22. AGREEMENT OF THE PARTIES: This Agreement contains the entire agreement of the parties and may only be modified by their written agreement. The supplements that are part of this agreement are (check all applicable boxes): Each party involved in the purchase contract must also sign this document for it to come into effect. This is proof of each party`s acknowledgment and agreement that all the conditions set forth herein are met. 13. PRORATIONS: Taxes for the current year, interest, maintenance costs, regular condominium assessments, fees and rents are prorated until the closing date. If the current year`s taxes differ from the pro-rated amount at closing, the parties adjust the shares when the current year`s tax returns are available. If taxes are not paid at or before closing, the buyer will pay taxes for the current year. Cash reserves from regular condominium assessments for deferred maintenance or capital improvements established by the corporation will not be credited to the seller. Any special valuation of the apartment that is due and unpaid at closing is the responsibility of the seller. 18.
ASSIGNMENT: This Agreement may not be assigned without the consent of the other party, except for tax-free trade purposes, if you so wish. (a) The Buyer is provided by the Seller, the Statutes, Rules and Regulations, the Operating Budget and any other document applicable to the co-ownership and cooperative requested by the Buyer that are not privileged. 19. REPRESENTATIONS: Seller represents that, as of the closing date, there is (a) no lien, valuation or security right in the property that is not satisfied with the proceeds of the sale unless they guarantee payment of the loans assumed by buyer, (b) the loans accepted are not in default and (c) the seller is not aware of false statements or errors in the certificate or material changes in the information it contains. If any representation of seller in this Agreement or certificate is false on the closing date, Buyer may terminate this Agreement and the money will be refunded to Buyer. 20. GOVERNING LAW: This Agreement is governed by the laws of the 8th BROKERAGE FEE: All obligations of the parties to pay brokerage fees are contained in separate written agreements. C. The certificate of resale of the condominium corporation (the corporation) is referred to as the “certificate”. The certificate must be in a form promulgated by the State or required by the parties. 20.
FEDERAL TAX REQUIREMENTS: If seller is a “foreign person” within the meaning of applicable law, or if seller does not issue an affidavit to buyer that seller is not a “foreign person”, buyer must withhold from the proceeds of sale an amount sufficient to comply with applicable tax law and remit it to the Internal Revenue Service with appropriate tax forms. Internal Revenue Service regulations require the submission of written reports if a currency has been received in the transaction that exceeds certain amounts. The Addendum to the Condominium Owners` Association Purchase Agreement gives the buyer a certain amount of time to review all related condominium documents provided by the seller. In most cases, Buyer will have at least five (5) business days to approve the Association Documents to ensure that the fees and services offered are reasonable or up-to-date with market conditions. The addendum states that if for any reason the buyer disagrees, they may be able to send written notice to the seller and claim their deposit in full (if any). Indicate the full name of the party purchasing the condominium in the empty box that precedes the term “As a buyer”. The name must be entered exactly as it appears on the purchase contract. The full name of the party selling the condominium must also be transcribed from the purchase contract.
Look for the blank line that precedes the words “As a seller,” and then enter that information. The last area of the opening statement consists of three spaces (after the words “. Located in”, “City Of” and “State Of”). Use these areas to specify the street, city, and state where the condo is physically accessible. Company qualified to do and do business in the state. Seller shall, before or at the time of closing, comply with all outstanding mortgages, trust deeds and special liens relating to the property in question that are not expressly assumed by Buyer herein. The title must be good and marketable, subject only to the following registered in the office of the county registrar of that county; easements without intervention, applicable development regulations, protection agreements, restrictions and declarations for condominiums and previous mineral reserves; otherwise, Buyer may, at its discretion, either (a) if the defects cannot be corrected by the specified closing date, terminate this Agreement, in which case all money deposited will be returned, (b) accept ownership as is, or (c) if the defects are of such a nature that they can be corrected within a reasonable time by legal action, to grant the seller a reasonable period of time to carry out his spa work at the seller`s expense. .