A Contract of Sale — Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law) is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and seller. It defines the parties involved in the transaction, the price to be paid, the date of the closing, and any other provisions relevant to the sale of a condominium unit. In addition, the contract includes a statement of disclosure of all material facts and information known to the seller, such as the status of the condominium's financing, insurance and maintenance. It also provides for a cooling-off period during which the buyer has the right to cancel the contract. The types of Contract of Sale — Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law) include: the Standard Condominium Unit Contract, the Condominium Unit Contract with Final Agreement, and the Condominium Unit Contract with Right of First Refusal. The Standard Condominium Unit Contract is the most commonly used and requires the buyer to provide a deposit and sign the contract. The Condominium Unit Contract with Final Agreement is intended for buyers who are purchasing a unit with additional terms and conditions, such as an option to purchase additional units in the future. The Condominium Unit Contract with Right of First Refusal is a contract that allows the buyer to purchase the unit before it is offered to other buyers.
A Contract of Sale — Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law) is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and seller. It defines the parties involved in the transaction, the price to be paid, the date of the closing, and any other provisions relevant to the sale of a condominium unit. In addition, the contract includes a statement of disclosure of all material facts and information known to the seller, such as the status of the condominium's financing, insurance and maintenance. It also provides for a cooling-off period during which the buyer has the right to cancel the contract. The types of Contract of Sale — Condominium Unit (approved by the New York City Bar Association's Committees on Cooperative and Condominium Law) include: the Standard Condominium Unit Contract, the Condominium Unit Contract with Final Agreement, and the Condominium Unit Contract with Right of First Refusal. The Standard Condominium Unit Contract is the most commonly used and requires the buyer to provide a deposit and sign the contract. The Condominium Unit Contract with Final Agreement is intended for buyers who are purchasing a unit with additional terms and conditions, such as an option to purchase additional units in the future. The Condominium Unit Contract with Right of First Refusal is a contract that allows the buyer to purchase the unit before it is offered to other buyers.
