The Condominium Purchase Agreement is essential for documenting the sale and purchase of residential units in multi-occupancy buildings in England and Wales. This agreement is particularly relevant when dealing with leasehold or commonhold properties, where owners share common areas and facilities. It includes crucial details about property rights, service charges, maintenance responsibilities, and building management arrangements. The document ensures compliance with English property law, including the Commonhold and Leasehold Reform Act 2002, and provides legal protection for both buyers and sellers throughout the transaction process.
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1. Parties: Identification of seller and purchaser with full legal names and addresses
2. Background: Context of the sale and brief description of the property
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including boundaries and common areas
5. Purchase Price: Amount and payment terms
6. Completion Date: Date for completion of the sale and transfer of ownership
7. Title and Registration: Confirmation of title and registration requirements
8. Service Charges: Details of service charges and maintenance fees
1. Mortgage Provisions: Include when property purchase involves mortgage financing
2. Chain Provisions: Conditions related to property chain when sale is part of a property chain
3. Fixtures and Fittings: Detailed list of included/excluded items when specific items need to be listed
1. Property Plan: Detailed floor plan and property boundaries
2. Title Documents: Copies of relevant title documents and land registry entries
3. Service Charge Schedule: Detailed breakdown of service charges and maintenance fees
4. Building Safety Certificate: Current safety certificates and compliance documents
5. Management Company Details: Information about property management company and regulations
Relevant legal definitions
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