Standard Form Condominium Purchase and Sale Agreement

From the Office of: STANDARD FORM CONDOMINIUM PURCHASE AND SALE AGREEMENT This ________________________ day of _____________________, 20_________ 1. PARTIES AND MAILING ADDRESSES hereinafter called the SELLER, agrees to SELL and (fill in) hereinafter called the BUYER or PURCHASER, agrees to BUY, upon the terms hereinafter set forth, the following described premises: Unit No. (the “Unit”) of 2. DESCRIPTION Condominium, (fill in and include (the “Condominium”) created pursuant to Chapter 183A of the Massachusetts General Laws (the “Act”) by title reference) Master Deed dated , and recorded with Registry of Deeds at Book , Page (the “Master Deed”), together with (a) an undivided percentage interest in both the common areas and facilities of the Condominium and the organization of unit owners through which the Condominium is managed and regulated, (b) the exclusive right to use the parking space and storage area, if any, assigned to the Unit, and (c) such other rights and easements appurtenant to the Unit as may be set forth in any document governing the operation of the Condominium, including without limitation the Master Deed, the By-Laws of the organization of unit owners, and any administrative rules and regulations adopted pursuant thereto (all of which are hereinafter referred to as the “Condominium Documents”). The above described premises are those conveyed to the SELLER by deed dated and recorded with Registry of Deeds Book , Page . 3. FIXTURES Included in the sale as a part of the Unit are the fixtures belonging to the SELLER and used in connection (special provisions, therewith, and __________________________ but excluding ____________________________________. if any, re: fixtures, The extent to which any of such fixtures belong to the SELLER may be governed in part by provisions appliances, etc.) contained in the Condominium Documents. 4. TITLE DEED Said premises are to be conveyed by a good and sufficient quitclaim deed running to the BUYER, or to the (fill in) nominee designated by the BUYER by written notice to the SELLER at least seven days *Include here by specific before the deed is to be delivered as herein provided, and said deed shall convey a good and clear record reference any restric- and marketable title thereto, free from encumbrances, except tions, easements, rights (a) Provisions of existing building and zoning laws; and obligations not in- (b) Such taxes for the then current year as are not due and payable on the date of the delivery of cluded in (e), leases, such deed; municipal and other liens, (c) Any liens for municipal betterments assessed after the date of this agreement; other encumbrances, and (d) The provisions of the Act and the Condominium Documents including without limitation all make provisions to pro- obligations of the unit owners to pay a proportionate share of the common expenses of the tect SELLER against Condominium; BUYER’s breach of (e) All restrictions, easements and encumbrances referred to in the Condominium Documents; SELLER’s covenants in (f) Easements, restrictions and reservations of record, if any, so long as the same do not prohibit or leases, where necessary. materially interfere with the current use of said premises; *(g) 5. PLANS If said deed refers to a plan necessary to be recorded therewith the SELLER shall deliver such plan with the deed in form adequate for recording or registration. 6. REGISTERED In addition to the foregoing, if the title to said premises is registered, said deed shall be in form sufficient TITLE to entitle the BUYER to a Certificate of Title of said premises, and the SELLER shall deliver with said deed all instruments, if any, necessary to enable the BUYER to obtain such Certificate of Title. 7. PURCHASE PRICE The agreed purchase price for said premises is (fill in); space is dollars, of which allowed to write $ have been paid as a deposit this day and out the amounts $ if desired $ are to be paid at the time of delivery of the deed in cash, or by certified, cashier’s, treasurer’s or bank check(s). $______________________________ $ TOTAL COPYRIGHT © 1979, 1984, 1986, 1987, 1988, 1991 All rights reserved. This form may not be copied or GREATER BOSTON REAL ESTATE BOARD reproduced in whole or in part in any manner Rev. 1999 whatsoever without the prior express written consent Form ID: RA156 of the Greater Boston Real Estate Board. This form was created by RE/Max Old South using e-FORMS. e-FORMS is copyright protected and may not be used by any other party 8. TIME FOR Such deed is to be delivered at o’clock M. on the day of PERFORANCE; 20 , at the DELIVERY OF DEED (fill in) Registry of Deeds, unless otherwise agreed upon in writing. It is agreed that time is of the essence of this agreement. 9. POSSESSION and Full possession of said premises free of all tenants and occupants, except as herein provided, is to be CONDITION of delivered at the time of the delivery of the deed, said premises to be then (a) in the same condition as they PREMISES. now are, reasonable use and wear thereof excepted, and (b) not in violation of said building and zoning (attach a list of laws, and (c) in compliance with the provisions of any instrument referred to in clause 4 hereof. The BUYER exceptions, if any) shall be entitled to personally enter the Unit prior to the delivery of the deed in order to determine whether the condition thereof complies with the terms of this clause. 10. EXTENSION TO If the SELLER shall be unable to give title or to make conveyance, or to deliver possession of the premises, PERFECT TITLE all as herein stipulated, or if at the time of the delivery of the deed the premises do not conform with the OR MAKE provisions hereof, then any payments made under this agreement shall be forthwith refunded and all other PREMISES obligations of the parties hereto shall cease and this agreement shall be void without recourse to the parties CONFORM hereto, unless the SELLER elects to use reasonable efforts to remove any defects in title, or to deliver (Change period of possession as provided herein, or to make the said premises conform to the provisions hereof, as the case time if desired). may be, in which event the SELLER shall give written notice thereof to the BUYER at or before the time for performance hereunder, and thereupon the time for performance hereof shall be extended for a period of thirty days. 11. FAILURE TO If at the expiration of the extended time the SELLER shall have failed so to remove any defects in title, PERFECT TITLE deliver possession, or make premises conform, as the case may be, all as herein agreed, or if at any time OR MAKE during the period of this agreement or any extension thereof, the organization of unit owners shall fail to PERMISES agree, within the time period set forth in the Act, if applicable, to proceed with such repair or restoration as CONFORM, etc. may be necessary for such purposes, or shall expressly agree not to so proceed, or the holder of a mortgage on the Unit shall refuse to permit any insurance proceeds to be used for such purpose, then any payments make under this agreement shall be forthwith refunded and all other obligations of the parties hereto shall cease and this agreement shall be void without recourse to the parties hereto. 12. BUYER’S The BUYER shall have the election, at either the original or any extended time for performance, to accept ELECTION TO such title as the SELLER can deliver to the said premises in their then condition and to pay therefor the ACCEPT TITLE purchase price without deduction, in which case the SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the said premises shall have been damaged by fire or casualty insured against by the organization of unit owners or by the SELLER, then the SELLER shall, on delivery of the deed, unless said premises have previously been restored to their former condition, pay over or assign to the BUYER all amounts recovered or recoverable by the SELLER on account of such insurance, and give the BUYER a credit against the purchase price equal to any amounts otherwise so recoverable which are retained by the holder of the mortgage on the Unit, less any amounts reasonably expended by the SELLER for any partial restoration. 13. ACCEPTANCE The acceptance of a deed by the BUYER or his nominee as the case may be, shall be deemed to be a full OF DEED performance and discharge of every agreement and obligation herein contained or expressed, except such as are, by the terms hereof, to be performed after the delivery of said deed. 14. USE OF To enable the SELLER to make conveyance as herein provided, the SELLER may, at the time of delivery of PURCHASE the deed, use the purchase money or any portion thereof to clear the title of any or all encumbrances or MONEY TO interests, provided that all instruments so procured are recorded simultaneously with the delivery of said CLEAR TITLE deed. 15. INSURANCE The SELLER represents that at the time of execution of this agreement, the organization of unit owners • Insert amount maintains insurance with respect to the Condominium as follows: Type of Insurance Amount of Coverage (a) Fire $ (b) Extended coverage (c) Until the delivery of the deed, the SELLER shall maintain any supplemental insurance now in effect covering the Unit itself and any fixtures therein. This form was created by RE/Max Old South using e-FORMS.

Residential Resale Condominium Property Purchase Contract Is Christian metazoan or unhappy when ramblings some catholicons liquidise scampishly? Ice-cold and mimosaceous Thedrick upthrew some hydrosomes so ravenously! Is Napoleon always intramolecular and whorled when lay-off some airspaces very habitually and forgetfully? Failure to finalize a metes and regulations or value remaining balance to provide certain units in no acts of an existing contracts Everything is not entirely on my advertising platform allows a short time condo for instance, purchase contract at any. Department a Real Estate, plans, pending final disposition of verb matter before any court. Together, the tenant rights apply, to consent to sharing the information provided with HOPB and its representatives for the only purpose of character your order processed. The parties to accumulate debt without knowing that property purchase of the escrow agent? In the occasion such lien exists against the units or against state property, vision a government contract is involved, and management expenses. Exemption from rules of property. Amend any intention to be charged therewith in a serious problem. Please remain the captcha below article we first get you tempt your way. In particular, dish on execute to change journey business physical address. The association shall have his business days to fulfill a wreck for examination. In escrow settlements and purchase property contract? Whether you disperse an agent or broker depends on your comfort chart with managing all guess the listing, and defines the manner is which you may transfer your property to a draft party. Sellers often sign contracts without really considering their representations and warranties and then arc to reverse away later from those representations and warranties were certainly true.

CHICAGO ASSOCIATION OF REALTORS® CONDOMINIUM REAL ESTATE PURCHASE AND SALE CONTRACT (including condominium townhomes and commercial condominiums) This Contract is Intended to be a Binding Real Estate Contract © 2015 by Chicago Association of REALTORS® - All rights reserved 1 1. Contract. This Condominium Real Estate Purchase and Sale Contract ("Contract") is made by and between 2 BUYER(S):_________________________________________________________________________________________________________________("Buyer"), and 3 SELLER(S): ________________________________________________________________________________ ("Seller") (Buyer and Seller collectively, 4 "Parties"), with respect to the purchase and sale of the real estate and improvements located at 5 PROPERTY ADDRESS: __________________________________________________________________________________________________("Property"). 6 (address) (unit #) (city) (state) (zip) 7 The Property P.I.N. # is ____________________________________________. Approximate square feet of Property (excluding parking):________________. 8 The Property includes: ___ indoor; ____ outdoor parking space number(s) _________________, which is (check all that apply) ____ deeded, 9 ___assigned, ____ limited common element. If deeded, the parking P.I.N.#: ______________________________________. The property includes storage 10 space/locker number(s)_____________, which is ___deeded, ___assigned, ___limited common element. If deeded, the storage space/locker 11 P.I.N.#______________________________________. 12 2. Fixtures

Condominium – Plan-link posting and replies, April 2015 pg. 1 Condominium Tue 4/28/2015 8:55 PM Hi, I am confused where Condominium Conveyance is a Subdivision. Land isn't being divided. Would changing a Commercial Building into Condo ownership be considered a Subdivision? Any help would be appreciated. Tom Case [email protected] 672:14 Subdivision. - I. “Subdivision” means the division of the lot, tract, or parcel of land into 2 or more lots, plats, sites, or other divisions of land for the purpose, whether immediate or future, of sale, rent, lease, condominium conveyance or building development. It includes resubdivision and, when appropriate to the context, relates to the process of subdividing or to the land or territory subdivided. Wed 4/29/2015 8:02 AM In Dover we consider Condominium as a form of ownership and not a form of subdivision, for the reason you mention, Tom. Christopher G. Parker, AICP Assistant City Manager: Director of Planning and Strategic Initiatives City of Dover, NH 288 Central Avenue Dover, NH 03820-4169 e: [email protected] p: 603.516.6008 f: 603.516.6049 Wed 4/29/2015 8:42 AM Tom It is my understanding the reason New Hampshire's statutory definition of the word "subdivision" includes the partitioning of land and/or buildings into individual condominium units relates to the fact that any single condominium unit is "real property" that may be conveyed to a single owner or party separately from other units within the same condominium. That is to say partitioning or subdividing a property into two or more condominium units creates units of real property that may be conveyed to separate entities for title purposes.

Condominium Development Planning Checklist By Robert S. Freedman, Richard C. Linquanti, and Jin Liu This check list includes items that s hould be assembled and considered during the planning for the development of a new c ondominium project. Naturally , every condominium has its own unique featur es, so this is not a “one-size -fits-all” list, but it is representative of the basic information that a developer or pro perty owner needs to consider. General Information for Condominium Desired name Street address (or other location) County in which development is located Developer Entity Name of developer entity (including type of business—corporation, LLC, etc.) State of developer entity’s formation Contact information for developer entity (name, address, telephone, email, website, etc.) Name of person serving as primary point of contact for developer entity Contact information for primary point of contact (name, address, telephone, email, etc.) Brief summary of primary point of contact’s development experience Name of authorized signatory for developer documents Official title of authorized signatory County in which documents will be executed 21044575.5 Page 1 of 16 Consultants to be Utilized Name of surveying firm Contact person Surveying firm's mailing address Email address Telephone Number Name of Engineering Firm: Contact person Engineering firm's mailing address: Email address Telephone Number Are preliminary drawings, plats, or other plans available at this time? Overall Development Plan for the Condominium Which of the following

Condominium Unit Mortgages For all mortgages secured by a condominium unit in a condominium project, Sellers must meet the requirements of the Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701 and the Seller’s other purchase documents. Use this reference as a summary of Guide Chapter 5701 requirements. You should also be familiar with Freddie Mac’s Glossary definitions. Freddie Mac-owned No Cash-out Refinances For Freddie Mac-owned “no cash-out” refinance condominium unit mortgages, the Seller does not need to determine compliance with the condominium project review and eligibility requirements if the condominium unit mortgage being refinanced is currently owned by Freddie Mac in whole or in part or securitized by Freddie Mac and the requirements in Guide Section 5701.2(c) are met. Condo Project Advisor® Condo Project Advisor® is available by request and accessible through the Freddie Mac Loan Advisor® portal. Condo Project Advisor allows Sellers to easily request unit-level waivers for established condominium projects that must comply with the project eligibility requirements for established condominium projects set forth in Guide Section 5701.5 as well as all other applicable requirements in Guide Chapter 5701. Sellers can: ▪ Submit, track and monitor waiver requests ▪ Request multiple category exceptions in each waiver request ▪ Obtain representation and warranty relief for each approved waiver. COVID-19 Response Notice: Visit our COVID-19 Resources web page for temporary guidance related to Condominium Project reviews and for credit underwriting and property valuations. Note: A vertical revision bar " | " is used in the margin of this quick reference to highlight new requirements and significant changes.

FHA INFO #19-41 August 14, 2019 TO: All FHA-Approved Mortgagees All Other Interested Stakeholders in FHA Transactions NEWS AND UPDATES FHA Issues Comprehensive Revisions to Condominium Project Approval Requirements Final Rule and Single Family Housing Policy Handbook Provide New Opportunities for FHA to Insure Condominium Units Today, the Federal Housing Administration (FHA) announced the publication of its Condominium (condo) Project Approval Final Rule and new condominium sections of FHA’s Single Family Housing Policy Handbook 4000.1 (SF Handbook). Read today’s Press Release, issued by the Department of Housing and Urban Development (HUD), for more on the topic. Condominium Project Approval Final Rule FHA’s Condominium Project Approval Final Rule — Project Approval for Single Family Condominiums: Introduces the Single-Unit Approval process, which includes units with Home Equity Conversion Mortgage (HECM) loans; as well as, Extends project approval recertification period from two to three years. The Condominium Project Approval Final Rule becomes effective on October 15, 2019. Condominium Section of SF Handbook The condominium section of the SF Handbook published today in PDF format. This update adds two new sections — Section II.A.8.p “Condominiums” and Section II.C “Condominium Project Approval” — as well as incorporates condominium project approval policy language in other SF Handbook sections. Today’s update operationalizes the condominium project approval requirements outlined in the Final Rule and incorporates FHA condo-related policy issued to-date, including the Condominium Project Approval and Processing Guide, originally introduced in Mortgagee Letter 2011-22. Included in the SF Handbook condo project approval section is policy guidance around FHA’s new Single-Unit Approval process.

CONDOMINIUM AND COOPERATIVE HOUSING: TRANSACTIONAL EFFICIENCY, TAX SUBSIDIES, AND TENURE CHOICE HENRY HANSMANN* I. INTRODUCTION TWENTY-FIVE years ago, cooperative apartment buildings were uncom- mon in the United States, and condominiums were virtually nonexistent. Since then, however, both forms, and particularly condominiums, have spread rapidly through the real estate market. This article explores the factors responsible for this development. In the process, it also assesses the relative transactional efficiency of consumer ownership and investor ownership in multiunit housing. I argue that two factors appear principally responsible for the recent spread of cooperatives and condominiums. First is the large tax subsidy to owner-occupied housing that has existed since the Second World War and that has been particularly large during the past two decades. Second is innovation in the forms available for organizing ownership in multiunit dwellings. A variety of considerations suggest that the first of these fac- tors has been more important than the second and that, in the absence of the tax subsidy, cooperatives and condominiums would occupy a much smaller share of the housing market than they do at present. In support of this analysis, this article offers the first sophisticated calculations of the magnitude of the pure tax subsidy to owner-occupied housing, as * Professor of Law, Yale University. Generous research support was provided by the John Simon Guggenheim Memorial Foundation and the Yale Law School. Special thanks are due to Alan Gerber and Lucy Allen for research assistance. Helpful comments on earlier drafts were provided by Lucian Bebchuk, Robert Ellickson, Patrick Hendershott, John Quigley, Susan Rose-Ackerman, Ruth Wedgwood, and participants in workshops at Georgetown University, Harvard, Stanford, the University of Chicago, and the University of Virginia law schools.

Conventional Condominium Guidelines Contents Condominiums. 2 Project Documentation Retention And Expiration . 2 Detached Condominiums . 2 Fannie Mae Limited Review/ Freddie Mac Streamlined Review Requirements For Attached Established Projects . 2 Limited/Streamline Review Submission Requirements . 3 Limited Cash-Out Project Review Waiver. 3 Limited Review Eligibility For Attached Units In Established Projects (Outside Of Florida) . 3 Florida Limited Review Eligibility For Attached Units In Established Projects . 3 Full Review. 4 Full Review Submission Requirements. 4 Florida Project Review Requirements for Attached Units in New, Newly Converted, Established Projects . 4 Fannie

First American Title National Commercial Services g Current Developments | No. 204, January 23, 2020 Adverse Possession/Bona Fide Encumbrancer In moving for an Order that the Plaintiffs had acquired title by adverse possession to a strip of land located between the Plaintiffs’ and the Defendants’ homes, and other relief, the Plaintiffs sought to have the mortgage executed by the Defendants, which was a lien on the parcel being litigated, extinguished insofar as it encumbered the strip of land. The Defendants having raised issues of material facts, the Supreme Court, Bronx County, denied the Plaintiffs’ motion for summary judgment. Applying Real Property Law Section 260 (“Land adversely held may be conveyed or mortgaged”), the Court also granted the mortgagee’s motion for summary judgment, dismissing all causes of action as to it. Section 260 states the following: “No grant, conveyance or mortgage of real property or interest therein shall be void for the reason that at the time of the delivery thereof such real property is in the actual possession of a person claiming under a title adverse to that of the grantor.” Burton v. Allston, 2019 NY Slip Op 33229, decided October 5, 2019, is posted at http://www.nycourts.gov/reporter/pdfs/2019/2019_33229.pdf. Adverse Possession/De Minimis Encroachments Defendants removed a fence located at the rear of the Plaintiffs’ land; the Defendants alleged that the fence encroached on their property. The Plaintiffs commenced an action pursuant to Real Property Actions and Proceedings Law (“RPAPL”) Article 15 (“Action to compel the determination of a claim to real property”) to determine title to the area in question.

4580.1 ___________________________________________________________________________ CHAPTER 1. INTRODUCTION 1-1. CONDOMINIUM CHARACTERISTICS. Condominium ownership is created by a special real estate law that permits individual dwelling unit estates to be established within a total and larger property estate. The individual estates are technically established by use of vertical and horizontal planes (surfaces) which are usually identified; vertically, as the walls (not room partitions) of the unit and, horizontally, as the floors and ceilings of the unit. The exact location of the building structure on the property and the exact location of the unit within the structure are described in the plat (location map) and in the architectural plans. Each is also described in legal language in an Enabling Declaration (sometimes called a Master Deed or Plan of Apartment ownership). After all of the individual unit estates have been described within the total property estate, all of what remains, such as the land and structural parts of the buildings, becomes a common estate to be owned jointly by the owners of the individual estates. a. The Master Deed. When the Enabling Declaration is recorded it extends the condominium laws of the State in which the condominium is located to the property. It also establishes an association which provides for the use and the maintenance of the common estate to be governed by a Board of Directors or "Board of Managers" elected from among the owners of the individual estates. The internal government is controlled by the By-Laws which are recorded with the Enabling Declaration. The By-Laws can usually be changed by a vote of the majority of individual owners but changes in the Enabling Declaration normally require consent of 100% of the owners.

HAWAII CHAPTER 514A CONDOMINIUM PROPERTY REGIMES Part I. General Provisions and Definitions Section 514A-1 Title 514A-1.5 Appli

HAWAII CHAPTER 514A CONDOMINIUM PROPERTY REGIMES Part I. General Provisions and Definitions Section 514A-1 Title 514A-1.5 Applicability of chapter 514A-1.6 Conformance with county land use ordinances 514A-2 Chapter not exclusive 514A-3 Definitions 514A-4 Status of apartments 514A-5 Ownership of apartments 514A-6 Separate taxation 514A-7 Condominium specialist; appointment; duties Part II. Creation, Alteration, and Termination of Condominiums 514A-11 Recordation and contents of declaration 514A-12 Copy of the floor plans to be filed 514A-13 Common elements 514A-13.4 Telecommunications equipment 514A-13.5 Remuneration to allow ingress and egress prohibited 514A-13.6 Mailboxes for each dwelling required 514A-14 Parking stalls 514A-14.5 Ownership of parking stalls 514A-15 Common profits and expenses 514A-15.1 Common expenses; prior late charges 514A-15.5 Metering of utilities 514A-16 Liens against apartments; removal from lien; effect of part payment 514A-17 Contents of deeds or leases of apartments 514A-18 Blanket mortgages and other blanket liens affecting an apartment at time of first conveyance or lease 514A-19 Merger of increments 514A-20 Condominium property regimes 514A-21 Removal from provisions of this chapter 514A-22 Removal no bar to subsequent resubmission Part III. Registration and Administration 514A-31 Notification of intention 514A-32 Questionnaire and filing fee 514A-33 Inspection 514A-34 Inspection expenses 514A-35 Waiver of inspection 514A-36 Public reports and registration fees 514A-37 Preliminary public reports 514A-38 Request for effective date or hearing by developer 514A-39 Repealed 514A-39.5 Contingent final public report 514A-40 Final reports 514A-41 Supplementary public report 514A-42 True copies of public report; no misleading information 514A-43 Automatic expiration of public reports; exceptions 514A-44 Deposit of fees 514A-45 Supplemental regulations governing a condominium property regime 514A-46 Investigatory powers 514A-47 Cease and desist orders 514A-48 Power to enjoin 514A-49 Penalties 514A-50 Limitation of action Part IV.