The Condo Purchase Agreement serves as the primary legal instrument for transferring ownership of condominium units in the United States. This document is essential when a buyer wishes to purchase a condominium unit from a seller, whether in a new development or existing complex. The agreement includes crucial details about the property, purchase price, financing arrangements, and closing conditions. It also addresses specific aspects of condominium ownership such as association fees, common area rights, and governing bylaws. The document must comply with both federal regulations and state-specific requirements, making it a comprehensive tool for protecting all parties' interests in the transaction.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the condominium unit and included features
5. Purchase Price and Payment: Purchase amount, payment terms, and deposit requirements
6. Title and Insurance: Requirements for clear title and necessary insurance coverage
7. Representations and Warranties: Statements of fact and promises made by both parties
8. Closing Terms: Closing date, location, and requirements for completion of sale
9. Default and Remedies: Consequences and available remedies if either party defaults
10. General Provisions: Standard legal provisions including governing law and notices
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing
2. Sale Contingency: Conditions related to the sale of buyer's current property
3. Renovation Terms: Specific agreements about permitted renovations and modifications
4. Property Management: Terms related to interim property management if applicable
5. Special Assessments: Handling of any pending or proposed special assessments
1. Schedule A - Property Details: Detailed unit specifications, floor plans, and included fixtures
2. Schedule B - Condominium Association Documents: Bylaws, rules, regulations, and financial statements
3. Schedule C - Financial Disclosure: HOA fees, special assessments, and reserve fund status
4. Schedule D - Inspection Reports: Property condition reports and environmental assessments
5. Schedule E - Parking and Storage: Details of assigned parking spaces and storage units
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