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REAL ESTATE PURCHASE CONTRACT (CONDOMINIUM)
STATE OF ___________________
COUNTY OF ___________________
1. PARTIES: ________________________________ (Seller) agrees
to sell and convey to __________________________________(Purchaser)
and Purchaser agrees to buy from Seller the Property described
below.
2. PROPERTY AND CONDOMINIUM DOCUMENTS:
A. The Condominium Unit, improvements and accessories described
below are collectively referred to as the “Property”.
(1) CONDOMINIUM UNIT: Unit ___________, in Building _______________,
of ________________________________, a condominium project,
located at ________________________________________________________
(address/zip code), City of ______________________ [city]
, ___________ [county], _________ [state], described in
the official records in said County; together with such
Unit's undivided interest in the Common Elements designated
by the Declaration, including those areas reserved as Limited
Common Elements appurtenant to the Unit and such other rights
to use the Common Elements which have been specifically
assigned to the Unit in any other manner. Parking areas
assigned to the Unit are: _________________________________.
(2) IMPROVEMENTS: All fixtures and improvements attached
to the above described real property including without limitation,
the following permanently installed and built-in items,
if any: all equipment and appliances, valances, screens,
shutters, awnings, wall-to-wall carpeting, mirrors, ceiling
fans, attic fans, mail boxes, television antennas and satellite
dish system and equipment, heating and air conditioning
units, security and fire detection equipment, wiring, plumbing
and lighting fixtures, chandeliers, shrubbery, landscaping,
outdoor cooking equipment, and all other property owned
by Seller and attached to the above described Condominium
Unit.
(3) ACCESSORIES: The following described related accessories,
if any: window air conditioning units, stove, fireplace
screens, curtains and rods, blinds, window shades, draperies
and rods, controls for satellite dish system, controls for
garage door openers, entry gate controls, door keys, mailbox
keys, and artificial fireplace logs.
(4) EXCLUSIONS: The following improvements and accessories
will be retained by Seller and excluded: ___________________________________________
___________________________________________.
B. The Declaration, Bylaws and any Rules of the Association
are called "Documents".
[Check one item only:]
_____ (1) Purchaser has received a copy of the Documents.
Purchaser is advised to read the Documents before signing
the contract.
_____ (2) Purchaser has not received a copy of the Documents.
Seller shall deliver the Documents to Purchaser within __________
days after the effective date of the contract. Purchaser
may cancel the contract before the sixth day after Purchaser
receives the Documents by handdelivering or mailing written
notice of cancellation to Seller by certified United States
mail, return receipt requested.
C. The Resale Certificate from the condominium owners association
(the Association) is called the "Certificate".
The Certificate must be in a form promulgated by the state
or required by the parties.
[Check one item only:]
_____ (1) Purchaser has received the Certificate.
_____ (2) Purchaser has not received the Certificate. Seller
shall deliver the Certificate to Purchaser within __________
days after the effective date of the contract. Purchaser
may cancel the contract before the sixth day after the date
Purchaser receives the Certificate by handdelivering or
mailing written notice of cancellation to Seller by certified
United States mail, return receipt requested.
_____ (3) Purchaser has received Seller's affidavit that
Seller requested information from the Association concerning
its financial condition as may be required by state law,
and that the Association did not provide a Certificate or
information required in the Certificate. Purchaser and Seller
agree to waive the requirement to furnish the Certificate.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Purchaser at
closing .....$___________________
B. Sum of all financing described below (excluding any loan
funding
fee or mortgage insurance premium)..........................................$___________________
C. Sales Price (Sum of A and B) ............................................$___________________
4. FINANCING: The portion of Sales Price not payable in
cash will be paid as follows:
[Check applicable items below:]
_____ A. THIRD PARTY FINANCING: One or more third party
mortgage loans in the total amount of $___________________.
If the Property does not satisfy the lenders' underwriting
requirements for the loan(s), this contract will terminate
and the earnest money will be refunded to Purchaser.
[Check one item only:]
_____ (1) This contract is subject to Purchaser being approved
for the financing described in the attached Third Party
Financing Condition Addendum.
_____ (2) This contract is not subject to Purchaser being
approved for financing and does not involve FHA or VA financing.
_____ B. ASSUMPTION: The assumption of the unpaid principal
balance of one or more promissory notes described in the
attached Loan Assumption Addendum.
_____ C. SELLER FINANCING: A promissory note from Purchaser
to Seller of $___________________ bearing _______% interest
per annum, secured by [choose the appropriate instrument
authorized within the state:] _____ mortgage, or _____ vendor's
and deed of trust liens, and containing the terms and conditions
described in the attached Seller Financing Addendum. If
an owner policy of title insurance is furnished, Purchaser
shall furnish Seller with a mortgagee policy of title insurance.
5. EARNEST MONEY: Upon execution of this contract by both
parties, Purchaser shall deposit $___________________ as
earnest money with ___________________________________________________,
as escrow agent, at __________________________________________________________________(address).
Purchaser shall deposit additional earnest money of $___________________
with escrow agent within ____________ days after the effective
date of this contract. If Purchaser fails to deposit the
earnest money as required by this contract, Purchaser will
be in default.
6. TITLE POLICY:
A. TITLE POLICY: Seller shall furnish to Purchaser at [check
one:] _____Seller’s _____Purchaser’s expense
an owner policy of title insurance (Title Policy) issued
by: _______________________________________________ (Title
Company) in the amount of the Sales Price, dated at or after
closing, insuring Purchaser against loss under the provisions
of the Title Policy, subject to the promulgated exclusions
(including existing building and zoning ordinances) and
the following exceptions:
(1) Restrictive covenants common to the platted subdivision
in which the Property is located.
(2) The standard printed exception for standby fees, taxes
and assessments.
(3) Liens created as part of the financing described in
Paragraph 4.
(4) Terms and provisions of the Documents including the
assessments and platted easements.
(5) Reservations or exceptions otherwise permitted by this
contract or as may be approved by Purchaser in writing.
(6) The standard printed exception as to marital rights.
(7) The standard printed exception as to waters, tidelands,
beaches, streams, and related matters.
(8) The standard printed exception as to discrepancies,
conflicts, shortages in area or boundary lines, encroachments
or protrusions, or overlapping improvements.
B. COMMITMENT: Within 20 days after the Title Company receives
a copy of this contract, Seller shall furnish to Purchaser
a commitment for title insurance (Commitment) and, at Purchaser's
expense, legible copies of restrictive covenants and documents
evidencing exceptions in the Commitment (Exception Documents)
other than the standard printed exceptions. Seller authorizes
the Title Company to mail or hand deliver the Commitment
and Exception Documents to Purchaser at Purchaser's address
shown in Paragraph 21. If the Commitment and Exception Documents
are not delivered to Purchaser within the specified time,
the time for delivery will be automatically extended up
to 15 days or the Closing Date, whichever is earlier.
C. OBJECTIONS: Within __________ days after Purchaser receives
the Commitment and Exception Documents, Purchaser may object
in writing to defects, exceptions, or encumbrances to title:
disclosed in the Commitment other than items 6A(1) through
(8) above; or which prohibit the following use or activity:
___________________________________________.
Purchaser's failure to object within the time allowed will
constitute a waiver of Purchaser’s right to object;
except that the requirements in Schedule C of the Commitment
are not waived. Seller shall cure the timely objections
of Purchaser or any third party lender within 15 days after
Seller receives the objections and the Closing Date will
be extended as necessary. If objections are not cured within
such 15 day period, this contract will terminate and the
earnest money will be refunded to Purchaser unless Purchaser
waives the objections.
D. TITLE NOTICES:
(1) ABSTRACT OR TITLE POLICY: Broker advises Purchaser
to have an abstract of title covering the Property examined
by an attorney of Purchaser’s selection, or Purchaser
should be furnished with or obtain a Title Policy. If a
Title Policy is furnished, the Commitment should be promptly
reviewed by an attorney of Purchaser’s choice due
to the time limitations on Purchaser’s right to object.
(2) STATUTORY TAX DISTRICTS: If the Property is situated
in a utility or other statutorily created district providing
water, sewer, drainage, or flood control facilities and
services, state law may require Seller to deliver and Purchaser
to sign the statutory notice relating to the tax rate, bonded
indebtedness, or standby fee of the district prior to final
execution of this contract. (Consult with an attorney if
you are unclear on this requirement.)
(3) TIDE WATERS: If the Property abuts the tidally influenced
waters of the state, state law may require a notice regarding
coastal area property to be included in the contract. An
addendum containing the notice promulgated by the state
or required by the parties must be used. (Consult with an
attorney if you are unclear on this requirement.)
(4) ANNEXATION: If the Property is located outside the
limits of a municipality, Seller notifies Purchaser that
the Property may now or later be included in the extraterritorial
jurisdiction of a municipality and may now or later be subject
to annexation by the municipality. Each municipality maintains
a map that depicts its boundaries and extraterritorial jurisdiction.
To determine if the Property is located within a municipality’s
extraterritorial jurisdiction or is likely to be located
within a municipality’s extraterritorial jurisdiction,
contact all municipalities located in the general proximity
of the Property for further information.
7. PROPERTY CONDITION:
A. INSPECTIONS, ACCESS AND UTILITIES: Purchaser may have
the Property inspected by inspectors selected by Purchaser
and licensed by the state or otherwise permitted by law
to make inspections. Seller shall permit Purchaser and Purchaser’s
agents access to the Property at reasonable times. Seller
shall pay for turning on existing utilities for inspections.
B. SELLER'S DISCLOSURE (Notice):
[Check one item only:]
_____ (1) Purchaser has received the Notice.
_____ (2) Purchaser has not received the Notice. Within
__________ days after the effective date of this contract,
Seller shall deliver the Notice to Purchaser. If Purchaser
does not receive the Notice, Purchaser may terminate this
contract at any time prior to the closing and the earnest
money will be refunded to Purchaser. If Seller delivers
the Notice, Purchaser may terminate this contract for any
reason within 7 days after Purchaser receives the Notice
or prior to the closing, whichever first occurs, and the
earnest money will be refunded to Purchaser.
_____ (3) State law does not require this Seller to furnish
such Notice.
C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED
PAINT HAZARDS is required by Federal law for a residential
dwelling constructed prior to 1978.
D. ACCEPTANCE OF PROPERTY CONDITION: Purchaser accepts
the Property in its present condition; provided Seller,
at Seller’s expense, shall complete the following
specific repairs and treatments:
________________________________________
________________________________________
E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise
agreed in writing, neither party is obligated to pay for
lender required repairs, which includes treatment for wood
destroying insects. If the parties do not agree to pay for
the lender required repairs or treatments, this contract
will terminate and the earnest money will be refunded to
Purchaser. If the cost of lender required repairs and treatments
exceeds 5% of the Sales Price, Purchaser may terminate this
contract and the earnest money will be refunded to Purchaser.
F. COMPLETION OF REPAIRS AND TREATMENTS: Unless otherwise
agreed in writing, Seller shall complete all agreed repairs
and treatments prior to the Closing Date. All required permits
must be obtained, and repairs and treatments must be performed
by persons who are licensed or otherwise authorized by law
to provide such repairs or treatments. At Purchaser’s
election, any transferable warranties received by Seller
with respect to the repairs and treatments will be transferred
to Purchaser at Purchaser’s expense. If Seller fails
to complete any agreed repairs and treatments prior to the
Closing Date, Purchaser may do so and receive reimbursement
from Seller at closing. The Closing Date will be extended
up to 15 days, if necessary, to complete repairs and treatments.
G. ENVIRONMENTAL MATTERS: Purchaser is advised that the
presence of wetlands, toxic substances, including asbestos
and wastes or other environmental hazards or the presence
of a threatened or endangered species or its habitat may
affect Purchaser’s intended use of the Property. If
Purchaser is concerned about these matters, an addendum
promulgated by the state or required by the parties should
be used.
H. RESIDENTIAL SERVICE CONTRACTS: Purchaser may purchase
a residential service contract from from a residential service
company licensed by the state. If Purchaser purchases a
residential service contract, Seller shall reimburse Purchaser
at closing for the cost of the residential service contract
in an amount not exceeding $________________. Purchaser
should review any residential service contract for the scope
of coverage, exclusions and limitations. The purchase of
a residential service contract is optional. Similar coverage
may be purchased from various companies authorized to do
business in the state.
8. BROKERS' FEES: All obligations of the parties for payment
of brokers’ fees are contained in separate written
agreements.
9. CLOSING:
A. The closing of the sale will be on or before ___________________,
20____, or within 7 days after objections to matters disclosed
in the Commitment have been cured, whichever date is later
(Closing Date). If either party fails to close the sale
by the Closing Date, the nondefaulting party may exercise
the remedies contained in Paragraph 15.
B. At closing:
(1) Seller shall execute and deliver a general warranty
deed conveying title to the Property to Purchaser and showing
no additional exceptions to those permitted in Paragraph
6 and furnish tax statements or certificates showing no
delinquent taxes on the Property.
(2) Purchaser shall pay the Sales Price in good funds acceptable
to the escrow agent.
(3) Seller and Purchaser shall execute and deliver any
notices, statements, certificates, affidavits, releases,
loan documents and other documents required of them by this
contract, the Commitment or law necessary for the closing
of the sale and the issuance of the Title Policy.
C. Unless expressly prohibited by written agreement, Seller
may continue to show the Property and receive, negotiate
and accept back up offers.
D. All covenants, representations and warranties in this
contract survive closing.
10. POSSESSION: Seller shall deliver to Purchaser possession
of the Property in its present or required condition, ordinary
wear and tear excepted: [check one:] _____upon closing and
funding _____according to a temporary residential lease
form promulgated by the state or other written lease required
by the parties. Any possession by Purchaser prior to closing
or by Seller after closing which is not authorized by a
written lease will establish a tenancy at sufferance relationship
between the parties. Consult your insurance agent prior
to change of ownership or possession because insurance coverage
may be limited or terminated. The absence of a written lease
or appropriate insurance coverage may expose the parties
to economic loss.
11. SPECIAL PROVISIONS: [Insert only factual statements
and business details applicable to the sale. State regulations
may prohibit licensees from adding factual statements or
business details for which a contract addendum or other
form has been promulgated by the state for mandatory use.]
___________________________________
___________________________________
___________________________________
12. SETTLEMENT AND OTHER EXPENSES:
A. The following expenses must be paid at or prior to closing:
(1) Expenses payable by Seller (Seller's Expenses):
(a) Releases of existing liens, including prepayment penalties
and recording fees; lender, FHA, or VA completion requirements;
tax statements or certificates; preparation of deed; one-half
of escrow fee; and other expenses payable by Seller under
this contract.
(b) Seller shall also pay an amount not to exceed $________________
to be applied in the following order: Purchaser’s
Expenses which Purchaser is prohibited from paying by FHA,
VA, state-coordinated veteran’s housing assistance
programs, or other governmental loan programs; Purchaser’s
prepaid items; other Purchaser’s expenses.
(2) Expenses payable by Purchaser (Purchaser's Expenses):
(a) Loan origination, discount, buy-down, and commitment
fees (Loan Fees).
(b) Appraisal fees; loan application fees; credit reports;
preparation of loan documents; interest on the notes from
date of disbursement to one month prior to dates of first
monthly payments; recording fees; copies of easements and
restrictions; mortgagee title policy with endorsements required
by lender; loan-related inspection fees; photos, amortization
schedules, one-half of escrow fee; all prepaid items, including
required premiums for flood and hazard insurance, reserve
deposits for insurance, ad valorem taxes and special governmental
assessments; final compliance inspection; courier fee, repair
inspection, underwriting fee and wire transfer, expenses
incident to any loan, and other expenses payable by Purchaser
under this contract.
(3) Transfer Expenses: Any Association transfer or processing
fee will be paid by: [check one:] _____Seller _____Purchaser.
B. Purchaser shall pay Private Mortgage Insurance Premium
(PMI), VA Loan Funding Fee, or FHA Mortgage Insurance Premium
(MIP) as required by the lender.
C. If any expense exceeds an amount expressly stated in
this contract for such expense to be paid by a party, that
party may terminate this contract unless the other party
agrees to pay such excess. Purchaser may not pay charges
and fees expressly prohibited by FHA, VA, state-coordinated
veteran’s housing assistance programs or other governmental
loan program regulations.
13. PRORATIONS: Taxes for the current year, interest, maintenance
fees, regular condominium assessments, dues and rents will
be prorated through the Closing Date. If taxes for the current
year vary from the amount prorated at closing, the parties
shall adjust the prorations when tax statements for the
current year are available. If taxes are not paid at or
prior to closing, Purchaser shall pay taxes for the current
year. Cash reserves from regular condominium assessments
for deferred maintenance or capital improvements established
by the Association will not be credited to Seller. Any special
condominium assessment due and unpaid at closing will be
the obligation of Seller.
14. CASUALTY LOSS: If any part of the Unit which Seller
is solely obligated to maintain and repair under the terms
of the Declaration is damaged or destroyed by fire or other
casualty, Seller shall restore the same to its previous
condition as soon as reasonably possible, but in any event
by the Closing Date. If Seller fails to do so due to factors
beyond Seller’s control, Purchaser may (a) terminate
this contract and the earnest money will be refunded to
Purchaser, (b) extend the time for performance up to 15
days and the Closing Date will be extended as necessary
or (c) accept the Property in its damaged condition with
an assignment of insurance proceeds and receive credit from
Seller at closing in the amount of the deductible under
the insurance policy. If any part of the Common Elements
or Limited Common Elements appurtenant to the Unit is damaged
or destroyed by fire or other casualty loss, Purchaser will
have 7 days from receipt of notice of such casualty loss
within which to notify Seller in writing that the contract
will be terminated unless Purchaser receives written confirmation
from the Association that the damaged condition will be
restored to its previous condition within a reasonable time
at no cost to Purchaser. Unless Purchaser gives such notice
within such time, Purchaser will be deemed to have accepted
the Property without confirmation of such restoration. Seller
will have 7 days from the date of receipt of Purchaser’s
notice within which to cause to be delivered to Purchaser
such confirmation. If required by Purchaser and written
confirmation is not delivered to Purchaser as required above,
Purchaser may terminate this contract and the earnest money
will be refunded to Purchaser. Seller’s obligations
under this paragraph are independent of any obligations
of Seller under Paragraph 7.
15. DEFAULT: If Purchaser fails to comply with this contract,
Purchaser will be in default, and Seller may (a) enforce
specific performance, seek such other relief as may be provided
by law, or both, or (b) terminate this contract and receive
the earnest money as liquidated damages, thereby releasing
both parties from this contract. If, due to factors beyond
Seller’s control, Seller fails within the time allowed
to make any non-casualty repairs or deliver the Commitment,
if required of Seller, Purchaser may (a) extend the time
for performance up to 15 days and the Closing Date will
be extended as necessary or (b) terminate this contract
as the sole remedy and receive the earnest money. If Seller
fails to comply with this contract for any other reason,
Seller will be in default and Purchaser may (a) enforce
specific performance, seek such other relief as may be provided
by law, or both, or (b) terminate this contract and receive
the earnest money, thereby releasing both parties from this
contract.
16. MEDIATION: Any dispute between Seller and Purchaser
related to this contract which is not resolved through informal
discussion [check one:] _____will _____will not be submitted
to a mutually acceptable mediation service or provider.
The parties to the mediation shall bear the mediation costs
equally. This paragraph does not preclude a party from seeking
equitable relief from a court of competent jurisdiction.
17. ATTORNEY'S FEES: The prevailing party in any legal
proceeding related to this contract is entitled to recover
reasonable attorney’s fees and all costs of such proceeding
incurred by the prevailing party.
18. ESCROW: The escrow agent is not (a) a party to this
contract and does not have liability for the performance
or nonperformance of any party to this contract, (b) liable
for interest on the earnest money and (c) liable for the
loss of any earnest money caused by the failure of any financial
institution in which the earnest money has been deposited
unless the financial institution is acting as escrow agent.
At closing, the earnest money must be applied first to any
cash down payment, then to Purchaser's Expenses and any
excess refunded to Purchaser. If both parties make written
demand for the earnest money, escrow agent may require payment
of unpaid expenses incurred on behalf of the parties and
a written release of liability of escrow agent from all
parties. If one party makes written demand for the earnest
money, escrow agent shall give notice of the demand by providing
to the other party a copy of the demand. If escrow agent
does not receive written objection to the demand from the
other party within 30 days after notice to the other party,
escrow agent may disburse the earnest money to the party
making demand reduced by the amount of unpaid expenses incurred
on behalf of the party receiving the earnest money and escrow
agent may pay the same to the creditors. If escrow agent
complies with the provisions of this paragraph, each party
hereby releases escrow agent from all adverse claims related
to the disbursal of the earnest money. Escrow agent's notice
to the other party will be effective when deposited in the
U. S. Mail, postage prepaid, certified mail, return receipt
requested, addressed to the other party at such party's
address shown below. Notice of objection to the demand will
be deemed effective upon receipt by escrow agent.
19. REPRESENTATIONS: Seller represents that as of the Closing
Date (a) there will be no liens, assessments, or security
interests against the Property which will not be satisfied
out of the sales proceeds unless securing payment of any
loans assumed by Purchaser, (b) assumed loans will not be
in default, and (c) Seller has no knowledge of any misrepresentation
or errors in the Certificate or any material changes in
the information contained therein. If any representation
of Seller in this contract or the Certificate is untrue
on the Closing Date, Purchaser may terminate this contract
and the earnest money will be refunded to Purchaser.
20. FEDERAL TAX REQUIREMENTS: If Seller is a "foreign
person,” as defined by applicable law, or if Seller
fails to deliver an affidavit to Purchaser that Seller is
not a "foreign person,” then Purchaser shall
withhold from the sales proceeds an amount sufficient to
comply with applicable tax law and deliver the same to the
Internal Revenue Service together with appropriate tax forms.
Internal Revenue Service regulations require filing written
reports if currency in excess of specified amounts is received
in the transaction.
21. NOTICES: All notices from one party to the other must
be in writing and are effective when mailed to, hand-delivered
at, or transmitted by facsimile as follows:
To Purchaser at:
____________________________________
____________________________________
____________________________________
Telephone: (_____) ____________________
Facsimile: (_____) ____________________
To Seller at:
____________________________________
____________________________________
____________________________________
Telephone: (_____) ____________________
Facsimile: (_____) ____________________
22. AGREEMENT OF PARTIES: This contract contains the entire
agreement of the parties and cannot be changed except by
their written agreement. Addenda which are a part of this
contract are (check all applicable boxes):
23. TERMINATION OPTION: This paragraph will be a part of
this contract ONLY if both blanks are filled in and Purchaser
has paid the Option Fee. Purchaser has paid Seller $________________
(Option Fee) for the unrestricted right to terminate this
contract by giving notice of termination to Seller within
__________ days after the effective date of this contract.
If Purchaser gives notice of termination within the time
specified, the Option Fee will not be refunded, however,
any earnest money will be refunded to Purchaser. The Option
Fee [check one:] _____will _____will not be credited to
the Sales Price at closing. For the purposes of this paragraph,
time is of the essence; strict compliance with the time
for performance stated herein is required.
_____ Third Party Financing Condition Addendum
_____ Seller Financing Addendum
_____ Loan Assumption Addendum
_____ Purchaser’s Temporary Residential Lease
_____ Seller's Temporary Residential Lease
_____ Addendum for Sale of Other Property by Purchaser
_____ Addendum for Seller's Disclosure of Information on
Lead-based Paint and Leadbased Paint Hazards as Required
by Federal Law
_____ Environmental Assessment, Threatened or Endangered
Species and Wetlands Addendum
_____ Addendum for Coastal Area Property
_____ Addendum for Property Located Seaward of the Gulf
Intracoastal Waterway
_____ Addendum for "Back-Up" Contract
_____ Addendum for Release of Liability on Assumption of
FHA, VA, or Conventional Loan Restoration of Seller’s
Entitlement for VA Guaranteed Loan
_____ Other (list):
_________________________________________
_________________________________________
24. CONSULT AN ATTORNEY: Real estate licensees cannot give
legal advice. READ THIS CONTRACT CAREFULLY. If you do not
understand the effect of this contract, consult an attorney
BEFORE signing.
Purchaser’s Attorney is:
____________________________________
____________________________________
____________________________________
Telephone: (_____) ____________________
Facsimile: (_____) ____________________
Seller’s Attorney is:
____________________________________
____________________________________
____________________________________
Telephone: (_____) ____________________
Facsimile: (_____) ____________________
EXECUTED the _______ day of _________________, 20_____
(EFFECTIVE DATE).
____________________________________
Purchaser
____________________________________
Seller
SELLER’S RECEIPT:
Receipt of $___________________ (Option Fee) in the form
of ___________________ is acknowledged.
____________________________________ ____________________
Seller Date
------------------------------------------------------------------------
CONDOMINIUM RESALE CERTIFICATE
Condominium Certificate concerning Condominium Unit __________,
in Building _________________, of __________________________,
a condominium project, located at ____________________________________
(Address), City of ___________________ [city], ___________________
[county], ___________________ [state], on behalf of the
condominium owners association (the Association) by the
Association's governing body (the Board).
A. The Declaration [choose one:] _____ does _____ does
not contain a right of first refusal or other restraint
that restricts the right to transfer the Unit. If a right
of first refusal or other restraint exists, see Section
_____ of the Declaration.
B. The periodic common expense assessment for the Unit
is $_______________ per _______________.
C. There [choose one:] _____ is _____ is not a common expense
or special assessment due and unpaid by the Seller to the
Association. The total unpaid amount is $_______________
and is for
____________________________________________________.
D. Other amounts [choose one:] _____ are _____ are not
payable by Seller to the Association. The total unpaid amount
is $_______________ and is for ________________________________________________________.
E. Capital expenditures approved by the Association for
the next 12 months are $_______________.
F. Reserves for capital expenditures are $_______________;
of this amount $_______________ has been designated for
___________________________________.
G. The current operating budget of the Association is attached.
H. The amount of unsatisfied judgments against the Association
is $_______________.
I. There [choose one:] _____ are _____ are not any suits
pending against the Association. The nature of the suits
is ________________________________________.
J. The Association [choose one:] _____ does _____ does
not provide insurance coverage for the benefit of unit owners
as per the attached summary from the Association's insurance
agent.
K. The Board [choose one:] _____ has _____ has no knowledge
of alterations or improvements to the Unit or to the limited
common elements assigned to the Unit or any portion of the
project that violate any provision of the Declaration, by-laws
or rules of the Association. Known violations are:
______________________________________
L. The Board [choose one:] _____ has _____ has not received
notice from a governmental authority concerning violations
of health or building codes with respect to the Unit, the
limited common elements assigned to the Unit, or any other
portion of the condominium project. Notices received are:
_______________________________________.
M. The remaining term of any leasehold estate that affects
the condominium is _______ and the provisions governing
an extension or renewal of the lease are: __________________.
N. The name, mailing address and telephone number of the
Association's managing agent are:
_____________________________________
(Name) (Telephone Number)
_____________________________________.
(Mailing Address)
REQUIRED ATTACHMENTS:
1. Operating Budget
2. Insurance Summary
NOTICE: The Certificate must be prepared no more than three
months before the date it is delivered to Purchaser.
Received: __________________________ 20____
_________________________________________
Purchaser
_________________________________________
Purchaser
(Name of Condominium Owners Association)
By: ______________________________________
_________________________________________
Title
_________________________________________
Mailing Address
_________________________________________
Date Phone No.
---------------------------------------------------------
Note: This addendum is only necessary if the parties have
checked the option in Paragraph 4(A)(1) above.
-----------------------------------------------------------
THIRD PARTY FINANCING CONDITION ADDENDUM
CONCERNING THE PROPERTY AT:
___________________________________________
(Address of Property)
Purchaser shall apply promptly for all financing described
below and make every reasonable effort to obtain financing
approval. Financing approval will be deemed to have been
obtained when the lender determines that Purchaser has satisfied
all of lender's financial requirements (those items relating
to Purchaser's assets, income and credit history). If financing
(including any financed PMI premium) approval is not obtained
within ______ days after the effective date, this contract
will terminate and the earnest money will be refunded to
Purchaser. Each note must be secured by an appropriate instrument
authorized within the state, typically either (1) a mortgage
or (2) vendor's and deed of trust liens. (Consult an attorney
if you are unsure as to which instrument is appropriate
for this transaction.)
CHECK APPLICABLE BOXES:
_____ A. CONVENTIONAL FINANCING:
_____ (1) A first mortgage loan in the principal amount
of $______________ (excluding any financed PMI premium),
due in full in _________ year(s), with interest not to exceed
_________% per annum for the first _________year(s) of the
loan with Loan Fees not to exceed _________% of the loan.
The loan will be [choose one:] _____ with _____ without
PMI.
_____ (2) A second mortgage loan in the principal amount
of $ (excluding any financed PMI premium), due in full in
year(s), with interest not to exceed % per annum for the
first year(s) of the loan with Loan Fees not to exceed %
of the loan. The loan will be with without PMI.
_____ B. FHA INSURED FINANCING: A Section _________ FHA
insured loan of not less than $______________ (excluding
any financed MIP), amortizable monthly for not less than
_________ years, with interest not to exceed _________%
per annum for the first _________ year(s) of the loan with
Loan Fees not to exceed _________% of the loan. As required
by HUD-FHA, if FHA valuation is unknown, "It is expressly
agreed that, notwithstanding any other provisions of this
contract, the purchaser (Purchaser) shall not be obligated
to complete the purchase of the Property described herein
or to incur any penalty by forfeiture of earnest money deposits
or otherwise unless the purchaser (Purchaser) has been given
in accordance with HUD/FHA or VA requirements a written
statement issue by the Federal Housing Commissioner, Department
of Veterans Affairs, or a Direct Endorsement Lender setting
forth the appraised value of the Property of not less than
$______________. The purchaser (Purchaser) shall have the
privilege and option of proceeding with consummation of
the contract without regard to the amount of the appraised
valuation. The appraised valuation is arrived at to determine
the maximum mortgage the Department of Housing and Urban
Development will insure. HUD does not warrant the value
or the condition of the Property. The purchaser (Purchaser)
should satisfy himself/herself that the price and the condition
of the Property are acceptable."
If the FHA appraised value of the Property (excluding
closing costs and MIP) is less than the Sales Price, Seller
may reduce the Sales Price to an amount equal to the FHA
appraised value (excluding closing costs and MIP) and the
sale will be closed at the lower Sales Price with proportionate
adjustments to the down payment and loan amount.
_____ C. VA GUARANTEED FINANCING: A VA guaranteed loan
of not less than $______________ (excluding any financed
Funding Fee), amortizable monthly for not less than _______
years, with interest not to exceed _______% per annum for
the first _______ year(s) of the loan with Loan Fees not
to exceed _______% of the loan.
VA NOTICE TO PURCHASER: "It is expressly agreed that,
notwithstanding any other provisions of this contract, the
Purchaser shall not incur any penalty by forfeiture of earnest
money or otherwise or be obligated to complete the purchase
of the Property described herein, if the contract purchase
price or cost exceeds the reasonable value of the Property
established by the Department of Veterans Affairs. The Purchaser
shall, however, have the privilege and option of proceeding
with the consummation of this contract without regard to
the amount of the reasonable value established by the Department
of Veterans Affairs."
If Purchaser elects to complete the purchase at an amount
in excess of the reasonable value established by VA, Purchaser
shall pay such excess amount in cash from a source which
Purchaser agrees to disclose to the VA and which Purchaser
represents will not be from borrowed funds except as approved
by VA. If VA reasonable value of the Property is less than
the Sales Price, Seller may reduce the Sales Price to an
amount equal to the VA reasonable value and the sale will
be closed at the lower Sales Price with proportionate adjustments
to the down payment and the loan amount.
PURCHASER:
____________________ _______________________
Date [purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________ _______________________
Date [seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
----------------------------------------------------------
Note: This addendum is only necessary if the parties have
checked the option in Paragraph 4(B) above.
-----------------------------------------------------------
LOAN ASSUMPTION ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT:
____________________________________________
(Address of Property)
A. CREDIT DOCUMENTATION: Within _____ days after the effective
date of this contract, Purchaser shall deliver to Seller
the following: [check all applicable items:] _____credit
report _____verification of employment, including salary
_____verification of funds on deposit in financial institutions
____current financial statement to establish Purchaser's
creditworthiness. Purchaser hereby authorizes any credit
reporting agency to furnish to Seller at Purchaser's sole
expense copies of Purchaser's credit reports.
B. CREDIT APPROVAL: If Purchaser's documentation is not
delivered within the specified time, Seller may terminate
this contract by notice to Purchaser within 7 days after
expiration of the time for delivery, and the earnest money
will be paid to Seller. If the documentation is timely delivered,
and Seller determines in Seller's sole discretion that Purchaser's
credit is unacceptable, Seller may terminate this contract
by notice to Purchaser within 7 days after expiration of
the time for delivery and the earnest money will be refunded
to Purchaser. If Seller does not terminate this contract,
Seller will be deemed to have accepted Purchaser's credit.
C. ASSUMPTION:
_____ (1) The unpaid principal balance of a first lien
promissory note payable to which unpaid balance at closing
will be $________________. The total current monthly payment
including principal, interest and any reserve deposits is
$________________. Purchaser’s initial payment will
be the first payment due after closing.
_____ (2) The unpaid principal balance of a second lien
promissory note payable to which unpaid balance at closing
will be $________________. The total current monthly payment
including principal, interest and any reserve deposits is
$________________. Purchaser’s initial payment will
be the first payment due after closing.
Purchaser’s assumption of an existing note includes
all obligations imposed by the deed of trust securing the
note. If the unpaid principal balance(s) of any assumed
loan(s) as of the Closing Date varies from the loan balance(s)
stated above, the [check only one:] _____cash payable at
closing _____Sales Price will be adjusted by the amount
of any variance; provided, if the total principal balance
of all assumed loans varies in an amount greater than $350.00
at closing, either party may terminate this contract and
the earnest money will be refunded to Purchaser unless the
other party elects to eliminate the excess in the variance
by an appropriate adjustment at closing. Purchaser may terminate
this contract and the earnest money will be refunded to
Purchaser if the noteholder requires (a) payment of an assumption
fee in excess of $________________ in (1) above or $________________
in (2) above and Seller declines to pay such excess, (b)
an increase in the interest rate to more than ________%
in (1) above, or ________% in (2) above, (c) any other modification
of the loan documents, or (d) consent to the assumption
of the loan and fails to consent. An appropriate instrument
authorized within the state, typically either (1) a mortgage
or (2) vendor's and deed of trust liens, to secure the assumption
will be required, and it will automatically be released
on execution and delivery of a release by noteholder. If
Seller is released from liability on any assumed note, the
instrument securing the assumption will not be required.
If noteholder maintains an escrow account, the escrow account
must be transferred to Purchaser without any deficiency.
Purchaser shall reimburse Seller for the amount in the transferred
accounts.
NOTICE TO PURCHASER: The monthly payments, interest rates
or other terms of some loans may be adjusted by the noteholder
at or after closing. If you are concerned about the possibility
of future adjustments, do not sign the contract without
examining the notes and the instrument securing the note.
NOTICE TO SELLER: Your liability to pay the note assumed
by Purchaser will continue unless you obtain a release of
liability from the noteholder. If you are concerned about
future liability, you should use the a Release of Liability
Addendum.
PURCHASER:
____________________ ______________________
Date [purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________ ______________________
Date [seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
-------------------------------------------------------------
Note: This addendum is only necessary if the parties have
checked the option in Paragraph 4(C) above.
-------------------------------------------------------------
SELLER FINANCING ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT:
___________________________________________
(Address of Property)
A. CREDIT DOCUMENTATION: Within _____ days after the effective
date of this contract, Purchaser shall deliver to Seller:
[check all applicable items:] _____credit report _____verification
of employment, including salary _____verification of funds
on deposit in financial institutions _____current financial
statement to establish Purchaser's creditworthiness. Purchaser
hereby authorizes any credit reporting agency to furnish
to Seller at Purchaser's sole expense copies of Purchaser's
credit reports.
B. CREDIT APPROVAL: If Purchaser's documentation is not
delivered within the specified time, Seller may terminate
this contract by notice to Purchaser within 7 days after
expiration of the time for delivery, and the earnest money
will be paid to Seller. If the documentation is timely delivered,
and Seller determines in Seller's sole discretion that Purchaser's
credit is unacceptable, Seller may terminate this contract
by notice to Purchaser within 7 days after expiration of
the time for delivery and the earnest money will be refunded
to Purchaser. If Seller does not terminate this contract,
Seller will be deemed to have accepted Purchaser's credit.
C. PROMISSORY NOTE: The promissory note (Note) described
in Paragraph 4 of this contract payable by Purchaser to
the order of Seller will be payable at the place designated
by Seller. Purchaser may prepay the Note in whole or in
part at any time without penalty. Any prepayments are to
be applied to the payment of the installments of principal
last maturing and interest will immediately cease on the
prepaid principal. The Note will contain a provision for
payment of a late fee of 5% of any installment not paid
within 10 days of the due date. The Note will be payable
as follows:
_____ (1) In one payment due ____________________ after
the date of the Note with interest payable ___________________.
_____ (2) In ____________________ installments of $____________________,
[check all applicable items:] _____including interest _____plus
interest beginning ____________________ after the date of
the Note and continuing at ____________________ intervals
thereafter for ____________________ when the balance of
the Note will be due and payable.
_____ (3) Interest only in ____________________ installments
for the first ____________________ month(s) and thereafter
in installments of $____________________, [check all applicable
items:] _____including interest _____plus interest beginning
____________________ after the date of the Note and continuing
at ____________________ intervals thereafter for when the
balance of the Note will be due and payable.
D. SECURING INSTRUMENT: [Choose the appropriate instrument
authorized within the state:] A _____ mortgage, or _____
deed of trust lien, will provide for the following:
(1) PROPERTY TRANSFERS: [check only one:]
_____ (a) Consent Not Required: The Property may be sold,
conveyed or leased without the consent of Seller, provided
any subsequent Purchaser assumes the Note.
_____ (b) Consent Required: If all or any part of the Property
is sold, conveyed, leased for a period longer than 3 years,
leased with an option to purchase, or otherwise sold, without
the prior written consent of Seller, Seller may declare
the balance of the Note, to be immediately due and payable.
The creation of a subordinate lien, any conveyance under
threat or order of condemnation, any deed solely between
Purchasers, the passage of title by reason of the death
of a Purchaser or by operation of law will not entitle Seller
to exercise the remedies provided in this paragraph.
(2) TAX AND INSURANCE ESCROW: [check only one:]
_____ (a) Escrow Not Required: Purchaser shall furnish
Seller annually, before the taxes become delinquent, evidence
that all taxes on the Property have been paid. Purchaser
shall furnish Seller annually evidence of paid-up casualty
insurance naming Seller as an additional loss payee.
_____ (b) Escrow Required: With each installment Purchaser
shall deposit with Seller in escrow a pro rata part of the
estimated annual ad valorem taxes and casualty insurance
premiums for the Property. Purchaser shall pay any deficiency
within 30 days after notice from Seller. Purchaser's failure
to pay the deficiency constitutes a default under the securing
instrument. Purchaser is not required to deposit any escrow
payments for taxes and insurance that are deposited with
a superior lienholder. The casualty insurance must name
Seller as an additional loss payee.
(3) PRIOR LIENS: Any default under any lien superior to
the lien securing the Note constitutes default under the
deed of trust securing the Note.
PURCHASER:
____________________ _______________________
Date [purchaser's signature above/printed name below]
____________________________________________
[purchaser's signature above/printed name below]
SELLER:
____________________ _______________________
Date [seller's signature above/printed name below]
____________________________________________
[seller's signature above/printed name below]
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