The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. A New York residential purchase agreement outlines the terms of a transaction between the buyer and the seller of a residential property.Read this stepbystep guide to find out everything about buying a home in New York. Seller shall sell and convey and Purchaser shall purchase the property, together with all buildings and improvements thereon (collectively the. Streamline your real estate transactions in New York with our purchase agreement. Ensure legal compliance and confidently purchase or sell properties. Under New York Law, a contract for the sale for real property must be in writing; thus a verbal offer creates no binding obligation upon either party. When signed, this document becomes a binding contract. Buyer and seller should consult their own attorney. Unlike in other states, you are not expected to sign a form contract when you make your offer.