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A-125 Residential contract of sale. 11-2000 Jointly prepared by the Real Property Section of the New York State Bar Association, the New York State Land Title Association, the Committee on Real Property

How to fill out a125residential contract of sale

How to fill out a 125 residential contract of sale:

1. Begin by reviewing the entire contract to familiarize yourself with its terms and conditions. Ensure that you understand all the clauses, rights, and obligations mentioned in the contract.
2. Fill in the relevant details at the beginning of the contract, such as the names and contact information of the buyer and seller. Include the property address and legal description as well.
3. Pay close attention to the purchase price section. Specify the agreed-upon amount in both numbers and words to avoid any misunderstandings. Include the terms of payment, such as the down payment amount and any additional installments or financing arrangements.
4. If there are any contingencies or conditions that must be met before the sale can proceed, clearly outline them in the contract. This may include obtaining financing approval, completing a satisfactory inspection, or resolving any outstanding issues with the property.
5. Disclose any known defects or issues with the property. Describe them accurately and consider including any warranties or guarantees to protect the buyer's interests.
6. Consider adding any additional clauses or special provisions that are relevant to the specific sale. This may include terms regarding repairs, closing costs, or the transfer of utilities. Ensure that both parties agree to these additional clauses.
7. Review the timelines and deadlines specified in the contract. Ensure that there is ample time for necessary inspections, paperwork processing, and any other required steps before the closing date.
8. Sign the contract along with the seller. It's advisable to have a witness present during the signing process. Keep a copy of the fully executed contract for your records.
9. The buyer, seller, and their respective real estate agents should each retain a copy of the signed contract. It is essential for all parties involved to have a clear understanding of the agreed-upon terms and conditions.

Who needs a 125 residential contract of sale?

1. Home buyers: Those wishing to purchase a residential property, whether it's a house, condominium, or apartment, will need a 125 residential contract of sale to formalize the purchase agreement between the buyer and seller.
2. Home sellers: Individuals selling their residential property will also need a 125 residential contract of sale. This document ensures that all terms and conditions of the sale are agreed upon by both parties and legally binding.
3. Real estate agents: Agents who represent either the buyer or the seller in a residential real estate transaction will use the 125 residential contract of sale to draft, negotiate, and finalize the terms of the sale on behalf of their clients.

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What is a125residential contract of sale?

A 125residential contract of sale is a legal document that outlines the terms and conditions of the sale of a residential property.

Who is required to file a125residential contract of sale?

The buyer and seller of a residential property are required to file a125residential contract of sale.

How to fill out a125residential contract of sale?

A125residential contract of sale can be filled out by including information such as the names of the buyer and seller, the address of the property, the purchase price, and any other relevant terms of the sale.

What is the purpose of a125residential contract of sale?

The purpose of a125residential contract of sale is to document the agreement between the buyer and seller regarding the sale of a residential property.

What information must be reported on a125residential contract of sale?

The a125residential contract of sale must report information such as the names of the parties involved, the property address, the purchase price, the closing date, and any contingencies or special terms of the sale.