This legally binding document governs the purchase and sale of a condominium unit. It covers all critical aspects of the transaction, from the initial offer through the final transfer of title. Both buyers and sellers should read each section carefully before signing.
The form sets out the total purchase price, the deposit amount, and any earnest money requirements. It establishes the timeline for securing a mortgage commitment, including the contingency period during which the buyer may withdraw without losing the deposit. The payment schedule leading to the closing date is also defined in this section.
At closing, the seller must deliver the unit with a clear title, free of undisclosed encumbrances. The form identifies which appliances, fixtures, and personal property transfer to the buyer and which items the seller retains. The seller must also satisfy any outstanding common charges, real estate taxes, and violations of record before the transfer date. A companion document for related transactions is the condominium sale contract, which covers similar obligations.
The buyer's obligation to proceed to closing depends on the absence of lawful violations against the unit and confirmation of the condominium's legal standing within the building. Closing adjustments apportion ongoing costs such as common charges and property taxes between both parties as of the transfer date. Buyers should request a written statement of all adjustments from the seller's attorney at least five days before closing. For broader property transactions, see our real estate purchase agreement template.
The seller typically warrants that all included appliances are in working order at the time of closing. The form may also include representations about known defects, existing litigation, and the status of the condominium association's finances. Buyers should request board minutes and financial statements from the condominium association before signing to assess the building's overall financial health.
Real estate transactions often involve multiple documents. If you are completing a property sale in New York, the New York real estate purchase agreement is a commonly required companion form. For transactions in other states, the Oklahoma real estate contract for sale, the Texas real estate sales contract, and the bar association real estate contract are also available on FormsPal.
| Question | Answer |
|---|---|
| Form Name | Contract Sale Condo Form |
| Form Length | 17 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 4 min 15 sec |
| Other names | ny contract sale, contract sale condominium, condo sale contract, condominium contract of sale new york |
