Condominium Unit Purchase Agreement (Long form - Comprehensive)
1. Parties. Agreement dated [date] between [name], having an office at [address] (Seller), and [name], residing at [address] (Buyer). Seller is the sole beneficiary under a trust agreement, dated [date], known as Trust No. [number], made with [title owner of record of the property] as trustee.
2. Description of Property. Seller agrees to sell and Buyer agrees to buy Unit No. [number] (Unit) in the property. This purchase entitles Buyer to exclusive ownership of Unit, as well as an undivided ---------- percent (----------%) interest, as tenant in common in the common elements of a building known as the [name] Condominium, located at the property legally described as follows: [description] (Property). The Property is commonly known as [name] located at [address].
3. Subject to Condominium Act. The Unit and ownership in the common elements are subject to the terms of the [name] Act of [state].
4. Purchase Price. The purchase price is ---------- dollars ($----------). Buyer now pays to Seller an earnest money deposit of ---------- dollars ($----------). The balance of the purchase price is due at the closing, plus or minus prorations between Buyer and Seller, and other charges payable by Buyer, including closing costs, lender's charges, if any, and two months' assessment reserve.
5. Financing Contingency.
a. Terms of Financing. This Agreement is contingent on Buyer obtaining a mortgage commitment for ---------- dollars ($----------) to be amortized over [number] years, within [number] days of the acceptance of this Agreement by Seller.
b. Notice to Seller. If Buyer cannot obtain a mortgage loan commitment, Buyer must notify Seller in writing within the period specified in Section 5(a). If Buyer fails to notify Seller, it is conclusively presumed that Buyer has either secured a mortgage commitment or will buy the Unit without mortgage financing.
c. Seller's Option to Secure Mortgage for Buyer. If Buyer notifies Seller of an inability to obtain a mortgage loan, Seller may, at Seller's option, within [number] days after such notice, secure the mortgage loan commitment for Buyer. The mortgage loan commitment will be considered secured for Buyer only if the lender commits to loan Buyer the amount of the mortgage commitment noted in Section 5(a) at the rate and service charge being offered, at that time, by the lender to comparable borrowers for comparable mortgage loans.
If the required mortgage commitment is not secured, this Agreement will be considered null and void. At that point, any earnest money paid by Buyer will be returned.
d. Buyer's Cooperation With Seller. If Seller tries to secure a mortgage loan commitment for Buyer, Buyer will provide to Seller, or a mortgagee, in a timely manner, all requested credit information, and will sign all papers relating to the loan application and the mortgage commitment.
6. Seller's Conveyance to Buyer. Seller agrees to convey to Buyer good title to the Unit and the applicable interest in the common elements of the Condominium, by a trustee's deed. This conveyance is subject to: (a) assessments for incomplete improvements; (b) recorded easements, covenants, restrictions, and building liens; (c) encroachments; (d) zoning and building laws or ordinances; (e) acts of or suffered by Buyer; (f) the [name] Act of [state]; (g) the Declaration of Condominium Ownership for the Condominium, and any amendments; (h) the existing lease to the Unit, to [name], which expires [date]; (i) party walls and party wall rights; and (j) liens and other matters over which the title insurer, by indorsement, commits to insure.
7. Adjustments.
a. Items Adjusted. General real estate taxes, monthly condominium maintenance assessments, rents, lease security deposits, and other items customarily prorated, are to be adjusted as of the date of closing.
b. Basis for Adjusting Taxes. General real estate taxes are to be prorated based on the last available tax bill. If the last tax bill is assessed on the entire Property, the tax on Buyer's Unit will be determined by multiplying the total tax bill by Buyer's percentage interest in the common Property.
8. Buyer's Possession Before Closing. If Buyer has possession of the Unit, as a tenant or lessee under a written lease, before the closing date, possession will continue on the same basis, and Buyer will make all rent payments until this sale is closed. Buyer's interest as tenant or lessee will be merged into the title as Unit Owner, at the closing.
9. Filing of Declaration. Before the closing date and delivery of the trustee's deed, Seller will record in the office of the Recorder of Deeds [county, state], a Declaration of Condominium Ownership for the Condominium. Seller has the right to make any changes it wants in the Declaration, except for changes that would affect Buyer's percentage of ownership in the common elements. Buyer must be notified of any changes before closing.
Buyer agrees to assume, at the date of closing, the obligations under the Declaration of Condominium Ownership that pertain to the Unit.
10. Payment of Assessment. Buyer agrees to deposit with the [name] Condominium Association, at the closing, an amount equal to [number] months of the monthly condominium maintenance assessment on the Unit, based on the first budget of the Association. The assessment payments will be used by the Association as a reserve for the operation and management of the Property, as stated in the Declaration of Condominium Ownership. Until [date], Seller will...
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