Condominium Contract Of Sale - a New York Form (4 Pages)

This Contract was created by the Committee on Real Property  of  the Association of the Bar of the City of New York.  There are Condominium Associations which require the use of their own specifically tailored Purchase Agreement in lieu of this standard form contract. The Condo’s own  Purchase Agreement is usually found as an exhibit  in the Declaration of Condominium/Offering Plan.
Forms of ownership have been discussed in the description of the standard residential contract. What is unique to a condo  is that in addition to the designated form of tenancy of the new unit owners, there is, as reflected in contract 1,  a tenancy in common with the Condominium  as it pertains to ownership of the common elements. Thus the paragraph reads “together with a ___percentage of undivided interest in the Common Elements…” . The percentage of undivided interest may be found in prior deed.
Attention is called to 5, Representations, Warranties and Covenants wherein Seller represents that he is sole owner and has right to convey, the amount of monthly common charges and  existing assessments. Seller further represents that he has not received written notice of intended assessment or increase in common charges. Buyer may wish nevertheless to verify common charges with Managing Agent and taxes, liens and judgments  with a title company. Regarding  condition of property addressed in this paragraph, be sure to insert “subject to reasonable wear and tear”. Buyer should request clause “Seller represents that he has not done unauthorized work on this unit”.
8 Right of first refusal is unique to Condominiums. While the Board generally waives this right, Seller must give prompt notice of impending sale and submit all documentation required for waiver.
10 states purchaser has examined Declaration, By-laws and rules and regulations of the Condominium  or  “has waived the examination thereof”.  Caveat to Buyer: Due diligence in reviewing all pertinent documents is imperative. Do not waive examination of these documents. 
Provisions concerning holdover and pre-closing occupancy  (11), preclosing access for inspections, etc. (12), remedies in event of default (13,15), notices (14),escrowed downpayment (16)track standard residential contracts.
20 pertains to risk of loss or damage to the unit by fire or other casualty from date of contract until closing and Seller’s obligation to repair or restore. Buyer must note notice time periods carefully to avoid being required to complete the purchase with reduction in price. s 20 © and (d) address where damage to common elements (hallways, etc.) affect access to or use of unit.
In 2006, the Condominium Contract of Sale heretofore shown on this website was modified to delete the entire paragraph pertaining to New York Gains Tax. In other respects, it is basically the same.
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”).
Author:
CLAIRE SAMUELSON MEADOW, Esq. is in the private practice of law, concentrating in real property transactions. In addition, she works on title matters as a consultant, attorney and representative for a New York based title agency. She is the author of numerous real estate articles distributed to lawyers, and she has appeared on the General Practice “Hot Tips” panel at the New York State Bar Association’s Annual Meeting. Recently, she has been presenting Continuing Legal Education-credit programs on real estate and title matters to the Westchester County Bar Association, the New York County Bar Association and the National Law Foundation. Mrs. Meadow authored the residential real property chapters of the New York Lawyer’s Deskbook and Formbook for more than 12 years.
Before entering private practice, Mrs. Meadow was a staff attorney in the Enforcement Division of the Securities and Exchange Commission’s New York regional office. She is a Phi Beta Kappa, cum laude graduate of Hunter College, Class of 1959, and a graduate of Columbia Law School, Class of 1962, where she was a recipient of a Moot Court Scholarship.
Mrs. Meadow is listed in Who’s Who in American Women and Who’s Who in American Law. She is a recipient of a Westchester County Woman of Achievement Award and a Certificate of Special Congressional Recognition from Congresswoman Nita M. Lowey for “outstanding and invaluable service to the community.”
Mrs. Meadow was a founding member of the New York State Women’s Bar Association, Westchester County, and its first recording secretary. She is also a member of the New York State Bar Association, Real Property Committee; the Westchester County Bar Association; and the New Rochelle Bar Association.
Don’t think this attorney has a narrow horizon. She chaired the Westchester Women’s Bar Association Annual Golf Outing for six years causing it to become such a popular community event that, in some years players had to be turned away.
Mrs. Meadow welcomes inquiries by new lawyers and general practitioners concerning basic real estate or title matters. She may be contacted at 914-834-6472.