Contract of Sale - Cooperative Apartment

Contract of sale cooperative apartment. 7-2001
Prepared by the Committee on Condominium and Cooperative of the Real Property Section of the New York State Bar Association
Contract of Sale - Cooperative Apartment
This Contract is made as of between the "Seller" and the "Purchaser" identified below.
1 Certain Definitions and Information
1.1 The "Parties" are:
1.1.1 "Seller": 1.1.2 "Purchaser":
Prior names used by Sell er:
S.S. No.:
S.S. No.:
1.2 The "Attorneys" are (name, firm name, address and telephone, fax):
1.2.1 "Seller's Attorney"
1.2.2 "Purchaser's Attorney"
1.3 The "Escrowee" is the [Seller's] [Purchaser's] Attorney.
1.4 The Managing Agent is (name, address and
telephone , fax):
1.5 The real estate "Broker(s)" (see ¶ 12) is/are:
1.6 The name of the cooperative housing corporation
("Corporation") is:
1.7 The "Unit" number is:
1.8 The Unit is located in "Premises" known as:
1.9 The Shares are the shares of the
Corporation allocated to the Unit.
1.10 The "Lease" is the Corporation's proprietary lease
or occupancy agreement for the Unit, given by the
Corporati o n w hi ch e x pi res o n
1.11 "Personalty" is the following personal property, to
the extent existing in the Unit on the date hereof: the
refrigerators, freezers, ranges, ovens, built-in
microwave ovens, dishwashers, garbage disposal units,
cabinets and counters, lighting fixtures, chandeliers,
wall-to-wall carpeting, plumbing and heating fixtures,
central air-conditioning and/or window or sleeve units,
washing machines, dryers, screens an d storm windows,
window treatments, switch plates, door hardware,
mirrors, built-ins not excluded in ¶ 1.12 and
1.12 Specifically exclud ed from this sale is all personal
property not included in ¶ 1.11 and:
1.13 The sale [does] [does not] include Seller's interest
in [Storage]/ [Servant's Room]/ [Parking Space]
("Included Interests")
1.14 The "Closing" is the transfer of ownership of the
Shares and Lease.
1.15 The date scheduled for Closing is
("Scheduled Closing Date")
at .M (See ¶¶ 9 and 10)
1.16 The "Purchase Price" is: $
1.16.1 The "Contract Deposit" is: $
1.16.2 The "Balance" of the Purchase Price
due at Closing is: (See ¶ 2.2.2)
1.17 The monthly "Maintenance" charge is $
(See ¶ 4)
1.18 The "Assessment", if any, payable to the
Corporation, at the date of this Contract is $ ,
payable as follows:
1.19 [Seller] [Purchaser] shall pay the Corporation's
flip tax, transfer fee (apart from the transfer agent fee)
and/or waiver of option fee (“Flip Tax”), if any.
1.20 Financing Options (Delete two of the following ¶¶
1.20.1 , 1. 20 .2 or 1.20.3)
1.20.1 Purchaser may apply for financing in
connection with this sale and Purchaser's obligation to
purchase under this Contract is contingent upon
issuance of a Loan Commitment Letter by the Loan
Commitment Date (¶18 .1.2).
1.20.2 Purchaser may apply for financing in
connection with this sale but Purchaser's obligation to
purchase under this Contract is not contingent upon
issuance of a Loan Commitment letter.
1.20.3 Purchaser shall not apply for financing
in connection with this sale.
1.21 If ¶ 1.20.1 or 1.20.2 apllies, the "Financing Terms"
for 18 are: a loan of $ for a term of
years or such lesser amount or shorter term as
applied for or acceptable to Purchaser; and the
"Loan Commitment Date" for 18 is
calendar days after the Delivery Date.
1.22 The "Delivery Date" of this Contract is the date on
which a fully executed counterpart of this Contract is
deemed given to and received by Purchaser or
Purchaser's Attorney as provided in ¶ 17.3.
1.23 All "Proposed Occupants" of the Unit are:
1.23.1 persons and relationship to Purchaser:
1.23.2 pets:
1.24 The Contract Deposit shall be held in [a non-]
[an] IOLA escrow account. If the account is a non-
IOLA account then interest shall be paid to the Party
entitled to the Contract Deposit. The Party receiving
the interest shall pay any income taxes thereon. The
escrow account shall be a segregated bank account at
Address: (See ¶ 27)
1.25 This Contract is [not] continued on attached
Page 1/6
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