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Nyc condo contract of sale

Sale condominium unit 2025

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This document is a contract for the sale of a condominium unit, outlining the terms and conditions between the seller and purchaser. It includes details on the unit being sold, personal property included in the sale, purchase price, closing procedures, representations and warranties by the seller, and provisions for handling defaults. The contract emphasizes the need for legal consultation before signing and specifies that adjustments will be made at closing regarding taxes and charges. Additionally, it addresses contingencies related to mortgage commitments and outlines rights of first refusal by the condominium board.

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Click ‘Get Form’ to open the sale condominium unit document in the editor.
Begin by entering the date of the agreement at the top of the form. This is crucial for establishing a timeline for the transaction.
Fill in the names and addresses of both the Seller and Purchaser in their respective fields. Ensure accuracy to avoid any legal complications.
Specify the Unit number and its location within the building, along with any percentage interest in Common Elements that applies. This information is vital for defining ownership rights.
Detail any personal property included in the sale, such as appliances or fixtures, ensuring to strike out items that are not included.
Enter the Purchase Price and payment details, including downpayment amounts and closing costs. This section outlines financial obligations clearly.
Review all sections carefully, making sure all necessary adjustments are made according to your specific transaction needs before finalizing.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How to sell your condo quickly?

If the building is 50 years old and is still habitable, then things remain at status quo. However, if at 50 years, a condo project fails the necessary building inspections and safety certifications, and the other elements as stated in The Condominium Act are satisfied, selling it becomes a viable option.

Can you sell your condo unit?

Selling a condo isnt the same as selling a single-family home, but it doesnt have to be difficult. These tips will help you understand how to sell a condo from navigating condo association rules and special assessments for condos to pricing and when to list your property.

How long should you own a condo before selling it?

Most financial experts recommend living in a home for at least five years before selling to maximize your returnthough staying a minimum of two years helps you qualify for the capital gains tax exemption and gives your equity time to grow, offsetting sale costs.

Can an entire condo building be sold?

A condo deconversion is basically a bulk sale and process by which all units in a condominium building are sold in one transaction to a real estate investor, who will then turn the property into rental apartments.