The Apartment Sales Contract is a crucial legal document used in U.S. real estate transactions for the transfer of apartment ownership. This contract type is essential when selling or purchasing apartment units, whether they are condominiums, co-ops, or other multi-unit residential properties. It includes vital information such as property details, purchase price, payment terms, closing conditions, and various contingencies. The document must comply with federal regulations like the Fair Housing Act and RESPA, as well as state-specific real estate laws and local ordinances. It serves as the primary agreement between buyer and seller, establishing their rights and obligations throughout the transaction process.
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Key Requirements PROMPT example:
Apartment Sales Contract
"I need an Apartment Sales Contract for a luxury condominium unit in Miami, Florida, with specific provisions for beach access rights and marina slip inclusion, closing planned for March 15, 2025."
1. Parties: Identification of seller and buyer with complete legal names and addresses
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the apartment including address and legal description
5. Purchase Price: Amount and payment terms
6. Closing Details: Date, location, and requirements for closing
7. Representations and Warranties: Statements of fact by both parties
8. Default Provisions: Consequences of breach by either party
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing
2. Inspection Contingency: Terms related to property inspection rights and timeframes
3. Association Rules: Reference to HOA or condo association rules and requirements
1. Schedule A - Property Floor Plan: Detailed layout of the apartment
2. Schedule B - Title Documents: Current title documentation and search results
3. Schedule C - Property Disclosure Statement: Seller's disclosure of property condition and known issues
4. Schedule D - Association Documents: HOA/Condo association rules, bylaws, and financial statements
Authors
Relevant legal definitions
Agreement
Property
Closing Date
Closing
Purchase Price
Deposit
Earnest Money
Title
Deed
Effective Date
Seller
Buyer
Escrow Agent
Title Company
Common Elements
Common Areas
Association
Association Documents
Assessment
Business Day
Due Diligence Period
Fixtures
Improvements
Permitted Exceptions
Personal Property
Real Property
Settlement Statement
Title Insurance
Transfer Tax
Unit
Working Days
Material Defect
Contingencies
Force Majeure
Inspection Period
Lender
Mortgage
Property Manager
Real Estate Broker
Property
Closing Date
Closing
Purchase Price
Deposit
Earnest Money
Title
Deed
Effective Date
Seller
Buyer
Escrow Agent
Title Company
Common Elements
Common Areas
Association
Association Documents
Assessment
Business Day
Due Diligence Period
Fixtures
Improvements
Permitted Exceptions
Personal Property
Real Property
Settlement Statement
Title Insurance
Transfer Tax
Unit
Working Days
Material Defect
Contingencies
Force Majeure
Inspection Period
Lender
Mortgage
Property Manager
Real Estate Broker
Clauses
Property Description
Purchase Price
Payment Terms
Deposit
Title Transfer
Representations and Warranties
Due Diligence
Inspections
Financing
Contingencies
Closing Conditions
Closing Costs
Property Condition
Risk of Loss
Default
Remedies
Association Matters
Insurance
Property Tax
Transfer Tax
Possession
Prorations
Notices
Assignment
Governing Law
Dispute Resolution
Force Majeure
Severability
Integration
Amendment
Survival
Real Estate Commission
Environmental Matters
Escrow
Termination
Purchase Price
Payment Terms
Deposit
Title Transfer
Representations and Warranties
Due Diligence
Inspections
Financing
Contingencies
Closing Conditions
Closing Costs
Property Condition
Risk of Loss
Default
Remedies
Association Matters
Insurance
Property Tax
Transfer Tax
Possession
Prorations
Notices
Assignment
Governing Law
Dispute Resolution
Force Majeure
Severability
Integration
Amendment
Survival
Real Estate Commission
Environmental Matters
Escrow
Termination
Relevant Industries
Relevant Teams
Relevant Roles
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