A New York land contract records the terms and conditions of real estate transactions involving the transfer of ownership of vacant land. With this tool, owners and managers can:The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. In case of a verbal contract enter the date that the full sale price was established. This date also represents the date a contract was signed for any land. When you are included in the lien sale, the City of New York sells your debt to an authorized buyer. The buyer then has the right to collect what you owe. JOSHUA STEINpractices commercial real estate law in New York City. A real estate purchase contract is a legally binding agreement between the buyer and the seller of a property. You must download and complete Form RP5217PDF using Adobe Acrobat.