Contract Of Sale - Condominium Unit

Contract of Sale--Condominium Unit 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"). In the event of any alteration to this form which is not clearly indicated as such, the provisions of the original unaltered form as approved by the Cooperative & Condominium Law Committee of the Association of the Bar of the City of New York and the Committee of Condominiums & Cooperatives of the Real Property Law Section of the New York State Bar Association shall be deemed controlling, regardless of such change. CONSULT YOUR LAWYER BEFORE SIGNING THIS AGREEMENT This Contract (the "Contract") for the sale of the Unit as defined below is made as of ____________________ between "Seller" and "Purchaser" identified below. 1. Certain Definitions and Information 1.1 The "Parties" (each a "Party") are: 1.1.1 "Seller": Prior names used by Seller: Address: 1.1.2 "Purchaser": Prior names used by Purchaser: Address: (For security, social security numbers are not included on this form but shall be provided to the attorneys for the Parties upon request.) 1.2 "Attorneys" (each an "Attorney") are (name, address telephone and email): 1.2.1 1.2.2 "Seller's Attorney": "Purchaser's Attorney": 1.3 "Escrowee" is the [Seller's] [Purchaser's] Attorney [or Title Company] (as defined in ¶3.1.2 below): 1.4 The "Managing Agent" is (name, address telephone and email): 1.5 The real estate "Broker(s)" (see ¶18) is/are (company name, address and individual name): American LegalNet, Inc. www.FormsWorkFlow.com 1.6 1.7 The name of the "Condominium" is: The unit number is: ___________ (the "Unit") located at: ____________________ (the "Building"); 1.8 The Unit's percentage of the undivided interest in the Condominium common elements ("Common Elements") is: 1.9 The tax lot number of the Unit as set forth in the Condominium declaration (the "Declaration") is: 1.10 The real estate taxes for the Unit for the fiscal year of are $__________. The amount of real estate taxes is provided for information only and is not a representation of Seller; 1.11 Seller agrees to sell and Purchaser agrees to purchase the Unit and the Unit's percentage interest in the Common Elements in accordance with the terms and provisions of this Contract; 1.12 The sale includes all of Seller's right, title and interest in and to the following personal property ("Personal Property") to the extent existing in the Unit on the date hereof (strike out inapplicable items): the refrigerators, freezers, ranges, ovens, built-in microwave ovens, dishwashers, garbage disposal units, washing machines, clothes dryers, cabinets and counters, lighting and plumbing fixtures, chandeliers, central air conditioning and/or window or sleeve units, venetian blinds, shades, screens, storm windows and other window treatments, wallto-wall carpeting, plumbing and heating fixtures, switch plates, door hardware, mirrors, built-in bookshelves and articles of property and fixtures attached to or appurtenant to the Unit, not excluded in ¶1.13, 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 Exceptions") set forth on Schedule A and made a part hereof; and 1.13 Specifically excluded from this sale are furniture and furnishings and all other personal property unless specifically included in ¶1.12 and: 1.14 The sale [does] [does not] include Seller's interest in [Storage] [Servant's Room] [Parking Space] No. ("Included Interests") (a Rider is required if any of the Included Interests is/are (a) separate and distinct Condominium Unit(s) or subject to a transferrable license agreement); 1.15 The "Closing" is the delivery of the Closing Documents referred to in ¶3 and the payment of the Balance referred to in ¶1.17.2; 1.16 The date on which Closing is scheduled is ___ _______ ("Scheduled Closing Date") at _____M. at the offices of [Seller's]/[Purchaser's] Attorney 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; 1.17 The "Purchase Price" is: $__ ________ payable as follows: -2American LegalNet, Inc. www.FormsWorkFlow.com 1.17.1 The "Contract Deposit" is: $__________ payable on the signing of this Contract by good check subject to collection, the receipt of which is hereby acknowledged, payable to the order of Escrowee and held in escrow pursuant to ¶13; 1.17.2 The "Balance" of the Purchase Price due at Closing is: $ payable by certified check of Purchaser or official bank check (except as otherwise agreed to in writing by the Parties) to the order of Seller (or as Seller otherwise directs); 1.17.3 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 either chartered in or having a branch and doing business in New York State; 1.17.4 All checks for closing adjustments aggregating in excess of $2,500.00 shall be certified checks of Purchaser or official bank checks payable to Seller or as Seller otherwise directs. 1.18 The monthly common charges (excluding separately billed utility charges) are $__________ (See ¶2.2) (the "Common Charges"); 1.19 The assessment, if any, payable to the Condominium, at the date of this Contract is $__________ (the "Assessment"), payable as follows: 1.20 The Condominium's flip tax or transfer fee (apart from the Managing Agent, Condominium or closing attorney fee), if any (the "Flip Tax") shall be paid by the Party upon whom the Flip Tax is imposed by the Condominium, or, if not so imposed, the Flip Tax shall be paid by [Seller] [Purchaser]; 1.21 Financing Options (Delete two of the following ¶¶[1.21.1] [1.21.2] [1.21.3]): 1.21.1 Purchaser may apply for financing in connection with this sale and Purchaser's obligation to purchase under this Contract is contingent upon issuance of a Loan Commitment Letter (as defined in ¶19.1.2 below) by the Loan Commitment Date (as defined in ¶1.22 below); 1.21.2 Purchaser may apply for financing in connection with this sale but Purchaser's obligation to