New Construction Contract

NEW CONSTRUCTION CONTRACT
PREMISES:
SALES PRICE: $
PURCHASER: SELLER:
Address:
Address:
THIS AGREEMENT made this day of , between
, a New York corporation having an office at
, (“Seller”)
and , residing at
(“Purchaser”).
1. PREMISES
. The Seller agrees to sell and the Purchaser agrees to purchase all that parcel or piece of land,
with the buildings and improvements thereon or to be constructed thereon, situate and being in the County of
, Town of , designated Lot No. on the subdivision plan
entitled “ ” which said subdivision plan and map was filed in
the Office of the Clerk of County on as Map No. (the
”Premises/Parcel”).
2. DWELLING AND STRUCTURES
. The Seller agrees to construct, build and erect on the Parcel a -
family residence, substantially in accordance with (the model house erected on Lot No. , Block No.
)(the approved building plans prepared by , dated
, a copy of which have been given to Purchaser who has initialed same as
evidence of Purchaser’s approval and consent to the proposed structure) (the “Residence”). Following are
the changes, modificatio ns, additions and/or deletions to the foregoing:
3. INGRESS AND EGRESS
. The Parcel shall be conveyed with an easement for ingress and egress over the
street or roadway shown on the subdivision map to the nearest public highway, road or street, but
nevertheless reserving unto Seller the fee title thereto and all franchise rights therein and the right to dedicate
the said streets on said subdivision map to the proper governmental agency having jurisdiction, as well as all
drainage easements shown on the subdivision map for granting to the municipality. In the event that the
streets have not been dedicated to the governmental agency at the time of closing, Seller will provide ingress
and egress to the nearest public road.
4. SUBSTITUTION OF MATERIALS
. In the event that the Seller is unable to procure or purchase the materials
called for in the building plans or as contained in the model house, which are to be contained in the
Residence and Seller’s inability is due to shortages, work stoppage, manufacturer’s delays and other like
causes, Seller may substitute other and different materials in the place thereof and Purchaser hereby
expressly agrees to accept such substitution provided that said substitution is acceptable to the lending
institution, if any, and to the local municipality and further, that the said substitutions are reasonable and of
comparable quality.
5. PURCHASE PRICE
. The Purchase Price is
($ ) DOLLARS, payable as follows:
($ ) DOLLARS on the execution of this Contract subject to collection, the receipt of which
is hereby acknowledged (“Contract Deposit”);
($ ) DOLLARS, in cash, bank or verified check at the time of the delivery of the deed.
6. MORTGAGE CONTINGENCY
. This Contract is subject to the Purchaser obtaining, at their own cost and
expense, a mortgage commitment from a lending institution in the sum of $ at
the prevailing rate of interest and term within ( ) days from the date that a fully executed
copy of this Contract is delivered to Purchaser’s attorney. Purchaser shall make prompt application for said
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