HomeMy WebLinkAbout2095 STANDARDS FOR REAL ESTATE TRANSACTIONS
- ~pENCE OF TITLE il, An at.atrgj Of ti:ia prepared Or brought wrrent by a r utablt abstract firn+ tit not aaisturg than urtif.rrd as correct by .
~strnq finn? purporting IO 0a an a~curata synopsrt ul the intvumsrQ',Ittir ~s tide sal prOpsr[V ratonfixf rn the puDGC rstonls Ot ens county
zrn the Land is situated, through Uate Of Convect. An abstract sh aline ~rtr<n~~1lh the tic records. Or such faUr tlala as may W customary in the
,nty whsrsin the land is situated. $a11N shall convoy a msrketabla utls4rt act with Ttt • tandards adopted from time [o lima by The FIO/ttla Bar. sub+sct
to lions, encumbrances, exceptions or quNificaliuns set forth in thlt Contract and those which shall be dischargsA by Satlar at or batons closing- Upun Boeing
• .r-.~s transaction such abstract shall bsconte the property of BuyN, subject to the right of retantipn thereof by first mortgagee until fWly patd, or ~2; a tills Incur- ;
,e comntrunsnt issued by a Oualrtisd tiUa inwror agrssing to iuw to BuYN. upon rscordinp of the deed to Boyar. an Owna's policy o/ Atla insurance rn the
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purthasa pries, mwring titq of tM BuYar t0 the rMl pfoparty, wb~lct oMy to IiMS, sncumtuancts, sxcsptions or qualificsuons tit forth in this
,•nract and those which shalt ba discharged by SNIq at Or bafoa Boeing- Buyer shall have 30 days, if abstract, or 5 days. if dtlrt commitment, from data of re- t
.:..g evidence of title to sxamrna same. If tills is found dafactive, BrJVM shall, within 3 days tharsaftar, notify Ss11N to writing specifying dafectlsl- t
• ctid ds/cells! rsncM? title unma?kstabls, SNler shall haw 120 days from rscsipt o1 notice within which to remove said dsfecttsl, end N SNlsr is unsuccNStul in
r^+oving them within said rims, Buyer rahNl haw the option of eltMr !1/ accepting the thla es It than Is, or dsmandtng a rotund of all monies paid hsreundsr
h shall fonhwith bs returned to Buysr and thawpon Buyer and Ssllar shall bs rNsasslf as to orw another, of Nt furtMr obi+gations undar'tha Contract: how'
• `ever agrGas that he wilt. rt tills is found to he unmarketable, tics dilrgsnt effort to correct the dsfettttl in title within the time provided thersfOr, including
r:r~;vying Of naaiassary sorts. .
_ = ~ ISTING MORTGAGES. Seller shall furnrsh a staten,ant tram the mortgageaii) tatting forth principal balance. method of paVrnent. +nterrst rate and whether
- ~nortgagela) in good standutg. It a mortgage rsgwres approval of the Boyar by the mortgagee in ord to avoid default, or for aswmphon by the Buysr of said .
~ortgagR and the mortgages doss not approve the Buysr. the 8uyar may rescind the Contract. or requires an increase in the interest rata or charges a tae
•y reason rn excess of 5100 00. ens Buyer may rescind the Contract unless Satter elects to pay such increase o+ excess. SNler shall pay 50% of such fee up to
:~-U 00 Buyer shall use reasonable diligence to obtain aDprOVal Ths amount Of any escrow deposits held by mortgagee shall Ds crsditsd to Seller.
=i; RCHASE AtONEY MORTGAGES. Ths purchase rnunav note and mortgage. if any. shall provide fora 30 day grace period in the rrvent of default if it Is a
• ~,•ortgag! and a 15 day grace period if a second mortgage, shall provide for right o1 prepayment in whole Or in part without penalty; snail not Drowde for
. ieration in event of resale of the property: and shall he oMSrwiss in form and content rpuirW by SNlsi s attorney: provided, however, SNler may only re-
_ .pauses custornsrily found in mortgages and mortgays notes generally utilired by savings and loan institutions in the county wherein the property is looted.
••wrtgaga shall require the owner of the property encwnbariad to keep all prior !ions and encumbrances in good standing and forbid the owner of the pro •
om accepting modifications of Or future advances under prior mortgageisi. All perwrtal property being conveyed .will, at option of Seller. ha ss.btect to the
• - o' end mortgage and evidenced by recorded Finsndng Statements
S~JRVEY. The Buyer, within tim@ allowed for delivery of evidence of title and examination thereof, may have the property surveyed at his expend. 1/ the
.~~y . per tifitfd by a registered Florida Swvay or, shows any ertcrOachment On said property or that improvemen is intended to be located nn the subletc DrOpsrty in
wn;rosCh on lands Of others. or violate any of the Contract covenants, the same shalt be tressed as a title defect. Any survey prepared in connection with or as a
>•~•.a..ence o1 this transaction may include a datcriptron o) the property under the Florida Coordina[e System st defined in Chapgr t )7, Florida Statutes
NMITES~ The 9uver, within time allowed for delrvery of evidence of tale and examination tneraof, or no later than 10 days prior to closrng, whichever date
Trs last, may have the improvements inspected at Buyer's expense by s Certified Pest frOnt/Ol OplratOr t0 date mine whether there !s any visible active termite
ar+on or visible existing damage from termite intestaiion in [he improvements. It Buyer is iniormecf of either or boM o1 the foregoing, Buyer wdl have 1 days
fate of written notice thereof or 2 days after selection of a contractor, whichever occurs first, within which t0 have alt damages- whether visible or not, m-
c„f and estimated by a licensed building or general contractor. Seller shall pay valid costs of treatment and repair dt a!1 damage uD t0 t'i%of Purchase Price.
such Costs exceed that amount. Buyer shaft have the Option Ot cancNlinq f.Oniratt within 5 days atttr recetpt Of contractor's rape ? estimate by giving
nonce to Seller, or Buyer may elect t0 uro•:dad wrth the transaction, in which event Buyer shall receive a credit at dotrn~ of an amoune eyuat to t:,%Of
-rchsse Price. "Tcrrnite•' shalt be O@anrad to rnclude all wood dsstroyrng insects.
. aESS AND EGRESS' Selie. covenants and warrants that there is ingress end egress [o the proDsrty. ,
.USES Seiler snail, net lass than 1b days Drip? to closing. furnish to Buyer copies of all written lasses and estoppN letters hom each [grant sua~rfying the
- ~ and duration of said tananYs occupancy, rental rates and advanced rent and security deposits paid by tenant 1n the event Seiler is ucat.re to dDtain such
`nom aacY, [anent, the same informst;on shall De furnished by Seller to BUYar within said time period in the form of s Seller's sifidavit, and Buysr may
_ .•~r•er contact tenants to confirm such information. Seiler shall deliver and assign alt original leases to Buyer st closing.
~S Seller shall bo+h as to the realty atlct personalty being sold hereunder, furnish to Buyer at time of closing an afrreiavit attesting to the absence unless
_ •..s~ provrded fur herein. of any )inancing statements, claims of lien Or potential tienors kno.vn to Seller and further attesting that there have been no imp•ove-
the DrJperty for 90 day; rn.;nediately preceriing date of closing. If the property has been improved within sand time. Setter sita!i deliver releases or .vai.en
' echanic's t.aria, executed oy g¢nerer Contra;,ters. subcomrsctors. Suppliers, and materialmen, in addition to Seller's [ten affidavit setting forth the na*aas o)
_ ...r. general contacc!ors. s~bcor. tr at ia•s, suppliers and matenalmen and further reciting that iri fact all bills for ~,vork to the s~biect property ,Whit h could serve
is~s for a rc ethanic•s Lien have been peed orwdl Oe paid at closing.
aCE O~ CLOSING. ClUiing shad be -Wald m CO~nty wherein property +s COL dteu, 3t the OffiC6 Of atlOmey o• Other doting agent tt es.gna[ed by Satt@f.
'JE Time rs of the essence of this Contract 4ny refere•tce herein to time periods of rasa than 6 days shall in the computat•on th ereo! a<dude Satardav s. Sun-
~,:•J regal holidays. ant any time period prundecf for herein ~.vhich Shah end on a Saturday. Sunday or legal holiday shall extend to 5:00 p.m. of the nett full
. ~=55 day.
- '`^CUAfENTS FOR C! OS!n:G~ SNler sh alt fumrsn need, mac ha~,c's Tien affidav rl, assignments of leases, and any corrective rtes:rumen;t that rnaY be reuwred in
_ .lion with perfecting the title. Buyer shall furnish closing statement. mortgage. rvtOrtgage note. and financing sta[ements. -
•.~ENSES. State surtax and ddcumsntary stamps which are required to be affixed to the instrument of conveyance, intangib•e 'ax tin a•:d recording o) pun
> money mortgage to Setter, and cost of recording any corrective instruments shall be paid by Seller. Documentary stamps to be affixed to the note or notes
by the Vdrehate money mortgage. cost of recording the deed and financing statements shall be paid 5y Boyer.
R:}RATION OF TAXES (REAL AND PE RSONALi_ Taxes shall be prorated based on the current year's tax with due atlor.ance made for maximum atlosvable
_ ~nr and hcrtestesd or other ex en+ptions if allowed for said year. If Closing occurs at a date when the current year's millage is not fined, and current yea••s
~~+ent is avarlable, taxes wit! be prorated based upon wch assessment, and the prior year's millage. ff current year s assessment is net avarlable. then texas grill
;.•ated on the prior year-s tax: provided, hovrever, if there are camWeted improvements on the property by January 1St of year Of ClOSing, wfiich improvements
- ~e•fr m ezis:ence on Jani.ary 1st of the prior year, then taxes shalt Ile prorated based noun the prior year's millage anrf at an ectuitable assessment to be agreed
.~;.veen rite parties. facing which, request wdi be made to the County Property Appraiser for an informer assessrrenc takrng into cons:.ierat on nor•~esteso
,on, if any. Ho:tie•. er, any tax Vroratiort based on an estimate may ai request of either party to the transaction. be subse0uentiy read! used upon •ec e.pt of
on Condition that a statement to that effect is set forth in the closing statement.
C WL ASSESSPdENT LIENS. Certified, confirmed artd ratified spacial assessment liens as of date of ciosing land not as di date of Contrscti are to be paid
. e'!e•. Pending liens as of date of closing shall Os aswmed by Buyer, provided, however, that where the improvement has beer, subsea..^.uatly completed as of the
- Contract, such pending lien shat! be considered as certified, confirmed Or ratified and Seller shalt, at closing, be charged an am ou r.t aqua: to the tact esrhr:ate
p+rhlic body. of the assessment for the improvement.
_ =iSONAL PROPERTY INSPECTION. REPAIR: Seller wet rants that all major appliances. heating, cooGny, electrical, piumbing systems. and machinery are rn
. condition of Ot 6 days prior t0 ciosing. Buyer may, at his expense, have inspections made of said items by licensed persons dealing )n *-T,e 'cads' ar:d :rain
thereoi, and shall report ir. writing to Satter such ,ems as found not in .vorking condition prior to taking ~f pcssett.on thereof dr 6 rays p••ur to r:os~ng.
e.ar is first. Unless Buyer reports fait .gas vrithin said period, he shall be deemed to have waived Seller's .Warranty as to failures net repo':e!. V;!.~ repOrte~
_ .~as ;hat! 5e tonne:-led a: Se!:er•s cost w'th funds therefor escrowed at closing. Setter agrees to provide access for inspection upon r.°asonable notice.
! ~iSK OF LESS: If the improvernenis ors damaged oY fire or other casualty Prior to closing, and costs of restoring same does not exceed 3i, of th= 4ss.~ssecf ,
_ _ ;•.o^ of the :mprove:tun2s so :farnaged, cost of restoration shat: oe an obligation of the Seller and dosing Shaft proceed pursuant to the terms o ontract
.oar therefor escro•.ved at closrng to the giant the cost of repair or restoration exceeds 3+~ of the assessed .•aiuation of •he in,grote~^an!s so da+r+aaerl Buyer
' - ~ rave [he option of either taking th.e property as rt, together wHh either the said 31 or any rnwranee procaerls payable Dy virtue dt such toss n' ld•••aq.:- o. Of
~ _ ^.g Contract and rtcewing retwn o1 depositisj made Fereunder
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! ":TENANCE: Not:v~thstandi:,g provi>.ons of Standard O. Cetween Cdniract date and ciovny .fate, personal property refired to in Standard C a•id real
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_ •r inclrlding !a~.vn, shrubbe•y and poor. it any, shat! he maintained by Seller in conditions they ezrsted aS of Cbnt.act date, ordinary .veer and tear exraated.
< rCEEDS OF SAE aeVO CLOSItJv PROCEDURE Tne deed shag be recorded upon clearance of funds and evidence of Wile continued at Borer s etpeiae-
- trite in Buyer, :without any encumbrances or change whrch would render Seller's title unmarketable, from the date Of the last evidencr and the cash pr0-
j safe shall be paid in es: row by Seder's attorney or by Such Other eur0•W agent as may be gnu:ually agreed upon for a period of not !o•+ger than 5 days
! ~^•i after closing tla;e Se''~er's title is renCered unmarketable. Boyar shalt within said 5 Bar steriod, notHy $slier in .wri)ina Of the defect and Sep:er shat
r - n .lays from ::ate of recarRt of cull. nor.f,eaNon to :ore card defect. to the event Seller faits to timely cure card defect, alt monies Fa,d here:,nder ;ha•r, upon
- - demand therefor and within 5 days thereafter. La ret..rnad to Buyer anrJ, s.muttaneously with such repay merit, Buyer shall ac ate the pr?~nis?> anti •ec on
i a ~ruperty in question to the Seller by spetrai warranty deed. In the avant Buyer farts i0 make emery demand for refunu, he shat tare title as rs, new ~n3 al!
> a3ainst Se!;er as to soh !n)er.emng ~efe.t except as may be available to Buyer by virtue of .rarrantres, if any, contarnad in deed in ;he ersni aport~o~. O+ the
! -a;o_ price is to be derived from ins*•ituriona! l:n an:rng or re-financing, the requirements of the lending ins;itu lion as to place, trr•a eons procedures `d r_iJSrng,
. r oistrursernen! of r-rortgage proce2v~s. Shs11 canirol, snytr,inq in this Contract to the contrary notwithstanding. Provided, howeve•. that the Seller shad have
F ~ - ..:grit to require from such iend,ng institution a• closing a comm.itrnent that it will not tivrthnold disbursement of mortgage procersfs as a revile of an-; t•tre de•act
i c~:;aLte t0 Buyer mortgagor.
€ i SCROW Any es~ro~:. a3e•rt receiving fun~!s ,s authorired and agrees by acceptance thereof ro pror'tptly deposit and to hold same in escrow ann to dish rise
t` - s.-.bfec[ to dasrance tt.eraof rn ar:cordasce with terms and conCitions or Contract. Failure of clearance of•unds chest not oxtusa Verformance by cr 8.ver-
!t a event of doubt as to his duties o• liab.lities under the provisions of this Contract, the escrow agent may rn his sole drat: afro n, continue to 1:otd *.1:~ rnon,es
are the subject of [h;s es:.row until the pa.ties mutually agree io the disbursement Thereof, ur until a }uagment o` a court of competent junsdicuOn shalt
.~~ine the rights of the parties thereto, Or he may deport all the monies than held pursuant to [his Contract.with the Clerk cf the Circuit Cour- o! the County
' ~ .-~d lu•isdichon o! file disp7te. and upon noti!ving all parties concerned of such action, all liability On the part Of the escrow agent shat' fully termrnaee exceot
~`-a ez:ent of accour.tinq for any monies theretofore oetrv?red out of escrow. If a licensed real estate broker. the escro,vee ~.vill comply .wtn provrSions Of Sact.or.
! » . ?5 i ti !d, F.S., as amended In the event Oi any sail bet•aeen Buyer and Satlar ~nherein the escrow agent rs made a par i•r by virtue of acting as wrh esc+~~~
. hereunder. or in th2 event of any ;wit wherein. escro.v agent interpteads :ha subject matter of this escrow, the escro.v agent snail he entitled to recdv er a
-._-~nable attornay•s tea and costs incurred, card fees and costs to be charged and assessed ss court costs in favor of the prevailing party.:+ft parties agree that the
.v agent shall not be liable to any party or person whomsoever for miSJeiivery t0 Buyer Or Seiler of monies sablect to this escrow, unless Such misdel rvsry shall
_ ,e to willful breach of this Contractor gross negligence on the part of the escro+v agent-
" .,TTORNEY FEES AND COSTS In tomtsc.tion with any litigation inc.tiding aVPetlate proceedings arising our of this Contract the p•e.ai:.rig Party a a+! be
• 'red to recover reasonable a[tornsy's fees and Costs
DEFAULT: If Buyer fails W D+rform this Contract .vithm the rim! tpeciiied. :ne depositisl par'! ny the Bayer afcresairt may be retarned by Gr for r~ a a~_ou•~t
Se~Ier as liquidated darn ages, consideration for tt;t execution of this Contract and in full settlement of any claims. ~+h areupon alt parties sn a'i tie r°lirvec! of E
~~!igalions under the Contract: or Sene•. at h,s outrun, may proceerJ at la~•: or ir. equity to enforce his legal rights urn2er this Co:~;ra:.t. !f, for ar.y rcxsnn other
rarlure of Seller [o render his title marketable otter diligent effort, Seller fails. neglects or refusal 20 pe•form ;tae Con!rat t. the B..Yer ^•av sank sP e•_•trc per
- ~ 3nce or elect to recerve the return o* his deposits s) without thereby waiwi•tg any action for darn ages resulting from Seller's breach.
~ONTRACT NOT RECORDABLE, PERSONS BOUND 4N0 NOTICE: Neither this Contract nor env notice thereof shah he recurred in any public records.
s Contract shall bind and inure to the benefit of the parties hereto and their successors in interes+. Wheneler the contest pe+•*~;ts singura• shat: mcl-,de ..:v~al anti
~-gender shall include all. Notice given by or to the attorney for either party shalt be as effective as if grvsn by Or to saint party.
~RORATIONS AND INSURANCE Taxes, assessments, rent, interest, insurance and other expenses and revenue of card proV°-rty shalt be Prorated as tit date
- ~ nosing. Buyer shall have the Option of takrng Ovtr any existing policies of insurance or. the property, ii assumable, in which event p•emiums shall be prorerad.
•,e cash st closing shall be increased or de.:reased as may tx required by said prorations Ale references .n Con;rut to prorations ss of date of closing N•~ Os
z~+ed "date of occupancy" if occupancy occurs prior to closrng, unless otherwise provided for herein.
<J CONVEYANCE Setter shall convey title to the aforesaid real Oroperty by statutory warranty deed subject only to matters contained in Pa•agraph Vl1 !tereof.
~'ersonsl property shall, at the request of Buyer, be conveyed Dy an absoWte bill O} sale with warranty of title, subject [b wch liens as may be other:rise .^lrovided
'or Herein.
• OTHER AGR;I:MENTS: No prior or prdsen; agreernenis or representations tha11 be binding upon any of the parties hereto unless in•_orporared in
.r ~s Contrs:a. No rnodifjcr~ion or change in this Contract shat; be valid or bmdrng upon the parties unless in .vrit,ngrlege; ~.wiJthe parties to t~ r;nu therebY~
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