Condominium parking space—Transfer agreement.
Agreement for the Transfer of a Limited Common Element in the _________ Condominium
This Agreement for the transfer of a limited common element in the _________ Condominium is dated _________, 19__ and is made by A. ("Transferor"), and W. and G. ("Transferees").
Both Transferor and Transferees own condominium units in the _________ Condominium, ("Condominium"). Transferor owns Unit _________, as well as the exclusive right to use Parking Space —, identified in the Declaration of Condominium Ownership for _________ Condominium, ("Declaration"), as a limited common element of the Condominium appurtenant to it, and has been allocated _____% of the common ownership of the Condominium. Transferees own Unit _________ in the Condominium;
Transferees desire to acquire Transferor's rights in and to the Parking Space —;
Transferor desires, and is willing to transfer her rights in and to the Parking Space to Transferees;
The parties desire to transfer the limited common element in accordance with the terms and provisions of the Declaration;
It is agreed by the parties:
1. That for the consideration of $_____ and other good and valuable consideration the validity of which is acknowledged, Transferor shall execute an Amendment to the Declaration and such other documents as may be necessary to transfer her rights to the Parking Space to Transferees, their successors and assigns.
2. That in addition, Transferor shall take whatever action may be necessary to complete the transfer.
3. That two or more counterparts of this Agreement may be executed and shall together constitute an entire Agreement.
4. That _________ and/or _________ be nominated by the parties to act as an escrowee for the benefit of the parties, to ensure conformance with the intent of the parties and with the provisions of the Declaration, and the _________(state) Condominium Property Act, in effecting the transfer as contemplated in this agreement.
In witness, the parties have, on the date(s) set opposite their signatures below, signed this agreement.
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