Looking for information on tenant buyout agreements in New York City? What should be included in a buyout agreement?The property and improvements which the Seller is agreeing to sell and which the Purchaser is agreeing to purchase is known as. Customer: New York: I need assistance writing a buyout agreement for a single family home. Three persons own a property. A new law takes effect on December 2, 2015 designed to prevent Owners from harassing tenants through the offering of buyouts. Landowners who seek to buy out the rights of tenants in occupancy face a minefield of requirements and restrictions. Seller shall sell and convey and Purchaser shall purchase the property, together with all buildings and improvements thereon (collectively the.