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CONDOMINIUM RESALE PURCHASE AND SALES AGREEMENT Rhode Island Association of REALTORS Standard Form 1. SALES AGREEMENT((Agreement) made between...................... ................. .. ..... ...
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How to fill out condominium resale purchase and
How to fill out condominium resale purchase and?
01
Gather all necessary documents, including the original sales contract, condominium association bylaws, and any amendments, the condominium resale certificate, and the current financial statements of the association.
02
Review the documents thoroughly to understand the terms and conditions, rules and regulations, fees, and any pending assessments related to the resale.
03
Complete the purchase and sale agreement, providing accurate and detailed information about the buyer, seller, and property. Include any agreed-upon contingencies or special conditions.
04
Inquire about any outstanding assessments or liens on the property and ensure they are disclosed in the contract.
05
Obtain financing or secure the necessary funds to complete the purchase. Work with a lender or mortgage broker to complete the necessary paperwork.
06
Conduct a thorough inspection of the property to identify any potential issues or repairs needed. Request any necessary repairs or adjustments to the purchase price based on the inspection results.
07
Coordinate with the condominium association to transfer ownership. Provide the necessary documents and fees required by the association to complete the transfer.
08
Close the sale by signing all necessary documents and paying the closing costs. Ensure all parties involved, including the buyer, seller, and any agents or attorneys, are present at the closing.
09
After the closing, obtain copies of all documents related to the purchase, including the deed, title insurance policy, and closing statement. Keep these documents in a safe place for future reference.
Who needs condominium resale purchase and?
01
Buyers who are interested in purchasing a condominium unit in a resale transaction.
02
Sellers who intend to sell their condominium unit and need to provide necessary documentation and information to potential buyers.
03
Condominium associations or governing bodies who require the completion of a resale purchase and to maintain accurate and up-to-date records of unit transfers.
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What is condominium resale purchase?
A condominium resale purchase refers to the transaction of buying an existing condominium unit from its current owner, rather than purchasing a newly constructed unit. This process involves a transfer of ownership of the property and typically includes various documents and negotiations.
Who is required to file condominium resale purchase?
The seller of the condominium unit is typically required to file the condominium resale purchase documents, along with the buyer, to complete the transaction and ensure that all necessary legal requirements are met.
How to fill out condominium resale purchase?
To fill out a condominium resale purchase, the parties involved must complete the required forms, providing information about the property, the buyer and seller, and any terms or conditions of the sale. It's important to follow local laws and guidelines when filling out these forms.
What is the purpose of condominium resale purchase?
The purpose of a condominium resale purchase is to legally transfer ownership of the condominium unit from the seller to the buyer. This process ensures that all legal obligations and disclosures are met, and it protects the rights of both parties in the transaction.
What information must be reported on condominium resale purchase?
The condominium resale purchase must include information such as the names of the buyer and seller, the legal description of the property, purchase price, any financing details, and disclosures related to the condominium association, including fees and rules.
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