What's the difference between a condo and a complex?

Apartments are typically housed within a complex of dozens or hundreds of similar units, and the units are owned by a single entity and leased out. A condo is owned by one individual (or couple, etc) and is either owner-occupied or rented out.

What are the different types of condominium house?

There are two main types of condominiums: freehold and leasehold....Freehold condominium corporations STANDARD CONDOMINIUM CORPORATIONS. When you buy a condominium, you are likely buying a unit in a standard condominium corporation. ... COMMON ELEMENTS CONDOMINIUM CORPORATIONS. ... VACANT LAND CONDOMINIUM CORPORATIONS.

What is a purchase and sale agreement Massachusetts?

The purchase and sale agreement is the contract between the buyer and seller of real estate. It sets out the obligations of each party from the time the property is taken off the market to the closing. A standard form agreement is used in most residential real estate transactions in Massachusetts.

What is the difference between a condo and a condo apt?

The biggest difference between a condo and an apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo can be similar in structure to an apartment usually a unit within a larger residential building but condos are owned instead of rented.

What are the forms of condos?

There are two primary kinds of condos: freehold and leasehold. With freehold condos, the unit is owned by the tenant outright. Leasehold condos have tenants with contracts with their landlord instead of owning the unit.

Who writes the purchase and sale agreement in Massachusetts?

The seller's agent or attorney will draft the Purchase and Sale Agreement (P&S).

What is the difference between a common element condo and a standard condo?

In contrast to condominium units, common elements are not for the exclusive use of a particular unit owner, but rather, available for use by all of the condominium owners and their tenants. Common elements consist of those things that are not described and registered as a condominium unit.

What documentation in regard to the condominium would you request from the seller?

condominium documentation? A paralegal who is assisting in the closing of a purchase of a condominium unit would request from the seller copies of all the condominium documentation, such as the declaration, plat, articles of incorporation, and bylaws of the condominium association.

Get Purchase And Sale Agreement Ma

Q: Who writes the purchase and sale agreement in Massachusetts?

The seller&#039;s agent or attorney will draft the Purchase and Sale Agreement (P&amp;S).

G R E A T E R B O S T O N R E A L E S T A T E B O A R D STANDARD FORM CONDOMINIUM PURCHASE & SALE AGREEMENT From the Office of: 1. PARTIES AND MAILING ADDRESSES (fill in) This day of , 20 hereinafter.

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