: December 20, 2023 by Phil Ahn

New York Real Estate Purchase Agreement Template_1 on

The New York residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.

Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties come to an agreement on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.

Do Sellers in New York Have to Disclose Property Defects?

New York does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.   

Required Seller Disclosures in New York

Along with any material defects with the property, sellers in New York will also need to provide the following:

  • Property Condition Disclosure Statement. State legislation imposes the obligation for the seller to properly inform the purchaser of a property of any structural, environmental, or alternative defects associated with the piece of real estate. The regulatory statutes require that the standard form, provided by the state of New York, is to be employed for disclosure with thorough completion and accurate information to the knowledge of the seller.
  • Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.