The Apartment Sales Contract is a crucial legal document used in U.S. real estate transactions for the transfer of apartment ownership. This contract type is essential when selling or purchasing apartment units, whether they are condominiums, co-ops, or other multi-unit residential properties. It includes vital information such as property details, purchase price, payment terms, closing conditions, and various contingencies. The document must comply with federal regulations like the Fair Housing Act and RESPA, as well as state-specific real estate laws and local ordinances. It serves as the primary agreement between buyer and seller, establishing their rights and obligations throughout the transaction process.
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1. Parties: Identification of seller and buyer with complete legal names and addresses
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the apartment including address and legal description
5. Purchase Price: Amount and payment terms
6. Closing Details: Date, location, and requirements for closing
7. Representations and Warranties: Statements of fact by both parties
8. Default Provisions: Consequences of breach by either party
1. Financing Contingency: Terms related to buyer's ability to secure mortgage financing
2. Inspection Contingency: Terms related to property inspection rights and timeframes
3. Association Rules: Reference to HOA or condo association rules and requirements
1. Schedule A - Property Floor Plan: Detailed layout of the apartment
2. Schedule B - Title Documents: Current title documentation and search results
3. Schedule C - Property Disclosure Statement: Seller's disclosure of property condition and known issues
4. Schedule D - Association Documents: HOA/Condo association rules, bylaws, and financial statements
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