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Home My WebLink About0997 ~ . ~ " ~ ~ • ) i STANDARDS FOR REAL ~STATE T~2ANSACTIONS ~ A. EViDENCE OF T1TLF.: (I) A rnmplete ab~tract o( title preparecl by a reputable abstract 6rm purzwrting to be an accurate synupsjs . ut tl~e m~tniments a(fccting tht tide to that real ~~ruperty recorded in publ ~c records of that a~unry to the date o( this eontract, shuwing in the selkr a muketable tiUe u~ acco~~lancr with tit e~ta~darJs adupicel fiom ume to time by the Clorida Bar, subject oaly to liet?s. encum- brance. caceptiuns or quali6cations set fort!? ia this contract and thos~ which shaU be discharged by sellcr at or before closiag, (2) a title ~utantee commitment issueci, by a qu.~ tit~~ .:nsy~o~ agrecing to iss~e to the buyer, upon the rea~rdiag of tbe deed hereafter mentioned. an owner ~uarantee ~n t"f~e anwunt of the {wrrFwu price iruuring the title of the buyer to that real property. wbject oaly to liens. encum- brances, exceptions or qualificatiu~s set forth in 'this rnntract and those which shall be discharged by ~elkr at or beiore closing. Buyer .hall ha~~e fiReen (IS) days if abstnct. or five (S) days if tille guarantce, Erom the dato of recciving the evidence of tide to e:unino same. If tidc is fuund to bc dcfective, the buyer shaU, ~+ithin said period notify thr selier i~ ventiig specifying the defects. If the said defectt rencier the t~tle unmarketaWe, the xllsr shall have niatty (90) days from the receipi of such notice to cure the deEects, and if atter saici period >eller .hall uot h.evr c~ued the defects, buyer shaU have the option: (1) a~Y~epting t~tle as it d~en u, or (2) demanding a refund of aU monies paid hereundcr w6ich shall forthvw:th txx retumed to die buyer. and thereupon thc buye~ and scUer shaU be released of all further obliga- tions unde~ this coatracG ' B. EXISTINC DiORTGAGES: The seller shall fumish estoppe1 lettecs (not necessarily in affidavit fonn) setting forth the principal balance, medwd of payment, and whether the mortgage is ia good stand'~ng. If there it a clurge ior the change of ownership reoords. by the mortgagee, it shall lx~ ho~e by the buyer. Seller shall reccive as cceclit at closing, an amount ual to tl~e escrow funds held by the mortgag~ee. If the existing moit~a~;~• r~~uires th~ Iruycr to a~.un~e same, then the buycr shall d~~ .n; pruvi~led~uwever~ if lhe inurtgagee does not accept the buyer. then in that event uccuaii~g, the buyer at hic optian, may cance? the contn::t and aA monies pa~d by the buye~ slwll be refundec~ to t~e buyu. C. NURCl1ASE \fONEY :1lORTGAGES: Aay purchase nwney. notes and mortgages required by t6e cautract shall folbw the (ormt generally • .~r«•ptctit a~nl nse~l in the cY,uuty where the land u locatecl. My purchase money mortgage shaU provide for insurance agaiiut lasx 6y fire with rxtcwic.l a~~erage in an amuunt not less than the full inwrable value of tl~e in~provements. In "a firsE mortgage. the note and mortgage. shall pruv~~le•for r~rekration, at the opGon oE the holder, after thirty (30) days dei~ult and in a seeond mortgage. aftu fifteen (15) dars de(ault. A,crn~xl nx~rt~a~e shall n~uire a mortgagor to keep all prior liens and encumbrances in good stanJing. Buyer shall have the right to prepay all ur part oE the principal at any timt or times with interest to date of p:?ymcnt witl~att peaalty. ll. 071IER 1110R1'GAGES: In the event buyer ~xecutes a mortgage to oae other than the seller. all costs and charges incidental thereto shall be ;,eid by the buyer. E. SURVEY: If the buyer desires a survey he shaU ha~•c thc projxrty sucveyed at his ezpease prior to closing date. If the survey shows an encmachment, tbe same shall be treated as a title defect. F. TER1~lITE INSPEC7'ION: Priur to clusing, at buyer's expense, the buyer shall have the right to have the property ins~xcted by a licensed a~~~l bonderl eaterminatur to determine whether therc is any active termite infestation or damage from prior ternute infestation in the improvemcnts on saici properry. If there is any sueh infestation or damage. the seller shall pay all costs of the tmatment rer~uireci to remecly any such infestation or damage so reported, including the rnsts of cepairing vr replacing all portions of said im~ovements whieh are infe+ted or have been daznaged. However, in the event the co~ts to be incurred are more than three (3~) percent of the purchase price, then, at the seller's optiun he may cancel the 'ont:ict within ten (10) days of the receipt of the tumite inspection report by giving written notice .o the buyer. . G. I\SURAhCE: If insurance is to be prorated, thc .eller shall on or before the closing date,.Euinish to buya all iasurance policies or copies tt~erevf. IL LEASFS: The sellcr shall fumish rnpies of all written leases to the buyer pcior to cloaing and if there are any persons in possession without written leases, estuppel -letters from mch persons speciiying the nature and cluration of the occupancy shall be fum~shed to the buyer by the ~rlier prior tu the closing date. I. ~f ECNANICS LIE1 S: Seller shall Eumish to the buy. an etfidavit that there hava been no improvemeats bo the subjectproperty Eor 9Q days :n~mediately precedinq the date of dosing. If the su~;ect pmperty has l~een improved within 90 days immediately preceding the closing date the ~ ~~•Uer ~{~all cleliver relea~es or waiver uf a11 mechanics liens e. ecuted by general contractors, wbcontracton, suppliers or material men and se~ler s u~echanicx lien affidavit. i ~ j. PLACE OF CLOSt\C: Closu~~ shall be l~cld :~t thc office of the seller's attorney or u otherwise agreed upon. ~ IC. T1~tE IS OF TIiE ESSENCE: Tune is of the e~sencr of the Cuntract for Sale and Purchase. I ~ I,. 1)OCUi1FNTS FOR CLOSING: Seller's attorney or other dosing agent shaU prepare deed, note. mortgage, seller's af6davit, closin~ ~ st:~tement uid submit copies of same to buycr s attomey, and rnpy of closing statement to the broker, at least two days prior to scheduled ~ losing ciate. f ~i. ExrENSES: State surtaz and ~ocumentan• stamp~ which are r~Y;uirc~l t~ b~ affixed t~ thc instrument of rnnvevance, intangible personal ~?rujx~rty ta:~•i and ti~e eost recnnling the purch:i.e m~~ney mortRa~e >i~all be ~x~id by the seller. Documentary st:?mps to be afEued to d~e ~ .te ~~r n.~lc~ x~ui~Yl Ly Ihe purcha+e mone}' murtg.~ge ancl d~e cost of reeording the deecl shall be paid by the buyer. ~ s H[iORATIO\ OF TAXE.S• (IiEAL AND PCRSO~AL): 'I'ax~~s s}wll be procated based upon the current year's taz withnut regard to discount. it ~ ~1~e cln.ing t~kes place au~l ll~e current year s ta~ec are not (izecl, anJ the curreat year s asusnnent is available, taxes w~ll be prorate~l based upon ~ ~uch a.>ea~ment and the priur year's miUaAe. If t:~c cune•nt year's assessment is not available, then tazes will be prorated on the prior ycars tat, ~ provi~le.l, huwever, if there is compteted improvement of the subjert prcmi+es by January 1 of the yPar of cli~sing, then the tazes shall be ~ proratecl to the date of closing based upon the prior year's millage and an equitable assessment to be a~re~~ci ujwn betv~een the parties, taking into ron.icleration Ilomestead E:emption, i[ any. ~ O. SPECIAG ASSESS~tENT LIE:~S: Certifiecl, rnn6rmed or rati6al special asussment liens as of the date of closing (and sof `t of the date of ~ the cuntract) are to be paid by the seller. Pencling lirns u of the date of closing shall be assumed by tht buyer, provided, however, that where ~ the improvement has been substantially completed as of the date of the contract, such pending liens shall be considered as ce:rtified, rnnfirmed or ratifiec! and the seller shaU, at elosu~g, be cliar~ed an :unuunt a~ual t~ the last estimate by the p~~blie body of the a.sessment for the ' ~mpruvement. ~ P. PERSONAL PROPER IY: The seller represen., .+l:.: u•arrants that all major appl:ances and machincry inclu~ieci in the sale shall be in goal ;s .+orking order and repair as of the date ot clo~ing. All ;.erwnal property shall be transferrecl by Bill uf Sale with \4'arranty of Tide. Q. RISK OF LOSS: If the improvements are clamaAed by fire or ca~ualh• before delivery of the decYl xn:! can be restoreci to substanti~lly the ~ samc a,n~lillnn as now witl?in a period of fi0 ~a>. d~ereafta r. >rilcr •.!..~i! u~ restore the impruvcir.en4s ::~~e' t:~c clesu3c date and date of delivery ; :~1 p~••~•.•~•~n i~ere•mbefore pruv~deci ~hall Ix• ~y;~•~~~i:•~l acr.,r.li~:;.i;. If ~elier faik to du .o, the bu.r: i~:ul L:.~~c the option of (1) talcing the ;:r ~~>Prh n,~ •thcr w•ith msurance ~r•wrr.l.. .:n•,. ~~r j4_! cmc~•iiing the cuntract, and all dr~,o>i'. : c. ' i~ •.:i~«:th returned to the buyer :md :~ll p.~rt~e~ sLall be released of any al! .:s.igation : i 1:.~4~d:!y. ~ R. ~tAINTF.'.~.A\CF.: Between the date ~f t1,e contr:?ct .~tl tt~~• -t~tc ~~f closing, me pru~•:« ~'+~w'~:. ~~lrubbery and pool, if am•, shall 6e m.~int:iinc~cl b} the seller in the a~ndii~un as it existe~l a. af ~he c:a.~• of the c~~ntract, c.r.iiu::: .'••ar e:cepted. S. PR/KEEUS OF S:U.E: 'I~e Deed shall ~ rrc ~rd...? and the eviclence of title eontinacyf. at ~e?ler's eare. ce, to show 6de in the buyer, without ~ any encumbrance.+ or ehange from the date of the I.«t e~idence renderinQ seller's title un~narKCt::ble, aud uce ra~S ~,roce~;~ such s:!t stisll ~ l~e held in escmw• by the seller s atto:ney or by such ~the- mutuall~• agreed upon Fscrow Ag~•nt for a period of not -ionger than five (5) days. e~cln.~ve of Saturdaps, Sundays and holidays. lf the «-i!er's title is su renderr.l unmarketable, the buyer's attorney sha8, vvithin the saiJ Five 1~) „ ~1ay rxrirxl, notih~ selle~'s attumey in v`riting of tE~e ~Irfect and the seller shall have thirty (301 days from the date oE receipt of such notificatinn ?o cure the defect. In the event seller faiLs to timel~ cure said defect, all monies paid hereunder shaU, upon~ written demand, thercfor withm t ive 15) days therea[ter, be immediately retumed M buy er, and simultaneously ~vith such repa~•ment, buyet shall vacate the premises and teconvev by S;~ec:ial Narranty Deed. In tLe avent of the failure cf the buyer to make timrly demand for refund, he ahall t~]ce title u is, waiving all riqhh a~aiust the seAer u to the intervening uefeCt. ~a T. BROKER'S CO.~iMISSION: The Broka i commi~sion shall be disbursc~cl at the Nme of the disbursement of tLe prooeeas. s6a11 be entided to reaover n; t T. ATTOR?~F.Y FEES A.W COSTS: In connection with any litiQation aris:ng out of the contrac~ the prevailiug party all c•~•t~ incurred. induding reasowbk attoroeys fees. ~k CO:VTRA('T \OT RECORDABI.E. 'I~u contract shall ix?t be recorded in the office of tbe C1ak d any C'~"~ CO1~ °E ~ Staty of F~~~~. o R g~ ~ ~ , aooK 215 - L~: s _ . _ _ - __.a