Paragraph 16 of the standard residential Contract of Sale states that “This contract and Purchaser’s obligation to purchase the Premises are also subject to and conditioned upon the fulfillment of the following conditions precedent…” While it is beyond the scope of this series to delve into each condition, subparagraph (e) is worth mentioning. Paragraph 16(e) states as follows:
(e) All plumbing (including water supply and septic systems, if any), heating and air conditioning, if any, electrical and mechanical systems, equipment, and machinery in the building(s) located on the property being in working order as of the date of Closing. All appliances which are included in this sale being in working order as of the date of Closing.
If the Seller is unable to satisfy this condition, the closing may be adjourned. Alternatively, the Seller may give an undertaking or security to ensure that a repair is completed after the Closing.
*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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