The Condominium Purchase And Sale Agreement is a crucial document in U.S. real estate transactions involving condominium units. It serves as the primary contract between buyer and seller, detailing all aspects of the transaction including property description, purchase price, payment terms, closing conditions, and various contingencies. This agreement must comply with state-specific condominium laws and federal regulations, including disclosure requirements under the Interstate Land Sales Full Disclosure Act. It's particularly important as condominiums involve both individual unit ownership and shared common elements, requiring specific provisions about association rules, maintenance responsibilities, and common area rights.
Condominium Purchase And Sale Agreement for the United States
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Key Requirements PROMPT example:
Condominium Purchase And Sale Agreement
"I need a Condominium Purchase And Sale Agreement for a luxury beachfront unit in Miami, Florida, with specific provisions for hurricane insurance and a contingency for the sale of my existing property, with closing planned for March 2025."
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background: Context of the transaction and brief description of the property
3. Definitions: Key terms used throughout the agreement including defined terms for Property, Common Elements, and Association
4. Property Description: Detailed description of the condominium unit, including unit number, building, floor, and included common elements
5. Purchase Price: Purchase amount, payment terms, and deposit requirements
6. Closing Date: Specified date for completion of the transaction and transfer of ownership
7. Title and Title Insurance: Requirements for clear title, title insurance, and resolution of any title defects
8. Representations and Warranties: Statements of fact by both parties regarding property condition, authority to sell, and other material facts
9. Closing Costs: Allocation of transaction expenses between buyer and seller
10. Default and Remedies: Consequences of default by either party and available remedies
1. Financing Contingency: Conditions related to buyer obtaining mortgage financing, including timeline and terms
2. Inspection Contingency: Buyer's right to inspect the property and timeline for completing inspections
3. Sale of Existing Home Contingency: Conditions making purchase contingent on buyer selling their current home
4. Association Approval: Requirements for obtaining condominium association approval of the purchase
5. Special Assessments: Handling of any pending or proposed special assessments by the association
1. Schedule A - Property Description: Detailed legal description of the unit and common elements
2. Schedule B - Condominium Association Documents: Bylaws, rules, regulations, and financial statements of the condo association
3. Schedule C - Property Disclosure Statement: Seller's disclosure of property condition and known issues
4. Schedule D - Parking Assignment: Details of any included parking spaces or rights
5. Schedule E - Included Fixtures and Personal Property: List of items included in or excluded from the sale
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