Updated July 09, 2022
A condominium association purchase agreement addendum allows a buyer a specific period of time to review all related condominium documents provided by the seller. In most cases, the buyer will have at least five (5) business days to approve the association documents to ensure that the fees and services provided are reasonable or current with market conditions. The addendum states that if the buyer does not approve, for any reason, they may be able to send written notice to the seller and retrieve their earnest money deposit in-full (if any).
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1 – Obtain A Copy Of The Desired Addendum
Gather information from all the signature parties and then download a copy of this paperwork to your machine when it is time to deliver additional terms to the concerned purchase/sale agreement. You may save this document as a PDF, Word, or ODT file by selecting one of the links above or one of the buttons under the preview image. Once you have obtained it, set aside a reasonable amount of time to prepare it with some required information.
2 – Satisfy The Information Requested In The Declaration bbin电竞官网官方永久ment
This addendum’s opening statement will specifically state a few identifying facts required for the proper application of its terms. Begin by filling the Date of the Purchase Agreement using the first two blank spaces.
List the Full Name of the party buying the condominium on the blank space that precedes the term “As Buyer.” The name must be entered exactly as it appears on the sale agreement.
The Full Name of the party selling the condominium should also be transcribed from the sale agreement. Locate the blank line that precedes the words “As Seller” and then supply this information.
The final area of the opening statement is composed of three blank spaces (after the terms “…Located At,” “City Of,” and “bbin电竞官网官方永久 Of”). Use these areas to supply the Street Address, City, and bbin电竞官网官方永久 where the condominium can be physically accessed.
3 – Define The Conditions That Must Be Complied With When Residing In The Condominium
Four articles, each containing definitions that must be provided with the condominium sale paperwork. In Article I, we shall address some timelines by supplying a deadline. On the blank space between the word “Within” and the term “Days Of The Effective Date Of The Purchase Agreement,” fill in how many days from the sale agreement’s Execution Date, the Seller must supply the items defined in the statements labeled “A.)” through “C.)”
Next, in the statement labeled “B.),” the subject of the Board of Directors Meeting Minutes will be addressed. The Seller will have to provide a copy of the minutes of each Board of Directors Meeting that has occurred prior to the sale agreement’s Execution Date. Indicate how far back (in Months) the supplied copies must go. For example, if the Seller must provide a copy of the minutes of each Board of Directors meeting that occurred during the six months before the sale agreement’s Execution Date then enter the number “6” on this line. Make sure the number you enter here complies with any regulations set by any Board of Director regulations that may govern this matter.
Article II will also deliver a deadline. However, this will be placed upon the Buyer. Utilize the blank line supplied after the words “Buyer Shall Have” to record the number of Business Days the Buyer has to approve the materials defined in Article I from the Calendar Date of the Buyer’s receipt of these materials.
We will need to supply several definitions to Article III regarding the Condominium Association. Locate the blank line following the dollar sign, then supply amount of money the Buyer must pay to cover the Condominium Association Fees. Indicate whether this amount must be paid “Monthly,” “Quarterly,” or “Annually” by marking the appropriate checkbox.
The next area in this article will serve to document what services the Condominium Association Fees will cover. This will be handled in items “A)” through “M.)” Each of these items will define a service and contain three checkboxes identified as “Included,” “Not Included,” and “Don’t Know.” Mark the checkbox labeled “Included” for each item the Condominium Association Fee covers or mark the “Not Included” checkbox for each item the Condominium Association Fee does not cover. You may also mark “Don’t Know” if you do not have this information available, but it is strongly recommended that you make every effort to obtain this information. In this way, we can easily define whether the Condominium Association Fees cover the unit’s “Heat,” “Hot Water,” “HVAC,” “Insurance,” “Landscaping,” “Maintenance,” “Sewer,” “Snow Removal,” “Trash Removal,” and/or “Water” by addressing items “A.)” through “J.).” Items “K.)” through “M.)” provide a blank space so that you may include any other services or amenities the Condominium Association has a stance on. For instance, if the Condominium Association Fees covers Pool Maintenance, then enter the words “Pool Maintenance” on the blank space in item “K.)” and mark the checkbox labeled “Included.”
Finally, use the blank space in Article IV to report the Condominium Association’s Entrance Fee. This fee will be due upon closing.
4 – Verify This Addendum’s Terms By Signature
Each party involved with the sale agreement must also sign this document so that it may be placed in effect. This will provide proof of each party’s acknowledgment and consent that all the terms listed here will be complied with.
The individual purchasing the condominium must sign the blank space labeled “Buyer’s Signature,” then enter the Calendar Date he or she physically signed this document on the line labeled “Date.” Two such areas have been supplied because each Buyer named in the sale agreement must sign this paperwork. If there are more than two Buyers, then either create more signature lines using an appropriate program or supply an attachment with these signatures.
The Agent who brokered this sale will also have to sign this addendum. He or she will need to supply a Dated Signature using the lines labeled “Agent’s Signature” and “Date.”
Each Seller listed in the sale agreement will need to utilize the blank lines “Seller’s Signature” and “Date” to sign his or her Name and record the Signature Date. As with the Buyer, if there are more than two Sellers, you may either have them sign an attachment or copy and paste more signature lines with compatible editing software.
