Who needs a residential condominium contract?
Buyers and sellers of real property interested in its resale may use this contract for closing a deal. It’s been written for residents of Texas.
What is this contract for?
This contract establishes the terms of resale between the parties. It specifies the deadlines, prices, earnest money deposits, and attorney and broker’s fees. It contains a list of rights and obligations for a buyer and a seller as well as a list of required repairs and covers the issues of title insurance.
Is it accompanied by other forms?
Depending on the terms of agreement parties may include addenda for various purposes from credit approval to temporary residential lease.
When is this contract due?
This contract indicates conveyance of the real property, so the parties decide on the due date themselves.
How do I fill out a residential condominium contract?
There are 9 pages in this contract. All parties should read it carefully, because it is a legally binding document in the State of Texas. It starts with a description of property and condominium units, including the tangible property and parking area. The next part is dedicated to the bylaws and resale certificate form condominium owners association. After that, the parties should agree upon sales price, financing, earnest money and title policy. Then they can proceed to specifying the property condition. The following pages contain the terms of closing, settlement and other expenses. After determining the broker’s and attorney’s fees, prorations, casualty loss and mediation, all parties agree upon a termination option and sign the document.
Where do I send this contract?
Both the seller and the buyer must keep one copy of the document. The broker and the attorneys of the parties should also keep at least one copy of the contract. The Internal Revenue Service office may request a copy for taxation purposes.