Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Kansas Condominium Purchase Agreement
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How to fill out Condominium Purchase Agreement?
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FAQ
Most Purchase Agreements Are Contingent On Which Two Items? The inspection and financing contingencies are the two most important contingencies home buyers should care about most. No home buyer wants to close on a transaction only to find hidden defects three months down the line.
Statute of Frauds: A statute which requires certain types of contracts to be in writing in order to be enforceable.
The bottom line is: Real estate contracts must always be in writing in order to be enforceable. While laws may vary from state to state, most states have a Statute of Frauds that applies.
Most purchase agreements are contingent upon a satisfactory home inspection and mortgage financing approval. There are other types of contingencies as well, in addition to the most common ones mentioned above. Buyers should use a "market-minded" approach when adding these items to their contracts.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
What is included in the contract?The names of the vendor and purchaser.The address of the property.The deposit amount and due date.The sale price.The date of the property settlement and whether there are any conditions.Whether the property is available as 'vacant possession' or 'subject to a lease'More items...
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
Formal Versus Informal Contracts The contract contains an offer for some type of good or service, an acceptance of the offer, and consideration, or payment, for the goods or service delivered. An informal contract, by contrast, does not have to be signed or even written.
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?
Sales of real estate fall under the Statute of Frauds, and so all contracts for the sale of a home must be in writing.