NY008 - Contract of Sale NYSLTA 8041 (Rev. 11/78) - Advantage Title-2025

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The document is a Contract of Sale for real estate in New York, outlining the terms and conditions under which a seller agrees to sell and a purchaser agrees to buy a property. It includes details on the purchase price, existing mortgages, personal property included in the sale, closing procedures, compliance with laws, and responsibilities of both parties. The contract emphasizes the need for legal consultation and specifies that it may not comply with 'plain English' requirements.

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What is the title warranty clause?

The Warranty of Title clause ensures that the seller guarantees they have the legal right to transfer ownership of the goods being sold and that the title is free from any encumbrances, liens, or other claims. This clause protects the buyer from any third-party claims on the title that may arise after the purchase.

What is the main advantage of a land sales contract versus other forms of financing?

Land contracts offer several advantages, such as easier buyer qualification and quicker closing times. They can also provide sellers with a steady cash flow and potential tax benefits. However, disadvantages include the risk of buyer default and a lack of legal protections compared to traditional mortgages.

What is the difference between a contract for deed and a contract for sale?

In contrast to a traditional sale arrangement, in a contract for deed setting the landowner (seller) does not receive full payment up front and does not immediately transfer ownership of the land to the buyer.

What is the purpose of the warranty clause?

A standard warranty clause in a contract typically ensures that the seller guarantees the product or service will be free from defects and will perform as described for a specified period. It often outlines the buyers rights to repair, replacement, or refund if the warranty is breached within the defined timeframe.

What is the title clause in a contract?

A retention of title clause (also called a reservation of title clause or a Romalpa clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until the buyer fulfils certain obligations (usually payment of the purchase price).

What does the UCC provide with respect to the passage of title under a sales contract?

Section 2-401(1) of the UCC says that, in general, title to goods passes from the seller to the buyer in any manner and on any conditions explicitly agreed on by the parties. Many companies specify in their written agreements at what moment the title will pass; here, for example, is a clause that appears in sales

What is the purpose of a title warranty clause in a sales contract Quizlet?

warranty of title. Any seller of goods warrants that the title transferred is good, that the transfer is rightful, and that there are no liens or encumbrances against the title of which the buyer is unaware at the time of contracting.

NY008 - Contract of Sale NYSLTA 8041 (Rev. 11/78) - Advantage Title-2025

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