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SL2022 Contract of sale, condominium unit, 487 Prepared by The Committee on Real Property Law of the Association of the Bar of the City of New York Note: This form is intended to deal with matters
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How to fill out condominium contract of sale
How to fill out a condominium contract of sale:
01
Gather all necessary information: Before filling out the contract, make sure you have all the required details. This includes the names and contact information of both the buyer and seller, the address of the condominium unit, the purchase price, and any additional terms or conditions.
02
Review the terms and conditions: Carefully read through the contract to understand the terms and conditions outlined. This may include information regarding the deposit, financing contingencies, closing date, and any other important provisions.
03
Fill in the personal details: Begin by entering the buyer's and seller's names, addresses, phone numbers, and email addresses in the designated spaces provided. Ensure that all information is accurate and up to date.
04
Describe the condominium unit: Specify the address and any identifying information related to the condominium unit being sold. This may include the unit number, floor level, and any unique features or amenities.
05
Outline the purchase price and payment terms: Indicate the agreed-upon purchase price for the condominium unit. Include details regarding the initial deposit, any subsequent payments, and the method of payment (e.g., cash, check, or financing).
06
Include any contingencies or conditions: If there are any contingencies or conditions that must be met for the sale to proceed, clearly state them in this section. This may involve obtaining financing approval, conducting inspections, or resolving any existing liens or encumbrances on the property.
07
Add any additional terms or provisions: If there are any specific terms or provisions agreed upon by the buyer and seller, such as repairs to be made prior to closing or repairs to be completed after closing, include them in this section.
08
Review and sign: Once all the necessary information has been filled out, carefully review the contract to ensure accuracy and clarity. Both the buyer and seller should sign and date the document.
Who needs a condominium contract of sale?
A condominium contract of sale is required for anyone involved in the purchase or sale of a condominium unit. This includes the seller, who intends to transfer the ownership rights of the unit, and the buyer, who wishes to acquire ownership of the condominium. Having a legally binding contract protects both parties by clearly outlining the terms and conditions of the sale, ensuring a smooth transaction.
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What is condominium contract of sale?
Condominium contract of sale is a legal document outlining the terms and conditions of the sale of a condominium unit.
Who is required to file condominium contract of sale?
The seller of the condominium unit is required to file the condominium contract of sale.
How to fill out condominium contract of sale?
To fill out a condominium contract of sale, the seller needs to provide information about the property, sale price, and terms of the sale.
What is the purpose of condominium contract of sale?
The purpose of condominium contract of sale is to establish the agreed-upon terms of the sale and protect the rights of both the buyer and seller.
What information must be reported on condominium contract of sale?
The condominium contract of sale must include details about the property, sale price, payment terms, and any contingencies.
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