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New York Residential Real Estate Sales Disclosure Statement
New York Form Of Real Estate Statement Of Sale With Notary
Description Seller's Disclosure
Disclosure Form For Real Estate Related forms
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Interesting Questions
A real estate statement of sale with notary in New York is a legal document that outlines the details of a property transaction, such as the buyer and seller information, purchase price, and property description. It is notarized to ensure its authenticity.
A real estate statement of sale is important as it serves as evidence of the property transaction and protects the rights of both the buyer and the seller. It helps avoid potential disputes by clearly outlining the terms and conditions of the sale.
A real estate statement of sale usually includes the names and addresses of the buyer and seller, property description, purchase price, earnest money deposit, closing date, and any contingencies or special terms agreed upon.
To obtain a real estate statement of sale with notary in New York, you should consult with a real estate attorney, title company, or a licensed real estate agent. They can guide you through the process and ensure all necessary legal requirements are met.
The responsibility for paying notary fees in a real estate statement of sale in New York is typically negotiable. It can be agreed upon between the buyer and the seller during the negotiation process or specified in the purchase agreement.
Having a document notarized means that a certified notary public has verified the identities of the individuals signing the document and has confirmed their willingness to sign it. The notary then adds their signature, seal, and an official stamp to the document.
Yes, a real estate statement of sale can be revised or amended after notarization, but it requires mutual agreement and proper documentation of the changes. It is recommended to consult with a legal professional to ensure all modifications comply with the applicable laws.
After a real estate statement of sale is notarized, it becomes a legally binding agreement. The parties involved should proceed with fulfilling the conditions stated in the agreement, such as making necessary payments, scheduling inspections, and preparing for the property transfer.
Using a real estate statement of sale from another state in New York may not be advisable. Real estate transactions are subject to state-specific laws, regulations, and requirements. It is recommended to consult with a New York-based real estate professional for the appropriate documentation.
While it is possible to create a real estate statement of sale without a notary in New York, it may not have the same legal standing and enforceability. Notarizing the document adds an extra layer of authenticity and strengthens its validity.
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Real Property
ARTICLE 14
PROPERTY CONDITION DISCLOSURE IN THE SALE OF RESIDENTIAL REAL PROPERTY
Sec.460. Short title.
461. Definitions.
462. Property condition disclosure statement.
463. Exemptions.
464. Revision.
465. Remedy.
466. Duty of an agent.
467. Liability.
S 460. Short title.
This article shall be known and may be cited as the "property condition disclosure act".
S 461. Definitions.
As used in this article, the following terms shall have the following meanings:
1. "Agent" means a
person who is licensed as a real estate broker or a real estate salesperson
pursuant to section four hundred forty-a of this chapter and is acting
in a fiduciary capacity.
2. "Binding contract
of sale" means a real estate purchase contract or offer that would, upon
signing by the seller and subject to satisfaction of any contingencies,
require the buyer to accept a transfer of title.
3. "Knowledge" means
only actual knowledge of a defect or condition on the part of the seller
of residential real property.
4. "Real estate purchase
contract" means any of the following:
(a) a contract which
provides for the purchase and sale or exchange of residential real property;
(b) a lease with an
option to purchase residential real property;
(c) a lease-with-obligation-to-purchase
agreement for residential real property; or
(d) an installment
land sale contract for residential real property.
5. "Residential
real property" means real property improved by a one to four family dwelling
used or occupied, or intended to be used
or occupied, wholly or partly, as the home
or residence of one or more persons, but shall not refer to (a) unimproved
real property upon which such dwellings are to be constructed,
or (b) condominium units or cooperative apartments, or (c) property in
a homeowners' association that is not owned in fee simple by the seller.
6. "Transfer of title"
means delivery of a properly executed instrument conveying
title to residential real property and shall include
delivery of a real estate purchase contract that is a lease or installment
land sale contract.
S 462. Property condition disclosure statement.
1. Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy thereof, to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract. Nothing contained in this article or this disclosure statement is intended to prevent the parties to a contract of sale from entering into agreements of any kind or nature with respect to the physical condition of the property to be sold, including, but not limited to, agreements for the sale of real property "as is".
2. The
following shall be the disclosure form:
[See USLF form NY-37014]
S 463. Exemptions.
A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property:
1. A transfer
pursuant to a court order, including, but not limited
to, a transfer order by a probate court during the administration
of a decedent's estate, a transfer pursuant to a writ of execution, a
transfer by a trustee in bankruptcy or debtor-in-possession, a transfer
as a result of the exercise of the power of eminent domain, and
a transfer that results from a decree for
specific performance of a contract or other agreement between two or more
persons;
2. A transfer
to mortgagee or an affiliate or agent thereof by a mortgagor by deed in
lieu of foreclosure or in satisfaction of the mortgage debt;
3. A transfer
to a beneficiary of a deed of trust;
4. A transfer
pursuant to a foreclosure sale that follows a default in the satisfaction
of an obligation that is secured by a mortgage;
5. A transfer by a sale under a power of sale that follows a default
in the satisfaction of an obligation that is secured by a mortgage;
6. A transfer by a mortgagee, or a beneficiary under a mortgage, or an affiliate or agent
thereof, who has acquired the residential real property at a sale
under a mortgage or who has acquired the residential real property by a
deed in lieu of foreclosure;
7. A transfer by a fiduciary in the course of the administration of a descendent's
estate, a guardianship, a conservatorship, or a trust;
8. A transfer from one co-owner to one or more other co-owners;
9. A transfer made to the transferor's spouse or to one
or more persons in the lineal consanguinity of one or more of the
transferors;
10. A transfer between spouses or former spouses as
a result of a decree of divorce, dissolution of marriage, annulment,
or legal separation or as a result of property settlement,
agreement incidental to a decree of divorce, dissolution of marriage,
annulment or legal separation;
11. A transfer to or from the state, a political subdivision of
the state, or another governmental entity;
12. A transfer that involves newly constructed residential real property
that previously had not been inhabited;
13. A transfer by a sheriff; or
14. A transfer pursuant to a partition action.
S 464. Revision.
If a seller of residential real property acquires knowledge which renders materially inaccurate a property condition disclosure statement provided previously, the seller shall deliver a revised property condition disclosure statement to the buyer as soon as practicable. In no event, however, shall a seller be required to provide a revised property condition disclosure statement after the transfer of title from the seller to the buyer or occupancy by the buyer, whichever is earlier.
S 465. Remedy.
1.
In the event a seller fails to perform the duty prescribed in this
article to deliver a disclosure statement prior to the
signing by the buyer of a binding contract of sale, the buyer shall receive
upon the transfer of title a credit of five hundred
dollars against the agreed upon purchase price of the residential real
property.
2.
Any seller who provides a property condition disclosure statement
or provides or fails to provide a revised property condition disclosure
statement shall be liable only for a willful
failure to perform the requirements of this article. For such a willful
failure, the seller shall be liable for the actual damages
suffered by the buyer in addition to any other existing equitable or statutory
remedy.
S 466. Duty of an agent.
An agent representing a seller of residential real property as a listing broker shall have the duty to timely inform each seller represented by that agent of the seller's obligations under this article. An agent representing a buyer of residential real property, or, if the buyer is not represented by an agent, the agent representing a seller of residential real property and dealing with a prospective buyer, shall have the duty to timely (in any event, before the buyer signs a binding contract of sale) inform such buyer of the buyer's rights and obligations under this article. If an agent performs the duties and obligations imposed upon him or her pursuant to this section, the agent shall have no further duties under this article and shall not be liable to any party for a violation of this article.
S 467. Liability.
Nothing contained in this article shall be construed as limiting any existing legal cause of action or remedy at law, in statute or in equity.
Real Property
ARTICLE 14
PROPERTY CONDITION DISCLOSURE IN THE SALE OF RESIDENTIAL REAL PROPERTY
Sec.460. Short title.
461. Definitions.
462. Property condition disclosure statement.
463. Exemptions.
464. Revision.
465. Remedy.
466. Duty of an agent.
467. Liability.
S 460. Short title.
This article shall be known and may be cited as the "property condition disclosure act".
S 461. Definitions.
As used in this article, the following terms shall have the following meanings:
1. "Agent" means a
person who is licensed as a real estate broker or a real estate salesperson
pursuant to section four hundred forty-a of this chapter and is acting
in a fiduciary capacity.
2. "Binding contract
of sale" means a real estate purchase contract or offer that would, upon
signing by the seller and subject to satisfaction of any contingencies,
require the buyer to accept a transfer of title.
3. "Knowledge" means
only actual knowledge of a defect or condition on the part of the seller
of residential real property.
4. "Real estate purchase
contract" means any of the following:
(a) a contract which
provides for the purchase and sale or exchange of residential real property;
(b) a lease with an
option to purchase residential real property;
(c) a lease-with-obligation-to-purchase
agreement for residential real property; or
(d) an installment
land sale contract for residential real property.
5. "Residential
real property" means real property improved by a one to four family dwelling
used or occupied, or intended to be used
or occupied, wholly or partly, as the home
or residence of one or more persons, but shall not refer to (a) unimproved
real property upon which such dwellings are to be constructed,
or (b) condominium units or cooperative apartments, or (c) property in
a homeowners' association that is not owned in fee simple by the seller.
6. "Transfer of title"
means delivery of a properly executed instrument conveying
title to residential real property and shall include
delivery of a real estate purchase contract that is a lease or installment
land sale contract.
S 462. Property condition disclosure statement.
1. Except as is provided in section four hundred sixty-three of this article, every seller of residential real property pursuant to a real estate purchase contract shall complete and sign a property condition disclosure statement as prescribed by subdivision two of this section and cause it, or a copy thereof, to be delivered to a buyer or buyer's agent prior to the signing by the buyer of a binding contract of sale. A copy of the property condition disclosure statement containing the signatures of both seller and buyer shall be attached to the real estate purchase contract. Nothing contained in this article or this disclosure statement is intended to prevent the parties to a contract of sale from entering into agreements of any kind or nature with respect to the physical condition of the property to be sold, including, but not limited to, agreements for the sale of real property "as is".
2. The
following shall be the disclosure form:
[See USLF form NY-37014]
S 463. Exemptions.
A property condition disclosure statement shall not be required in connection with any of the following transfers of residential real property:
1. A transfer
pursuant to a court order, including, but not limited
to, a transfer order by a probate court during the administration
of a decedent's estate, a transfer pursuant to a writ of execution, a
transfer by a trustee in bankruptcy or debtor-in-possession, a transfer
as a result of the exercise of the power of eminent domain, and
a transfer that results from a decree for
specific performance of a contract or other agreement between two or more
persons;
2. A transfer
to mortgagee or an affiliate or agent thereof by a mortgagor by deed in
lieu of foreclosure or in satisfaction of the mortgage debt;
3. A transfer
to a beneficiary of a deed of trust;
4. A transfer
pursuant to a foreclosure sale that follows a default in the satisfaction
of an obligation that is secured by a mortgage;
5. A transfer by a sale under a power of sale that follows a default
in the satisfaction of an obligation that is secured by a mortgage;
6. A transfer by a mortgagee, or a beneficiary under a mortgage, or an affiliate or agent
thereof, who has acquired the residential real property at a sale
under a mortgage or who has acquired the residential real property by a
deed in lieu of foreclosure;
7. A transfer by a fiduciary in the course of the administration of a descendent's
estate, a guardianship, a conservatorship, or a trust;
8. A transfer from one co-owner to one or more other co-owners;
9. A transfer made to the transferor's spouse or to one
or more persons in the lineal consanguinity of one or more of the
transferors;
10. A transfer between spouses or former spouses as
a result of a decree of divorce, dissolution of marriage, annulment,
or legal separation or as a result of property settlement,
agreement incidental to a decree of divorce, dissolution of marriage,
annulment or legal separation;
11. A transfer to or from the state, a political subdivision of
the state, or another governmental entity;
12. A transfer that involves newly constructed residential real property
that previously had not been inhabited;
13. A transfer by a sheriff; or
14. A transfer pursuant to a partition action.
S 464. Revision.
If a seller of residential real property acquires knowledge which renders materially inaccurate a property condition disclosure statement provided previously, the seller shall deliver a revised property condition disclosure statement to the buyer as soon as practicable. In no event, however, shall a seller be required to provide a revised property condition disclosure statement after the transfer of title from the seller to the buyer or occupancy by the buyer, whichever is earlier.
S 465. Remedy.
1.
In the event a seller fails to perform the duty prescribed in this
article to deliver a disclosure statement prior to the
signing by the buyer of a binding contract of sale, the buyer shall receive
upon the transfer of title a credit of five hundred
dollars against the agreed upon purchase price of the residential real
property.
2.
Any seller who provides a property condition disclosure statement
or provides or fails to provide a revised property condition disclosure
statement shall be liable only for a willful
failure to perform the requirements of this article. For such a willful
failure, the seller shall be liable for the actual damages
suffered by the buyer in addition to any other existing equitable or statutory
remedy.
S 466. Duty of an agent.
An agent representing a seller of residential real property as a listing broker shall have the duty to timely inform each seller represented by that agent of the seller's obligations under this article. An agent representing a buyer of residential real property, or, if the buyer is not represented by an agent, the agent representing a seller of residential real property and dealing with a prospective buyer, shall have the duty to timely (in any event, before the buyer signs a binding contract of sale) inform such buyer of the buyer's rights and obligations under this article. If an agent performs the duties and obligations imposed upon him or her pursuant to this section, the agent shall have no further duties under this article and shall not be liable to any party for a violation of this article.
S 467. Liability.
Nothing contained in this article shall be construed as limiting any existing legal cause of action or remedy at law, in statute or in equity.