New York City form
New York City Form
The New York City Form is an agreement when the property has exchanged hands. In receipt for a sum of money the seller agrees to sell as well as to convey to the buyer at a valuation which suits the purpose of the contract and the parcel of the land as well as the buildings and the improvements in it.
As per the agreement the incumbrances need to be mentioned and details such as the difference between the value of the premises which are over the incumbrances are to be stipulated and agreed upon and this needs to be paid.
As per the agreement, the premises are sold and they are subject to all the restrictions as well as regulations of the buildings as per the resolutions and ordinances and it includes amendments as well as additions.
The deed is delivered and exchanged when the payment is received at the office which is stipulated at the time which is agreed upon on the date which has been set. The rent as well as the mortgage interest as well as the rent of the gas ranges are apportioned too. The same goes for the water meter reading if it is on the premises. The seller needs to furnish the readings which are as per the dates set by the seller and buyer.
Incase the deeds are affected due to assessments which are payable or which may become payable by annual installments, then the unpaid installments are to be paid by the seller when the delivery of the deed is done.
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New York City form.
This agreement, for the exchange of property, made and dated _________, between _________(Jones), and _________(Smith), provides:
1. Jones in consideration of $_____, the receipt of which is acknowledged, and also in consideration of the conveyance by Smith of the premises described below, agrees to sell and convey to Smith, at a valuation for the purposes of this contract of $_____, all that lot or parcel of land, with the buildings and improvements on it, in _________.
2. Smith, in consideration of $_____, the receipt of which is acknowledged, and also in consideration of such conveyance by Jones, agrees to sell and convey to Jones, at a valuation for the purposes of this contract of $_____, all that lot or parcel of land, with the buildings and improvements on it, in _________.
3. The premises which are to be conveyed by Jones are to be conveyed subject to the following incumbrances: _________.
4. The premises which are to be conveyed by Smith are to be conveyed subject to the following incumbrances: _________.
5. The difference between the value of the respective premises, over and above incumbrances, shall be deemed, for the purposes of this contract, to be $_____, and that sum shall be due and payable by Smith as follows: _________.
6. The premises are sold subject to building restrictions and regulations in resolution or ordinance adopted by the Board of _________ of the _________, _________[date], and amendments and additions to them now in force.
7. The deeds shall be delivered and exchanged upon the receipt of the payments at the office of _________ at _________ o’clock on _________[date]. Rents and interest on mortgages, rents of gas ranges _________ if any are to be apportioned.
8. If there be a water meter on either of the premises, the seller of it shall furnish a reading to a date not more than _________ days prior to date set in this agreement for closing title and the unfixed meter charge for the intervening time shall be apportioned on the basis of the last meter reading.
9. If, at the time for the delivery of the deeds, either of the premises or any part of them has been affected by any assessment or assessments which are or may become payable in annual installments of which the first installment is then due or has been paid, then for the purposes of this contract all the unpaid installments of any such assessment, including those which are to become due and payable after the delivery of the deed, shall be deemed to be due and payable and to be liens upon the premises affected and shall be paid and discharged by the seller of it upon the delivery of the deed.
10. Each deed shall be in proper statutory short form for record, shall contain the usual full covenants and warranty, and shall be duly executed and acknowledged by the seller, at the seller’s expense, so as to convey to the purchaser the fee simple of the premises described in it free of all incumbrances except as stated in this agreement.
11. This sale covers all right, title and interest of the seller of, in and to any land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the premises, to the center line of it, or all right, title and interest of seller in and to any award made or to be made in lieu of it, and the seller will execute and deliver to the purchaser, on closing of title, or after on demand, all proper instruments for the conveyance of such title and the assignment and collection of such award.
12. All personal property appurtenant to or used in the operation of either premises is represented to be owned by the seller of it and is included in this sale.
13. All notes or notices of violation of law or municipal ordinances, orders or requirements noted in or issued by any department of the City of New York against or affecting the premises at the date of this agreement shall be complied with by the seller and the premises shall be conveyed free of the same. The seller shall furnish the purchaser with an authorization to make the necessary searches for it.
14. All sums paid on account of this contract and the reasonable expense of the examination of the title to the premises are by this agreement made liens on it, but such liens shall not continue after default by the purchaser under this contract.
15. The risk of loss or damage to the premises by fire until the delivery of the deed is assumed by the seller of each of the premises respectively.
16. The stipulations in this agreement are to apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties.
Witness the signatures and seals of the above parties.
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