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

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Multi-State
Control #:
US-01355BG
Format:
Word; 
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Instant download

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

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FAQ

In order to turn your duplex into a condo, seek the assistance of an attorney and a surveyor and collaboratively prepare and file documents with the Register of Deeds/ land records of the area you reside in.

A horizontal property regime allows units within one building to be sold and owned separately and owners of those units to own a common right in common areas of the building and property.

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.

City Fees: The City charges an inspection fee of about $2500, an application fee of about $10,300, a 3R report fee of $160, and a recording fee of about $20. Buildings converting under the Expedited Conversion Program must also pay an impact fee of $4,000-$20,000 per unit, as discussed above.

A horizontal property regime is not the same as a planned urban development or PUD. A PUD is a large community that typically shares a common area and amenities. Typically a PUD will have 100+ individual properties and there will be a community pool, tennis court, outdoor entertainment space, and even a clubhouse.

Deconversion is the process of selling the entire condominium property to a third party who will turn. the condominium units into rental apartments.

Highly Protected Risk (HPR) Property property that is judged to be subject to a much lower than normal probability of loss by virtue of low hazard occupancy or property type, superior construction, special fire protection equipment and procedures, and management commitment to loss prevention.

A Horizontal Property Regime (HPR) is a zoning policy which essentially allows for two new houses to be built on a piece of land that was previously zoned for just one house. This results in tall, narrow houses, either attached or separated by mere feet.

One of the most frequently asked questions in San Francisco is how easy it is to convert a duplex into a single-family home. The short answer: It's a real challenge to get permission from the city for this sort of transformation.

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