What is a resale fee?

A resale fee is also often called a transfer fee. It's an amount charged when a home in an HOA is sold, with the fee going to the HOA.

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Agreement for the Sale and Purchase of a Condominium Unit

Montgomery Maryland Agreement for the Sale and Purchase of a Condominium Unit

Name: Montgomery Maryland Agreement for the Sale and Purchase of a Condominium Unit
Brand: US Legal Forms
Rating: 4.85 (327 reviews)

Category:

Real Estate - Condominiums

State:

Multi-State

County:

Montgomery

Control #:

US-01255BG

Format:

Instant download

Description

A condominium is a combination of co-ownership and individual ownership. Those who own an apartment or a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment or condominium unit in the building is individually owned. This Agreement for the Sale and Purchase of a Condominium Unit is similar to an agreement for the sale and purchase of a lot and building.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Montgomery Maryland Agreement For The Sale And Purchase Of A Condominium Unit?

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FAQ

Buyer has fifteen days from receipt of public offering statement to cancel the contract, unless the sale closes before the fifteen days have elapsed. Seller must provide: Condominium Declaration. Articles of Incorporation (or other document that creates the association).

Resale certificates are legally required documents ensuring that buyers have full disclosure before purchasing a property.

Resale packages are not a community expense. The seller of the home is responsible for the cost. American Community Management offers several options when purchasing a resale package.

In Washington DC: New condos are afforded a 15 day right of rescission from the date of receipt of the public offering statement package. Resale condos are afforded 3 business days beginning the day following the date of receipt of the resale package.

According to the Maryland Condominium Act, buyers purchasing in a Maryland association are afforded an automatic seven-day contingency to review association documents and can back out of the transaction for any reason during the contingency period.

A resale fee is also often called a transfer fee. It's an amount charged when a home in an HOA is sold, with the fee going to the HOA.

When you are buying a home that belongs to a Condo or Homeowners Association, Virginia law requires that you receive a resale packet. The law gives homebuyers 72 hours to review the resale packet (also called the HOA Docs or the Condo Docs) and, if necessary, to cancel the contract within that period of time.

Under Section 11-104(e) of the Maryland Condominium Act, condominium bylaws may only be amended upon a vote of two-thirds (66 2/3 percent) of the unit owners. Approved House Bill 789 would reduce this to 55 percent. Significantly, it would also permit the bylaws themselves to establish a percentage as low as 51%.

In 2020, a new law was enacted to require condos, coops and HOAs in Prince George's County, Maryland to obtain a study of the association needs for future major replacement and repair of common property, and require the annual budget of condos and coops to provide funds for future repair work.

More info

Unit: Seller agrees to sell and convey, and Purchaser agrees to purchase, Unit No. ("Unit") in the building. ("Building") known as.PROPERTY ADDRESS: ("Property"). 5. (address). Related to purchasing and living in a condominium. After completing the application process, you will be placed on a waiting list in order to purchase an MPDU. Please complete the Waiver and Confidentiality Agreement to view the leases. A statement that the property is to consist of units and common elements as shown in a declaration plan. This contract is appropriate for the sale of a newly constructed condominium unit. Purchasing a condo may be more difficult than purchasing a house. Lenders are very careful when giving out loans for this type of residence.

Montgomery Maryland Agreement for the Sale and Purchase of a Condominium Unit

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FAQ

What is the right of rescission period after receipt of the condominium documents when a buyer is purchasing a new condominium from the developer?

Is a HOA resale certificate required in Maryland?

Who pays for the HOA resale package in Maryland?

How many days do you have to review condo docs in DC?

How many days do you have to review condo docs in Maryland?

What is a resale fee?

How long do you have to review condo docs in Virginia?

What is required for amending the bylaws of a Maryland condominium?

What are new rules of the Maryland Condominium Act?

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