Contract To Sell Condo for the United States

Contract To Sell Condo Template for United States

A Contract to Sell Condo is a legally binding agreement used in the United States that outlines the terms and conditions for the sale and purchase of a condominium unit. This document includes essential details such as property description, purchase price, payment terms, closing conditions, and various contingencies. It complies with federal and state-specific real estate laws, incorporating necessary disclosures and HOA requirements.

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What is a Contract To Sell Condo?

The Contract to Sell Condo serves as the primary legal instrument for transferring ownership of condominium properties in the United States. This document is essential when a property owner wishes to sell their condominium unit to a buyer, establishing the rights and obligations of both parties. The contract includes crucial elements such as property details, purchase price, payment schedule, closing requirements, and specific conditions related to condominium ownership. It must comply with both federal housing laws and state-specific real estate regulations, while also incorporating relevant HOA rules and requirements.

What sections should be included in a Contract To Sell Condo?

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 contract

4. Property Description: Detailed description of the condominium unit and included elements

5. Purchase Price: Agreed price and payment terms

6. Closing Date and Process: Specified date for completion of the transaction and closing procedures

7. Title and Ownership: Provisions regarding property title, transfer, and warranties

8. Representations and Warranties: Statements of fact and guarantees made by both parties

9. Default and Remedies: Consequences and remedies in case of contract breach

10. Governing Law: Specification of applicable laws and jurisdiction

What sections are optional to include in a Contract To Sell Condo?

1. Financing Contingency: Conditions related to buyer obtaining mortgage financing

2. Inspection Contingency: Conditions related to property inspection and buyer's right to terminate based on findings

3. Sale of Existing Home Contingency: Conditions linking purchase to sale of buyer's current property

4. Association Approval: Requirements for obtaining HOA or condo association approval of the sale

5. Special Assessments: Provisions regarding pending or proposed special assessments by the association

What schedules should be included in a Contract To Sell Condo?

1. Schedule A - Property Floor Plan: Detailed layout of the condominium unit

2. Schedule B - HOA Documents: Association bylaws, rules, and regulations

3. Schedule C - Property Disclosure Statement: Seller's disclosure of property condition and known issues

4. Schedule D - Parking Assignment: Details of any assigned parking spaces or storage units

5. Schedule E - Inventory of Fixtures and Furnishings: List of items included or excluded from the sale

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

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Free to use

Relevant legal definitions

Clauses

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Real Estate
Property Development
Property Management

Relevant Teams

Real Estate
Legal
Sales
Property Management

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

Industries

Fair Housing Act: Federal law prohibiting discrimination in housing 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: Federal law requiring lenders to provide standardized disclosures about credit terms and costs when financing is involved

Real Estate Settlement Procedures Act: Federal law governing real estate settlement processes and requiring specific disclosures for real estate transactions

State Property Laws: State-specific laws governing property rights, transfers, and obligations

State Real Estate Transaction Requirements: State-specific requirements for conducting real estate transactions, including documentation and procedures

State Disclosure Requirements: State-mandated disclosures about property condition, defects, and other material facts

State Condominium Act: State-specific legislation governing condominium creation, operation, and sale

Local Condominium Ordinances: Municipal or county-level regulations specific to condominium properties

HOA Regulations: Rules and regulations set by the Homeowners Association governing the condominium complex

Condominium Declaration and Bylaws: Governing documents specific to the condominium development that outline rights, restrictions, and obligations

Statute of Frauds: Legal requirement that real estate contracts must be in writing to be enforceable

Recording Requirements: State and local requirements for recording property transfers and related documents

Zoning Laws: Local regulations governing property use and development

Building Codes: Local construction and safety standards applicable to the property

Property Tax Regulations: Local and state rules governing property taxation and assessment

Transfer Tax Requirements: State and local taxes imposed on real estate transfers

Title Insurance Requirements: State regulations regarding title insurance and property ownership verification

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What is a Contract To Sell Condo?

What sections should be included in a Contract To Sell Condo?

What sections are optional to include in a Contract To Sell Condo?

What schedules should be included in a Contract To Sell Condo?

Authors

Alex Denne

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