If you`re preparing to buy or sell real estate in New York, it`s important to have a clear understanding of the sales agreement. This document is a legally binding contract that outlines the terms of the transaction and protects both the buyer and the seller.

In a real estate sales agreement in New York, there are several key components that must be included:

1. Property information: The agreement should clearly identify the property being sold, including the address, legal description, and any relevant zoning information.

2. Purchase price: The sales agreement should state the purchase price of the property and how it will be paid. This may include the down payment, financing terms, and any contingencies related to obtaining a mortgage.

3. Earnest money deposit: The buyer is typically required to provide an earnest money deposit as a show of good faith. This deposit is usually held in escrow until the closing.

4. Closing date: The sales agreement should specify the date on which the transaction will close. This date may be contingent on the completion of certain tasks, such as a home inspection or title search.

5. Contingencies: The sales agreement may include contingencies that must be met in order for the transaction to proceed. These may include things like a satisfactory home inspection, clear title, or the ability to obtain financing.

6. Seller`s disclosures: The seller is typically required to disclose any known defects or issues with the property. This may include things like past water damage, a faulty heating system, or a leaky roof.

7. Closing costs: The sales agreement should specify which party is responsible for paying various closing costs, such as title insurance, transfer taxes, and attorney fees.

In New York, real estate sales agreements must be in writing and signed by both parties. It`s important to have a knowledgeable attorney review the agreement to ensure that your interests are protected.

By having a clear understanding of the real estate sales agreement in New York, you can move forward confidently with your transaction and ensure a smooth and successful closing.

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