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A purchase and sale agreement would need to be entered into between the seller and buyer. The seller being an HOA would need required approval (vote by the board or owners of the units depending on what is stated in the bylaws) to accept the offer and enter into the purchase and sale agreement. An escrow
would be opened for purposes of holding funds and closing the transaction. When the transaction is closed, the money is exchanged and a proper deed from the HOA to the new owner is executed and then recorded.
State specific agreements for sale of residential land forms can be obtained through online bank form services such as http://www.uslegalforms.com/us/US-00472B.htm; www.rocketlawyer.com; www.legalzoom.com.
Here is a sample of a purchase and sale agreement: http://www.nefar.com/filebin/pdbdb/11/807_11.pdf
This is another example produced by the Florida Association
of Realtors: http://www.frcfl.com/pdf/Vacant%20Land/Vacant_Land_Purch_Contract.pdf
All my best & encouragement.
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All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.