{"id":369427,"date":"2016-04-04T10:47:27","date_gmt":"2016-04-04T15:47:27","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/owning-a-home\/sample-condominium-agreement.html"},"modified":"2024-01-02T17:06:22","modified_gmt":"2024-01-02T22:06:22","slug":"sample-condominium-agreement","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/owning-a-home\/sample-condominium-agreement.html","title":{"rendered":"Sample Condominium Agreement"},"content":{"rendered":"\n
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Sample Condominium Agreement<\/h1>\n
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\n By Robert Rafii, Esq.<\/a> | Legally reviewed by Aisha Success, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n


\r\nIn a condominium, your neighbors are also fellow members of your condominium association. Unlike neighbors in single-family homes, neighbors in your condo often have the legal authority to limit how you use your unit. For example, you may be prohibited from establishing a home-based business in your apartment. You may need the prior consent of the board of directors.<\/p>\r\n

Similarly, it’s legal for members of a condominium association to agree on real property issues. They may agree that no owner will sell their unit without giving written notice to the association. Known as a right of first refusal<\/a>, the notice may give other members the opportunity to purchase the unit. The following is a sample agreement addressing this issue. Its provisions may be limited by laws in your state, so check with your attorney when drafting such an agreement.<\/p>\r\n

Condo Right of First Refusal Agreement<\/h2>\r\n

Unit Owner ___ ("Owner") hereby agrees and covenants to be bound by the following provisions hereto. This is regarding the sale or lease of ___ [address including unit number] ("the Unit"). The Unit is in ___ [name of condominium] ("the Building"):<\/p>\r\n

When Unit Owner decides to sell or lease the Unit, Unit Owner will provide the Building Association with no less than ___ days’ notice.<\/p>\r\n

When Unit Owner obtains an outside offer for sale or lease of the Unit:<\/p>\r\n

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  1. Unit Owner will provide the Building Association and every other unit owner in the Building with notice of such offer,<\/li>\r\n
  2. Including the purchase price, name, address and telephone number of the prospective buyer,<\/li>\r\n
  3. The terms and conditions of the proposed sale or lease, and<\/li>\r\n
  4. Such other information as the Building Association requires<\/li>\r\n<\/ol>\r\n

    Upon receipt of any such outside offer:<\/p>\r\n

    The Owner agrees to offer to sell or lease the Unit to any other owner of a unit in the Building or the Building Association itself. The sale or lease shall be on the same terms and conditions as those of the proposed sale or lease.<\/p>\r\n

    Within ___ days of such notice to the Building Association and every other unit owner in the Building:<\/p>\r\n

      \r\n
    1. The Building Association and all unit owners will decide whether to purchase the Unit and<\/li>\r\n
    2. Will notify the Unit Owner of the same<\/li>\r\n<\/ol>\r\n

      The Building Association shall have the right of first refusal of:<\/p>\r\n

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      1. The terms and conditions for<\/li>\r\n
      2. Purchase or lease of the Unit<\/li>\r\n<\/ol>\r\n

        If the Building Association does not wish to purchase or rent the Unit:<\/p>\r\n

          \r\n
        1. Each of the Building’s unit owners shall have the right of refusal to purchase or rent the unit<\/li>\r\n
        2. On the same terms and conditions as the outside offer,<\/li>\r\n
        3. In order of the length of time each has been a member of the Building<\/li>\r\n<\/ol>\r\n

          If, after ___ days, neither the Building Association nor any other unit owner in the Building notifies Unit Owner of the desire to purchase or rent the unit:<\/p>\r\n

            \r\n
          1. Unit Owner will be free to sell or lease the Unit to any outside purchaser or tenant<\/li>\r\n
          2. On the same terms and conditions of the original offer,<\/li>\r\n
          3. Provided that the outside purchaser or tenant agrees to comply with all other rules and regulations of the Building<\/li>\r\n
          4. As set forth in the By-Laws of ___ [date of By-Laws]<\/li>\r\n<\/ol>\r\n

            If the Unit Owner fails to comply with the terms of this Agreement governing sale or lease of the Unit set forth herein, the transaction in violation of this Agreement is voidable upon action of a majority of the members of the Building Association.<\/p>\r\n

            Dated:_______________<\/p>\r\n

            __________________________________________[name of Unit Owner]<\/p>\r\n

            __________________________________________[name of Building Association representative]<\/p>\r\n

            Purchase Agreements<\/h2>\r\n

            When you’re purchasing a condominium unit, you’ll need a written agreement to become a homeowner. The provisions of this contract will discuss important built-in terms, including:<\/p>\r\n