DIY Legal Forms

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Fee Time Share Contract of Sale

1. Parties. Agreement between [name] of [address] (Seller), and [name] of [address] (Buyer).

2. Description of Property.

a. Time Share. Seller is the owner of an undivided ........ percent (........%) interest in the condominium unit described in Subparagraph 2(b), together with the exclusive right to occupy such unit and use the common elements of such condominium during the use period [dates] as described in the declaration of covenants, conditions, and restrictions [or, a supplemental declaration] dated [date] and recorded in the land records of [county, state] in book [number], page [number], on [date] (Time Share Interest).

b. Condominium Unit. The Time Share Interest described in Subparagraph 2(a) is in Unit [number], including an undivided ........ percent (........%) interest in the common elements, of the property located at [address], known as [name of condominium], as created by a declaration of condominium dated [date] and recorded in the land records of [county, state] in book [number], page [number], on [date] (Unit).

3. Agreement. Seller hereby agrees to sell to Buyer, and Buyer agrees to buy from Seller, the Time Share Interest, on the terms and conditions provided in this Agreement.

4. Governing Law. The Time Share Interest is subject to the [name] Act of [state]. The Unit is subject to the [name] Act of [state].

5. Purchase Price. The purchase price for the Time Share Interest is ........ dollars ($........). Buyer agrees to pay to Seller ......... dollars ($........) (Deposit) on execution of this Agreement. The balance of the purchase price will be due at closing.

Deposit of ........ dollars ($........) has been made by Buyer and will be held in escrow by [name] and will be released to Seller at closing or refunded to Buyer according to the terms of this Agreement.

6. Financing.

a. Terms of Financing. This Agreement is contingent on Buyer's obtaining, within [number] days of the acceptance of this Agreement by Seller, a mortgage commitment for ........ dollars ($........) to be amortized over [number] years.

b. Notice to Seller. If Buyer cannot obtain a mortgage loan commitment, Buyer must notify Seller in writing within the period specified in Subparagraph 6(a). If Buyer fails to notify Seller, it is conclusively presumed that Buyer either has secured a mortgage commitment or will buy the Time Share Interest without mortgage financing.

c. Seller's Option to Secure Mortgage for Buyer. If Buyer notifies Seller of an inability to obtain a mortgage loan, Seller may, at Seller's option, within [number] days after such notice, secure the mortgage loan commitment for Buyer. The mortgage loan commitment will be considered secured for Buyer only if the lender commits to lend Buyer the amount of the mortgage commitment noted in Subparagraph 6(a) at the rate and service charge being offered, at that time, by the lender to comparable borrowers for comparable mortgage loans.

If the required mortgage commitment is not secured, this Agreement will be considered null and void. At that point, Buyer's deposit will be returned.

d. Buyer's Cooperation With Seller. If Seller tries to secure a mortgage loan commitment for Buyer, Buyer will provide to Seller or a mortgagee, in a timely manner, all requested credit information and will sign all papers relating to the loan application and the mortgage commitment.

7. Terms of Conveyance. Seller agrees to convey to Buyer good record title in the Time Share Interest by special warranty deed free of all liens and encumbrances, except as stated in this Paragraph 7. Buyer acknowledges Buyer's understanding that the Unit will be owned in common with all other owners of time share interests in the same Unit. This conveyance is subject to (a) the declaration of condominium described in Subparagraph 2(b), the bylaws of the condominium association, and the house rules of the condominium; (b) the declaration of covenants, conditions, and restrictions described in Subparagraph 2(a); (c) the [name] Act(s) of [state]; (d) easements, covenants, or restrictions of record; (e) zoning, subdivision, and building laws and ordinances; (f) party walls and rights in party walls, and encroachments, whether or not of record; and (g) liens and other matters against which a title insurance company would, by endorsement, commit to insure.

8. Adjustments. As of the date of closing, all maintenance and operating expenses that are payable by Seller as owner of the Time Share Interest shall be prorated between Seller and Buyer. Buyer will assume all such obligations as of the date of closing.

9. Closing Date. The closing of title in accordance with this Agreement will take place on or before [date], at the offices of [name and address].

10. Default and Remedies.

a. Buyer's Remedy. If Seller cannot convey title in accordance with the terms of this Agreement, Seller's sole liability will be to refund to Buyer the amount paid on account of the purchase price and to pay the net cost of examining the title, which cost will not exceed the charges fixed by the [state] Board of Title Underwriters. Upon Seller's making such refund and payment, this Agreement will be considered canceled, and both parties will be relieved of all further obligation and liability.

b. Seller's Remedy. If Buyer defaults in performing the obligation under this Agreement to purchase the Time Share Interest, Seller's only remedy will be to retain the Deposit paid by Buyer as liquidated damages, as full compensation for all other rights, claims, and remedies of Seller against Buyer owing to such default. If Buyer defaults and Seller retains Buyer's Deposit, this Agreement will be null and void, and both Seller and Buyer will be relieved of all further obligation and liability.

11. Condition of Unit. Buyer states that Buyer has inspected the Unit and is buying the Time Share Interest in it, as well as the common elements "as is," in their present condition, without any express or implied warranty or representation of any kind by Seller or Seller's agent.

12. Broker. Buyer warrants to Seller that Buyer has dealt with no broker or sales agent with regard to the Time Share Interest other than Seller or employees and agents of Seller.

13. Assignment. Buyer will not transfer or assign Buyer's rights under this Agreement without the prior written consent of Seller. Any attempted transfer or assignment without such consent will be void.

14. Destruction of Unit. If the Unit is destroyed or materially damaged by fire before delivery of the deed under this Agreement, this Agreement will become null and void at the option of Buyer. In such event, Buyer's Deposit will be returned by Seller. "Material damage" is defined as any damage requiring more than ........ dollars ($........) worth of repairs.

15. Time Share Exchange Services. Seller has entered into an agreement with [name of organization] to provide an exchange service, for time share interests, for buyers of such interests at the property. Participation by Buyer in such exchange service is optional. Seller makes no representation of warranty regarding the current or future services supplied by [name of organization] or the cost of participation.

16. Entire Agreement. This Contract is the entire Agreement between the parties. No implied or express representations, warranties, or promises have been made between the parties or their agents other than those set out in this Agreement. Any amendments or revisions of this Agreement must be in writing, executed by both Seller and Buyer, and attached to this Agreement.

17. Notice. All notices and demands for notice must be in writing and mailed by U.S. certified or registered mail, return receipt requested. They must be properly addressed to Seller at [address] or to Seller's attorney, [name], at [address]. They must be properly addressed to Buyer at [address] or Buyer's attorney, [name], at [address]. These written notices may also be given by personal delivery to either Buyer, Seller, or their respective attorneys.






This Section for Notary:


STATE OF -------)

) ss: [date]

COUNTY OF ------)

On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.


[Name of Notary Public]

My commission expires: [date]