THIS AGREEMENT is dated the day of
, 20 and is between
whose address is (“Seller”)
and
whose address is (“Purchaser”).
1. Seller shall sell and Purchaser shall buy the real property hereinbelow described for the
sum of DOLLARS ($),
payable as follows:
On the signing of this Contract, the sum of $,
the receipt of which is hereby acknowledged and which is subject to collection
At closing, by bank or certified check, the sum of $.
2. The real property is described as follows:
3. Upon receipt of the purchase price at the times and in the amounts set forth in “1”
above, Seller shall execute and deliver to Purchaser, a Bargain and Sale Deed With
Covenants against Grantor’s Act, in recordable form, so as to convey a fee simple absolute
title to the real property described in “2” above, free and clear of all encumbrances except as to
those set forth in this Contract. Seller shall pay all transfer tax due as a result of the sale of the
real property. The deed shall contain a clause which complies with Section 13 of the Lien Law.
4. All adjustments of real estate taxes, assessments and water/sewer charges, if any, shall
be conducted in the normal manner for real estate transaction in the locality in which the real
property is situated.
5. The Purchaser shall have possession of the real property on the date of the transfer of
title unless otherwise agreed to, in writing, by the parties hereto or their attorneys, in which
event, all adjustments shall be calculated from the date that the Purchaser took possession of
the real property and Purchaser shall be obligated to maintain the real property from said date.
6. In the event that the Purchaser shall fail to perform any of the terms, conditions and
provisions of this Contract on its behalf to be performed, Seller shall give Purchaser written
notice of such default. If the default is for nonpayment of principal and/or interest, Seller shall
have ten (10) days from the date of said notice to cure the default. If the default is for any
other reason other than nonpayment, Purchaser shall have twenty (20) days to cure said
default. Notice of default shall be made by personal service or overnight courier service and
shall be deemed given when personally delivered or delivered to the overnight courier service.
In the event that Purchaser shall fail to cure the default after notice has been duly given,
Seller may avail itself of any of the following remedies:
a. Seller may accelerate the entire balance of principal and interest and demand
immediate payment;
b. Seller may take immediate possession of the premises as permitted by law;
c. Seller may perform any act on Purchaser’s behalf to be performed, the cost of
which shall be the Purchaser’s responsibility which shall include interest and reasonable
attorneys’ fees, if any, for which Seller may demand immediate payment in full or add to the
existing principal owed by Purchaser to Seller; and/or
d. Seller may terminate this Contract by giving written notice in the same manner
that the notice of default may be given and upon doing so, Seller may retain all moneys paid
by Purchaser pursuant to this Contract. If purchaser shall be in possession of the real
property, Purchaser shall immediately relinquish same to Seller. Upon written request by
Purchaser, Seller shall execute a formal termination of contract. Purchaser hereby expressly
appoints Seller as Purchaser’s attorney-in-fact for the execution of the formal termination of
contract if Purchaser fails to or refuses to execute same with fifteen (15) days and any
improvements made to the real property, whether by Seller and/or Purchaser shall be Seller’s.
The rights afforded Seller hereunder shall be in addition to those afforded Seller by law.
7. This Contract may only be changed or amended in a writing signed by the parties
hereto.
8. This Contract shall be binding upon the distributees, executors, administrators,
successors and assigns of the parties hereto.
9. The words “Purchaser” and “Seller” shall include the plural thereof where applicable.
10. Riders attached to this Contract are .
IN WITNESS WHEREOF the parties have signed this Contract on the date and year
first mentioned herein.
Acknowledgement taken in New York State
STATE OF NEW YORK )
SS.:
COUNTY OF )
On the day of , in the year , before me the undersigned, personally appeared
personally known to me or proved to me on the basis of satisfactory evidence, to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that (he) (she) (they) executed the
same in (his) (her) (their) capacity(y)(ies), and that by (his) (her) (their) signature(s) on the instrument, the
individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.
Notary Public
Acknowledgement taken outside New York State
*STATE OF )
SS.:
COUNTY OF )
* or insert District of Columbia, Territory, Possession or Foreign Country
On the day of , in the year , before me the undersigned, personally appeared
personally known to me or proved to me on the basis of satisfactory evidence, to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that (he) (she) (they) executed the
same in (his) (her) (their) capacity(y)(ies), and that by (his) (her) (their) signature(s) on the instrument, the
individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument, and that such
individual(s) made such appearance before the undersigned in the
(add the city or political subdivision and the state or country or other place the acknowledgment was taken).
Notary Public