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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
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
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 ($........) has been made by Buyer and
will be held in escrow by [name] and will be released to Seller at
closing or refunded to Buyer according to the terms of this Agreement.
a. Terms of Financing. This Agreement is contingent on
Buyer's obtaining, within [number] days of the acceptance of this
Agreement by Seller, a mortgage commitment for ........ dollars
($........) 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
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
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
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]