District of Columbia Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building

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US-01355BG
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Description

A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. This Agreement for the Sale and Purchase of a Condominium Unit is similar to an agreement for the sale and purchase of a lot and building.


Mixed-use development is the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building
  • Preview Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building

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FAQ

The DC Code Rental Housing Act regulates the rental market in the District of Columbia, providing a framework for renting residential properties, including those within mixed-use developments. This act safeguards tenant rights, establishes rental agreements, and outlines procedures for eviction and rent control. Familiarizing yourself with this act can help you navigate the complexities of renting a condominium unit in a mixed-use development, ensuring you comply with all legal requirements. For more information, you might consider using the resources provided by uslegalforms.

What Are Common Elements? Common elements are those parts of a condo complex that belong to all owners. With a few exceptions, they constitute everything except the units in which people live. Corridors, garbage rooms, lobbies, locker areas, garages, technical rooms, the roof, grounds, walkways are all common elements.

Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit. All the common areas, like tennis courts, lounges or pools, are collectively owned by all the complex's residents.

If you are buying a new construction condo or home in an HOA, the seller or developer is required to provide you the information from the association prior to settlement. The buyer has 10 days from the date they receive the disclosures to review.

Right to repair, paint, decorate the interior of his unit. Right to sell, mortgage, or lease his unit. Right of co-ownership of land and common areas.

The Oregon Condominium Act, the declaration and the bylaws control the rights and obligations of the unit owners with respect to each other, the common elements and their respective units. The provisions of these documents are intended to be, and in most cases are, enforceable in a court of law.

Condominiums exist in commercial real estate settings, such as office condominiums, and in other residential forms, such as condominium townhouses. A condominium is a form of ownership, not a type of building.

Basically, condo buyers will own the condominium unit itself, and what's called an "interest" (along with all the other owners) in the "common elements" (sometimes called "common areas") of the condominium project.

In Washington DC: New condos are afforded a 15 day right of rescission from the date of receipt of the public offering statement package. Resale condos are afforded 3 business days beginning the day following the date of receipt of the resale package.

A condominium is a form of property ownership involving multiple-unit dwellings where a person owns his or her individual unit, but the common areas are owned in common. All members share in the costs and maintenance of the common areas.

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District of Columbia Agreement for the Sale and Purchase of a Condominium Unit in a Mixed Use Development Building