Standard Clauses addressing risk of loss for use in a purchase and sale agreement for commercial or residential real property in New York. These Standard Clauses specify the party that bears the risk of loss if the property is damaged by casualty or condemnation before the closing. Unless the purchase and sale agreement expressly provides otherwise, the Uniform Vendor and Purchaser Risk Act (N.Y. Gen. Oblig. Law § 5-1311) governs the risk of loss in a purchase and sale agreement governed by New York law. These Standard Clauses have integrated notes with important explanatory and drafting tips for both sellers and purchasers.