The Condo Purchase and Sale Agreement is a crucial document used when transferring ownership of a condominium unit in the United States. This agreement is more complex than a standard residential purchase agreement due to the unique nature of condominium ownership, which includes shared common elements and association governance. The document must comply with both state-specific real estate laws and condominium acts, while addressing particular aspects such as association approval rights, maintenance fees, and special assessments. It serves as the primary contract between buyer and seller, establishing all terms and conditions of the sale.
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1. Parties: Identification of buyer and seller with complete legal names and addresses
2. Background: Brief context of the transaction and property identification
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the condominium unit and included elements
5. Purchase Price: Amount and payment terms
6. Closing: Closing date, location, and requirements
7. Title: Title requirements and insurance provisions
8. Representations and Warranties: Standard declarations by both parties
9. Default: Consequences of default by either party
10. Signatures: Execution block for all parties
1. Financing Contingency: Terms related to buyer's obtaining financing - include when buyer requires mortgage financing
2. Inspection Contingency: Terms for property inspection rights - include when buyer wants inspection rights before closing
3. Association Approval: Requirements for condo association approval - include when association approval is required
4. Special Assessments: Handling of any pending special assessments - include when there are pending or anticipated special assessments
5. Parking/Storage: Details about parking or storage units - include when separate parking or storage units are included in the sale
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Included Items: List of fixtures and personal property included in sale
3. Schedule C - Association Documents: Condo association bylaws, rules, and regulations
4. Schedule D - State-Required Disclosures: Mandatory state disclosure forms
5. Schedule E - Floor Plans: Unit floor plans and measurements
6. Schedule F - Parking/Storage Assignment: Documentation of parking or storage rights
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