In the standard form of Residential Contract of Sale in New York the Seller will typically make the following representations:
I. The Premises abut or have a right of access to a public road;
II. Seller is the sole owner of the Premises and has the full right, power and authority to sell, convey and transfer the same in accordance with the terms of this contract;
III. Seller is not a “foreign person,” as that term is defined for purposes of the Foreign Investment in Real Property Tax Act. Internal Revenue Code (“IRC”) Section 1445, as amended, and the regulations promulgated thereunder (collectively “FIRPTA”);
IV. The Premises are not affected by any exemptions or abatements of taxes…;; and
V. Seller has not been known by no other name for the past ten years….
*Thank you for taking the time to read this article. This article is part of our “From Contract to Closing; Demystifying NY Residential Real Estate” Series. Other aspects of residential real estate transactions in New York are discussed in other Parts of this series.
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