Real Estate Unit Plan Agreement

REAL ESTATE UNIT PLAN AGREEMENT

This Real Estate Unit Plan Agreement (Agreement) is entered into effective as of (Effective Date), by and between:

Parties

Property Identification

Unit No.:   Floor:   Unit Type:

Gross Unit Area (sq ft):   Allocated Parking Space(s):   Storage Locker:

Unit Plan and Boundaries

Developer represents that the unit boundaries, exclusive appurtenances and the common elements are depicted on the plan to be recorded in the local land records (Unit Plan). Purchaser acknowledges receipt of a copy of the Unit Plan and agrees that the legal unit boundaries shall be conclusive upon recordation. Any discrepancy between physical improvements and the recorded Unit Plan shall be resolved according to the recorded plan and controlling law.

Financial Terms and Closing

Purchase Price: $. Purchaser shall deposit earnest money in the amount of $ to be held in escrow pursuant to an escrow agreement executed contemporaneously with this Agreement.

Deposit Due Date: . Closing Date: . Possession Date: .

Contingencies and Inspections

Financing Contingency (if applicable): days from Effective Date to obtain loan commitment. Inspection Period: days. Purchaser's failure to deliver written notice of objection within the Inspection Period shall be deemed acceptance of the unit condition.

Association, Common Expenses, and Assessments

Developer shall form the owners' association (HOA) as set forth in the recorded documents. Purchaser acknowledges that ownership of the unit will include mandatory membership in the HOA and responsibility for assessments and common expense allocations in accordance with the recorded declaration, bylaws and the Unit Plan.

Disclosures

Lead-Based Paint (if property built before 1978)

Lead-based paint disclosure provided: Yes No

Mold / Water Intrusion

Known history of mold or water intrusion: Yes No

Prior Structural Damage / Repairs

Prior material structural damage or major repairs: Yes No

Maintenance, Alterations and Warranties

Maintenance Responsibility: Developer warrants that common elements will be maintained by the HOA upon formation. Purchaser shall be responsible for interior maintenance of the unit and for permitted alterations in accordance with the declaration and any architectural control procedures.

Default; Remedies; Liquidated Damages

If Purchaser fails to timely perform, Developer may retain the earnest money as liquidated damages or elect specific performance or other remedies available at law or equity. If Developer defaults, Purchaser may seek specific performance or recovery of deposits and actual damages. Remedies provided in this Agreement are cumulative and not exclusive.

Insurance; Risk of Loss; Indemnity

Risk of Loss: Risk of loss to the unit prior to recording and transfer of title shall be governed by the applicable purchase and escrow documents. Developer shall maintain builder's risk insurance prior to closing. Purchaser shall obtain hazard insurance as required by lender and HOA rules upon transfer.

Recording, Notices and Miscellaneous

This Agreement shall be recorded as may be necessary to protect the interests of the parties and to effect the Unit Plan. Notices under this Agreement shall be sent to the addresses set forth above and shall be effective when delivered in accordance with the declaration and governing law.

Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state where the Property is located. The parties submit to the exclusive jurisdiction of the state and federal courts located therein.

Entire Agreement: This Agreement, together with the Unit Plan, recorded declaration, bylaws, and related closing documents, constitutes the entire agreement of the parties with respect to the subject matter and supersedes prior negotiations and understandings.

Closing Requirements Checklist

The following documents shall be delivered at or prior to closing as applicable. Check items to indicate required delivery:

Deed conveying unit

Recorded Declaration and Unit Plan

Bylaws and HOA Formation Documents

Estoppel/Certificate of Assessments (if required)

Acknowledgments and Certifications

Each party certifies that the signatory below has the authority to bind the respective party and that all statements made in this Agreement are true and complete to the best of their knowledge. Purchaser acknowledges that they have had the opportunity to inspect the Unit Plan and related documents and to obtain independent advice.

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