Fillable Form 1005 - Condominium Addendum Template

REALTOR

Association of Greater Fort Lauderdale

CONDOMINIUM ADDENDUM

BUYER:

SELLER:

PROPERTY ADDRESS:

The following clauses shall amend the Deposit Receipt and Contract for Sale and Purchase (“Contract”) to

which this is attached when used for the purchase and sale of a condominium unit.

In the event of

inconsistencies between

this Addendum and the Contract attached hereto, the provisions contained in this

Addendum shall prevail.

1. ASSOCIATION APPROVAL. This Contract is subject to and contingent upon Buyer being approved by

the ________________________________________________________________ Association (“Association”)

if such approval is required under the governing declaration of condominium, or the articles of incorporation or

bylaws of the Association (hereinafter referred to with the Rules of the Association as the “Governing

Documents”).

1.1 Buyer shall apply for such approval within ______ days (ten (10) days if blank is not filled in) from the

latter of (a) the Effective Date of this Contract, or (b) the date which Buyer received a current copy of the

Governing Documents and the most recent year-end financial information required under Section 718.503

Florida Statutes. If Buyer is not approved, then this Contract shall terminate, all deposits paid shall be returned

to Buyer, whereupon all parties shall be released from all further obligations hereunder.

1.2 Seller and Buyer shall promptly comply with all terms and requirements of the Governing Documents and

the Association in regard to the sale or transfer of the Property, and Seller and Buyer shall each extend all

reasonable efforts to obtain the necessary approval. Any application or transfer fee charged by the Association

will be paid by Buyer.

2. DELIVERY OF GOVERNING DOCUMENTS. Under Section 718.503, Florida Statutes, Buyer is

entitled, at Seller’s expense, to a current copy of the Governing Documents and the most recent year-end

financial information.

(CHECK AS APPLICABLE):

2.1 (

) THE BUYER HEREBY ACKNOWLEDGES THAT BUYER HAS BEEN PROVIDED A

CURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF

INCORPORATION OF THE ASSOCIATION, BYLAWS AND RULES OF THE

ASSOCIATION, AND A COPY OF THE MOST RECENT YEAR-END FINANCIAL

INFORMATION AND FREQUENTLY ASKED QUESTION AND ANSWERS

DOCUMENT MORE THAN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND

LEGAL HOLIDAYS, PRIOR TO EXECUTION OF THIS CONTRACT.

2.2 (

) THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE

OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS, EXCLUDING

SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF

EXECUTION OF THIS AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF

A CURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF

INCORPORATION, BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY

THE

MOST

RECENT

YEAR-END

FINANCIAL

INFORMATION

AND

FREQUENTLY

ASKED

QUESTION

AND

ANSWERS

DOCUMENT

REQUESTED IN WRITING. ANY PURPORTED WAIVER OF THESE VOIDABILITY

RIGHTS SHALL BE OF NO EFFECT.

BUYER MAY EXTEND THE TIME FOR

Form #1005

Page 1 of 4

Revised 10/04

Form 1005 - Condominium Addendum Template - 2004

Related Articles

Related forms

Related Categories