Agreement Of Purchase And Sale Condominium Resale for the United States

Agreement Of Purchase And Sale Condominium Resale Template for United States

A legally binding document used in the United States for the resale of condominium units between private parties. This agreement outlines the terms and conditions of the sale, including purchase price, closing conditions, representations and warranties, and specific provisions related to condominium ownership such as association fees, rules, and common element rights. It incorporates state-specific requirements and necessary disclosures under federal and state laws.

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What is a Agreement Of Purchase And Sale Condominium Resale?

The Agreement Of Purchase And Sale Condominium Resale is a comprehensive legal document used when transferring ownership of an existing condominium unit in the United States. This agreement is essential for protecting both buyers' and sellers' interests in the transaction, ensuring compliance with federal, state, and local regulations, and addressing the unique aspects of condominium ownership. It includes specific provisions for common elements, association rules, maintenance fees, and status certificate requirements. The document is typically used in secondary market transactions where the seller is not the original developer.

What sections should be included in a Agreement Of Purchase And Sale Condominium Resale?

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Brief context of the transaction and property description

3. Definitions: Key terms used throughout the agreement

4. Purchase Price and Payment Terms: Details of purchase price, deposit, and payment schedule

5. Property Description: Detailed description of the unit, including parking and storage

6. Closing Date and Possession: Specified date for closing and transfer of possession

7. Representations and Warranties: Standard declarations by both parties

8. Condominium Status Certificate: Requirements for obtaining and reviewing status certificate

What sections are optional to include in a Agreement Of Purchase And Sale Condominium Resale?

1. Financing Condition: Optional section for when buyer requires mortgage financing

2. Home Inspection Condition: Optional section for when buyer wants to conduct property inspection

3. Status Certificate Review: Optional section for condition regarding review of condo documentation

4. Sale of Buyer's Property: Optional section for when buyer needs to sell current property

What schedules should be included in a Agreement Of Purchase And Sale Condominium Resale?

1. Schedule A - Unit Description: Detailed legal description of the condominium unit

2. Schedule B - Included Items: List of fixtures and chattels included in sale

3. Schedule C - Excluded Items: List of items specifically excluded from sale

4. Schedule D - Common Elements: Description of common element interests

5. Appendix 1 - Status Certificate: Current condominium status certificate

6. Appendix 2 - Declaration and By-laws: Copy of condominium declaration and by-laws

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Property Management
Legal Services
Banking

Relevant Teams

Legal
Real Estate
Operations
Finance
Compliance

Relevant Roles

Real Estate Agent
Real Estate Attorney
Property Manager
Title Officer
Mortgage Broker

Industries

Fair Housing Act: Federal legislation that prohibits discrimination in real estate transactions based on race, color, religion, sex, national origin, familial status, or disability

Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed information about their development projects to potential buyers

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about loan terms and costs

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and requiring specific disclosures related to settlement services

State Condominium Acts: State-specific laws governing condominium creation, operation, and sale, varying by jurisdiction

State Property Laws: State-level legislation governing real property rights, transfers, and obligations

State Real Estate Transfer Laws: State-specific requirements for transferring real estate ownership, including documentation and tax obligations

State Consumer Protection Laws: State legislation protecting buyers in real estate transactions from unfair practices and fraud

Local Zoning Laws: Municipal and county regulations governing property use, development, and restrictions

Condominium Association Rules: Specific bylaws and regulations governing the operation and use of the condominium property

Common Element Rights: Legal framework defining rights and responsibilities regarding shared spaces and facilities in the condominium

Assessment Obligations: Legal requirements regarding regular maintenance fees and special assessments for condominium owners

Right of First Refusal: Legal provision giving the condominium association or other owners priority right to purchase a unit before it can be sold to outside buyers

Reserve Fund Requirements: Legal obligations regarding maintenance of adequate reserve funds for future repairs and improvements

Lead-Based Paint Disclosure: Federal requirement for disclosure of lead-based paint hazards in properties built before 1978

Title Insurance Requirements: Legal requirements for ensuring clear property title and protecting against ownership disputes

Escrow Requirements: Legal framework governing the handling of funds and documents during the purchase transaction

State Disclosure Requirements: Mandatory state-specific disclosures about property condition, defects, and other material facts

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What is a Agreement Of Purchase And Sale Condominium Resale?

What sections should be included in a Agreement Of Purchase And Sale Condominium Resale?

What sections are optional to include in a Agreement Of Purchase And Sale Condominium Resale?

What schedules should be included in a Agreement Of Purchase And Sale Condominium Resale?

Authors

Alex Denne

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