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Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage Powered By Docstoc
					           Agreement to Purchase Condominium with Purchase Money
          Mortgage Financing by Seller, and Subject to Existing Mortgage

Agreement made on the (date), between (Name of Seller) of (street address, city,
county, state, zip code), referred to herein as Seller, and (Name of Purchaser), of (street
address, city, county, state, zip code), referred to herein as Purchaser.

1.    Property to be Purchased. Seller shall sell and convey, and Purchaser shall
purchase, the following described property (hereinafter called Premises):

       The condominium unit designated as Apartment (number) in the building
       commonly known as (number) at (street address, city, county, state, zip code),
       which unit is so designated in a certain (title of condominium declaration) which
       establishes a plan for condominium ownership of the building and the land on
       which it stands (said building and land being hereafter jointly and severally
       referred to as Property), which Declaration is dated (date), and was recorded in
       the (specify recording office) of county), in Book (number), Page (number), on
       (date).

       The land upon which the building stands is bounded and described as follows:

                                (Legal description of land)

Seller shall also sell and convey, and Purchaser shall also purchase an undivided
_____% interest, in common with the other unit owners, in the common elements of the
Property, as the same are described in the Declaration, together with the following:

Together with and subject to an easement, as long as the building shall stand, for the
maintenance of any and all encroachments by or upon the unit, upon or by any other
unit or units or common elements, now existing as a result of construction of the
building, or which may later come into existence as a result of settling of the building or
in any other way save deliberate act of the owner or owners of the encroaching unit or
units.

Together with and subject to an easement in common with the other unit owners, to use
all pipes, ducts, conduits, wires, cables, utility lines and the like, and other common
elements, located in any of the other units or elsewhere on the property, which serve
the unit here contracted to be sold.

Together with an exclusive easement for the use of the terrace to which the unit here
contracted to be sold has exclusive access.
Together with Seller's undivided interest, if any, in streets as set forth in Section 11.

Subject to the provisions of the Bylaws, a true copy of which is annexed to the
Declaration, as the same may be amended from time to time as provided in
(condominium statute of state) which shall constitute covenants running with the land
and shall bind every person or persons for the time being having any interest or estate
in the unit.

2.      Personal Property. The sale also includes all fixtures and articles of personal
property attached to or used in connection with the Premises, unless specifically
excluded below. Seller states that they are paid for and owned by Seller free and clear
of any lien other than the Existing Mortgage. They include but are not limited to
plumbing, heating, lighting and cooking fixtures, bathroom and kitchen cabinets,
mantels, door mirrors, venetian blinds, shades, screens, awnings, storm windows,
window boxes, mail boxes, dishwashers, washing machines, clothes dryers, garbage
disposal units, ranges, refrigerators, freezers, air conditioning equipment and
installations, and wall to wall carpeting. Excluded from this sale are: furniture and
household furnishings and (specify other excluded personal property).

3.    Use of Premises. The Purchaser agrees that the Premises will be used as a
personal dwelling only.

4.     Purchase Price

       A.     The purchase price is $____________, payable as follows:

              1.    On the signing of this contract, by certified or cashier’s check, the
              sum of $________________;

              2.    Assumption of the principal amount still unpaid on Existing
              Mortgage, said principal amount being set forth in Section 5 below;

              3.    By a Purchase Money Note and Deed of Trust (or Mortgage) from
              Purchaser to Seller in the amount of $_________________; and

              4.     The sum of $______________ at Closing.

       B.     Said Purchase Money Note and Deed of Trust (or Mortgage) will also
       provide that it will remain subject to the prior lien of any Existing Mortgage, even
       though the Existing Mortgage is extended or modified in good faith. The
       Purchase Money Note and Deed of Trust (or Mortgage) shall be drawn in a
       standard FNMA type form.
       C.    If any required payments are made on an Existing Mortgage between now
       and Closing which reduce the unpaid principal amount of an Existing Mortgage
       below the amount shown in Section 5, then the balance of the price payable at
       Closing will be adjusted. Seller agrees that the amount shown in Section 5 is
       reasonably correct and that only payments required by the Existing Mortgage will
       be made.

       D.      If there is a mortgage escrow account that is maintained for the purpose of
       paying taxes, insurance, or other items, then Seller shall assign it to Purchaser, if
       it can be assigned. In that event Purchaser shall pay the amount in the escrow
       account to Seller at Closing.

5.      Existing Mortgage. The Premises will be conveyed subject to the continuing lien
of the Existing Mortgage as follows: Mortgage now in the unpaid principal amount of
$___________ and interest at the rate of ____% per year, presently payable in
installments of $___________ which include principal and interest, and with any
balance of principal being due and payable on (date). Seller covenants that he will
obtain any necessary consent to this sale from the Existing Mortgagee prior to Closing.

6.     Consent to Sale Required
       A.     The Purchaser understands and agrees that this sale is subject to the
       prior written consent of the Board of Managers, as provided in the Bylaws. Seller
       agrees to submit a fully executed copy of this contract to the Board of Managers
       promptly following its execution. Purchaser agrees to submit to the Board
       promptly following the execution of this contract such references as may be
       required by the Board and to cooperate in any way reasonably required to obtain
       such consent, including personal appearance before the Board or a committee of
       the Board. The obtaining of such consent shall be the sole responsibility of the
       Purchaser.

       B.     If the Board shall refuse to give its consent to the sale, then unless such
       refusal was induced by the lack of cooperation of the Purchaser, the rights of the
       Purchaser shall be the same as if the Seller had been unable to transfer title in
       accordance with this contract, as specified in Section 17 of this contract.

7.    Title. Seller shall give and Purchaser shall accept such title as (name of title
insurance company) will be willing to approve and insure in accordance with its
standard form of title policy, subject only to the condominium plan; the Existing
Mortgage; recorded easements, applicable zoning ordinances, recorded protective
covenants and prior recorded mineral reservations.
8.     Closing Defined and Form of Deed. Closing means the settleme
				
DOCUMENT INFO
Description: This form is a contract to purchase a condominium with the purchaser assuming an existing mortgage covering the premises and giving the seller a promissory note secured by a mortgage or deed of trust for the remainder of the purchase price. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),