The Apartment Buyer Agreement serves as the primary legal instrument for residential apartment transactions in the United States. This document is essential when purchasing an apartment unit, whether in a condominium, cooperative, or other multi-unit building. The agreement encompasses crucial elements such as property description, purchase price, payment terms, closing conditions, and any specific requirements mandated by state law. It ensures compliance with both federal regulations (such as the Fair Housing Act and RESPA) and state-specific real estate laws. The document is typically prepared after initial negotiations and remains in effect until the closing of the sale.
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the apartment including address and legal description
5. Purchase Price: Agreement on price and payment terms
6. Closing Terms: Details about closing date, process, and requirements
7. Representations and Warranties: Statements of fact and guarantees made by both parties
8. Due Diligence: Buyer's right to inspect and investigate the property
9. Default and Remedies: Consequences of breach by either party
10. Notices: How formal communications between parties should be made
11. Governing Law: Jurisdiction and applicable laws governing the agreement
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing
2. HOA/Condo Association: Terms related to association membership, rules, and fees
3. Parking Rights: Details about parking spaces, rights, and restrictions
4. Storage Units: Terms related to storage units included in the sale
5. Fixtures and Appliances: List of items included or excluded from the sale
6. Environmental Matters: Disclosures and terms related to environmental conditions
1. Schedule A - Property Floor Plan: Detailed layout and dimensions of the apartment
2. Schedule B - Title Documents: Copies of relevant title documentation and search results
3. Schedule C - HOA/Condo Documents: Association rules, regulations, and financial statements
4. Schedule D - Property Inspection Report: Results and findings from property inspection
5. Schedule E - Disclosure Statements: Required state and federal disclosure forms
6. Schedule F - Included Fixtures and Items: Detailed list of fixtures and items included in the sale
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