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.
Puerto Rico Condominium Purchase Agreement
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How to fill out Condominium Purchase Agreement?
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In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame. In other words, this option is a specific contract on a distinct piece of real estate that gives a buyer the exclusive right to purchase that specific property.
If you intend to get a loan, a good credit score and 20% down payment are the norm, confirms Mr. Rodriguez. Pre-qualifying for a loan (or evidence of funds if you plan to pay cash) is a prerequisite to purchasing a home.
Spanish term or phrase: Terreno opcionado. English translation: lot (plot of land) with the option to buy.
Whether you're looking to retire or want to purchase a home or condominium in Puerto Rico for investment purposes, right now seems to be a very good time to do it. The island is recovering and, as we mentioned, most of Puerto Rico has been designated as an opportunity zone.
All expenses for the cancellation of any existing liens or mortgages, are to the seller, unless negotiated otherwise. Typically the notary fee will be . 50% to 1.0% of the sales price, or .
Closing costs are split up between buyer and seller. While the buyer typically pays for more of the closing costs, the seller will usually have to cover their end of local taxes and municipal fees.
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.
If you intend to get a loan, a good credit score and 20% down payment are the norm, confirms Mr. Rodriguez. Pre-qualifying for a loan (or evidence of funds if you plan to pay cash) is a prerequisite to purchasing a home.
Writing a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...
