The Condominium Purchase Agreement is a crucial legal document used in U.S. real estate transactions specifically for condominium unit transfers. This agreement is essential when a buyer wishes to purchase a condominium unit from a seller, whether in a new development or existing building. It addresses unique aspects of condominium ownership, including shared common areas, association rules, and special assessments. The document must comply with both federal regulations and state-specific real estate laws, while incorporating necessary provisions for condominium association governance and obligations.
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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 elements
5. Purchase Price and Payment Terms: Price, payment schedule, and method of payment
6. Closing and Transfer of Title: Closing date, requirements, and title transfer process
7. Representations and Warranties: Standard declarations by both parties regarding the property and transaction
8. Default and Remedies: Consequences of breach and available remedies
1. Financing Contingency: Terms related to buyer's ability to secure financing
2. Inspection Contingency: Terms for property inspection and resolution of issues
3. Sale Contingency: Conditions related to sale of buyer's existing property
4. Special Assessments: Handling of any pending special assessments
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: Condominium association bylaws and rules
4. Schedule D - Required Disclosures: State-mandated property disclosures
5. Schedule E - Floor Plans: Unit floor plans and measurements
6. Schedule F - Parking and Storage: Details of assigned parking and storage spaces
Relevant legal definitions
Agreement
Association
Board of Directors
Building
Bylaws
Closing
Closing Date
Common Areas
Common Elements
Common Expenses
Condominium
Condominium Association
Condominium Declaration
Condominium Documents
Condominium Unit
Declaration
Deed
Deposit
Effective Date
Fixtures
HOA Fees
Limited Common Elements
Master Deed
Monthly Assessment
Mortgage
Owner
Parties
Property
Purchase Price
Purchaser
Real Property
Rules and Regulations
Seller
Special Assessment
Title
Title Company
Transfer Tax
Unit
Unit Owner
Association
Board of Directors
Building
Bylaws
Closing
Closing Date
Common Areas
Common Elements
Common Expenses
Condominium
Condominium Association
Condominium Declaration
Condominium Documents
Condominium Unit
Declaration
Deed
Deposit
Effective Date
Fixtures
HOA Fees
Limited Common Elements
Master Deed
Monthly Assessment
Mortgage
Owner
Parties
Property
Purchase Price
Purchaser
Real Property
Rules and Regulations
Seller
Special Assessment
Title
Title Company
Transfer Tax
Unit
Unit Owner
Clauses
Property Description
Purchase Price
Payment Terms
Title and Conveyance
Due Diligence
Inspection Rights
Financing Contingency
Sale Contingency
Closing Conditions
Representations and Warranties
Seller Disclosures
Association Matters
Common Elements
Transfer of Rights
Insurance
Risk of Loss
Default and Remedies
Property Condition
Environmental Matters
Special Assessments
Maintenance Obligations
Assignment and Succession
Notice Requirements
Governing Law
Dispute Resolution
Force Majeure
Severability
Amendment
Entire Agreement
Termination Rights
Purchase Price
Payment Terms
Title and Conveyance
Due Diligence
Inspection Rights
Financing Contingency
Sale Contingency
Closing Conditions
Representations and Warranties
Seller Disclosures
Association Matters
Common Elements
Transfer of Rights
Insurance
Risk of Loss
Default and Remedies
Property Condition
Environmental Matters
Special Assessments
Maintenance Obligations
Assignment and Succession
Notice Requirements
Governing Law
Dispute Resolution
Force Majeure
Severability
Amendment
Entire Agreement
Termination Rights
Relevant Industries
Relevant Teams
Relevant Roles
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