Condominium Purchase Agreement
Understanding this form
The Condominium Purchase Agreement is a legal document that formalizes the transaction between a seller and a buyer for a condominium unit. This form outlines the terms and conditions of the sale, including the purchase price, closing costs, and responsibilities regarding taxes and insurance. It differs from other real estate forms by specifically addressing condominium ownership and its associated complexities, such as common area responsibilities and any applicable regulations.
Key parts of this document
- Property description including unit number and improvements.
- Purchase price breakdown including earnest money deposit and balance at closing.
- Conditions related to financing, if applicable.
- Responsibilities for closing costs and deposits.
- Provisions for title conveyance and warranty.
- Special considerations such as property condition assessments and insurance requirements.
Situations where this form applies
This form should be used when a buyer intends to purchase a condominium unit from a seller. It is particularly relevant in situations where the buyer and seller have agreed upon sale terms and need to document the transaction legally. This includes cases where the buyer is obtaining financing for the purchase or when specific contingencies are agreed upon that may affect the closing process.
Who can use this document
This agreement is intended for:
- Individuals or entities buying a condominium unit.
- Condominium unit sellers looking to formalize a sale.
- Real estate agents or brokers involved in condominium transactions.
- Investors purchasing condominium properties for rental or resale.
Steps to complete this form
- Identify the parties involved in the transaction, including full names and contact information of the buyer and seller.
- Specify the condominium unit being sold, including its number and any attached improvements.
- Clearly state the purchase price and detail the payment structure, including earnest money and balance due at closing.
- Enter the closing and possession dates, and outline the responsibilities for insurance and closing costs.
- Ensure that all parties review the terms regarding title conveyance, including any contingencies or special provisions.
Does this form need to be notarized?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Common mistakes to avoid
- Failing to include all necessary property details in the description.
- Not specifying whether the sale is contingent on financing when applicable.
- Overlooking to disclose specific assessments or fees related to condominium ownership.
- Neglecting to address the responsibilities for insurance and closing costs.
- Not ensuring all parties understand the implications of the terms before signing.
Why complete this form online
- Convenience of downloading and filling out the agreement from home.
- Enhanced editability to customize terms as per the specific transaction.
- Access to documents drafted by licensed attorneys, ensuring legal compliance.
- Immediate availability, allowing for swift execution of real estate transactions.
Form popularity
FAQ
Who Prepares The Real Estate Purchase Agreement? Typically, the buyer's agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can't create their own legal contracts.
Does a Real Estate Purchase Agreement have to be notarized in order to be valid? No, this document does not have to be signed by a notary public since it does not get filed with the County Recorder's Office.
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.
1Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.2Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.3Step 3 Parties Agree and Sign.4Step 4 Add to the Purchase Agreement.
A condominium association purchase agreement addendum allows a buyer a specific period of time to review all related condominium documents provided by the seller.
But unlike buyers, sellers can't back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages.
The purchase agreement only serves as a written record of a contractual relationship between the seller and the buyer and does not actually transfer the title or ownership of the property from the seller to the buyer.
Step 1: Apply For A Mortgage. Step 2: Research The Neighborhood. Step 3: Find A Property. Step 4: Ask For A Seller's Disclosure. Step 5: Make An Offer. Step 6: Hire A Lawyer And Home Inspector. Step 7: Negotiate. Step 8: Finalize Home Financing And Closing.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
