Residential Condominium Contract (Resale) {30-17}

TREC NO. 30-17 - RESIDENTIAL CONDOMINIUM CONTRACT (RESALE). This form promulgated by the Texas Real Estate Commission (TREC) is a legally binding agreement used when a buyer and seller are entering into a resale transaction involving a residential condominium unit in Texas. This form is specifically designed for transactions where the seller does not own the fee simple title to the land beneath the unit, distinguishing it from other types of residential sales. The contract outlines in detail the terms and conditions of the sale, including the identity of the parties, a description of the property, unit improvements, and related accessories, along with exclusions. It addresses critical condominium-related documents such as the Declaration, Bylaws, and Resale Certificate, and provides the buyer with important protections including the right to review these documents and terminate the contract within specified timeframes if unsatisfied. The form also covers the agreed-upon sales price, financing details, earnest money and option fee procedures, and termination rights during the option period. Furthermore, it includes provisions for title insurance, title objections, statutory notices, and the property’s physical condition, including inspections and disclosures. www.FormsWorkflow.com