____________________ CONDOMINIUM PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") entered into this ______ day of ______________, _____, by and between ___________________, as "Seller" and _______________________________________________, as "Buyer", whose address is _________________________________________. WITNESSETH: 1. Description of Property. Buyer agrees to purchase the following property which is a part of or which shall become a part of ________________________ as the same is recorded in the Office of the ________ County Recorder upon completion of construction of the proposed Unit: Known as and being (Proposed) Unit No. _______ (the “Unit”) in _________________, _______ County, ________ together with an undivided interest in all common areas in ___________________ as specifically provided in Exhibit _____ of the Declaration of Condominium Ownership as shown on the drawings which are part of the Declaration of Condominium Ownership, and also being located at _____________________.. subject to the following terms and conditions. 2. Purchase Price. Buyer shall pay to Seller as the purchase price the total sum of ____________________________________________ Dollars($______________), payable as follows: (a) (b) (c) (b) Upon execution of this Agreement: Upon the Unit being under roof: Upon completion of dry wall: Remainder of purchase price at date of closing: $_________ $_________ $_________
3. Other Payments. Buyer shall pay to the Condominium Association at the time of closing, in addition to the purchase price, an initial working capital contribution in an amount equal to the projected first ______ monthly assessments for Buyer's percentage of the common expenses determined by and to be paid in accordance with the Declaration; the monthly assessment is presently estimated to be $_______ per month. This amount will not be credited to regular monthly payments of Buyer's assessment and will not be refunded upon sale.
4. Disclosure Statement. Buyer hereby acknowledges receipt from Seller of a Disclosure Statement which includes, among other things, a copy of the Declaration and Bylaws, estimated assessment expenses and other Exhibits referred to in the Declaration. 5. Governing Documents. The sale and purchase herein shall be subject to the Disclosure Statement referred to above and all Exhibits attached thereto and shall further be subject to the Declaration of Condominium Ownership which shall define and control ownership, use and occupancy of the Condomin