HomeMy WebLinkAbout1088 STANDARDS fOR REAL ESTATE TRANSACTIONS
A. EVIDANCS OF T1TLB: I1) A t tt~tnrt d ~itbed by • reputable abeN•et flew purportius to be an accunu eyrapeia of Uw iaMettowwM
all tlsa title 4 trot Beal NroMry reto la K tecotfd~ county b tlr dtb d this toattatt, shtwring in the seller a marketable title is atrordattes with tilts
rtaad' it,~dOpted tnw tlnM b tiw~ by tM Fbrida Bar. or flea bnl Bar Aeweiatina, twbjeet ow1Y te.lirxte, entvmbrante, a:nptiaw or puelibratirnte Bet tortA is tAie oowtr•el
and t11aM which shay a disehatged bY.Mllar at of talon ebsity, I!) • title guanatea rawmitmsat isartsd by • qualified title in.urer agreeing b iesrta b tM buyer,.ttpow Ihs
recetilas d tlt~ Herd b buYtir. oerf?er' ~ttatyntee is tM arnoua! d Chu i~ Price iuwtrind the UtN d tits boric b that red property, tttsbpet ttttly
w lia•s. ewtt•tbea•ess. •seeptiwr 8e wali3Mtloa qt torW i• this eoatraet std thMR.whieh shall M din~harged by seller ~l or baton elsaing.
Boyar mall haw s0 days if abatraet, or is days U title gttarttatae eoanmitwenl. trove the dab d rereiviag the widens d title b ettataiae acme. it lefts i• found
to b dsfeedw, the buyer shall. wit?iw acid period notify the seller is writing speeilyiag Ur debcts. It tM ad debcb Hader tlr title untnarkefabM, tM asUee shall
hew I>!Q dtgy (rew the reeaipt d such notice b sure tM detects. sad shall use dw dili[w?ce b do a: -but i/ after acid tines ha eapieed, aid dabcb see not
Bond, ~rrysr, upow nquaal shall haw as additional 120 days b cure acid defects, sad the reasonable ewe and teas incurred tMnby shall M paid by trallar. U
Buyer does rat cure Yid defect within ad additiond time period. than buyer shall haw the option: ll) atreptittg the title a. it lhsw is. or l2) demrrtdittg • telund d
all mowisa paid hatwader which shsll forthwith bs returrtad to tM buyer, sad thereupon llte buyer sad seller shall be releasd d all furtMr oWytalaws under this aoatrott
B. EXISTING MORTGAGES: The Seller shall obtain and fun?ish a sutettrat from tM ttartgagse setting forth tM principal balance, tnetbed d paytasat, -iatetwt
nu, sad wrhetlrr tM mortgap w is good ataedirrg. I( then is • charge fee the change d ownership records by the mortgagee, it shall b borne by tlts Buyee. Ia the
event Ilte mortgagee does not accept llte Buyer [or purposes d assumtng tM eaisting rrartgsge encumbering the wbjeet property, when the mortgap irWrtttttsat re-
Quires such acceptance. tltsn and in that event. flu Buyer at his option m.y Hotel the contract and dl monies paid on tM purchaa price shall tr refunded b hive
and tba prtiss atoll M released tray all lurthtr oWigatiow. Aay wruttce is the amount d a mortgage b be atrutrted from the amount sold in tM Contract shall
De added b or deducted boat the cash payarnt or the purchase money mortgage. a• the Buyer may elect.
C PURCHASE MONEY MORTGAGES: Aay purchase money cote and ttartgage shall follow the tortn+ generally accepted and used is the county where lM load
is lontad. A purchaa money mortgage shall provide for iasurann against loss by lln with eatendad eroverage is an aau.unt not leas than the full ittsursbis vahr
ct the improvements. la • first ttartgage, the tale and aartgage shall provide for acceleration, at the option CA the holder. otter thirty 130) don detadt sad is • asoead
mortgage afar IS -days default. SsC:ottd ttartgaga shall regain the owner d the Ptoperlr ennttnbered Er r'ttd morteaee to keen all orior liens std atetrm•.
bones iw good ataadierg std lorbid_ the owner d the property (ran accepting ssoditiatiotu d, or future advances under. • prior oartgage. Buyer shall haw the right
to PnP•Y all or say part d the principal at say tier or tints with inurest b date d payttrttt without penalty and acid payment atoll apply against the principal
amount rest maturing. In tlr Brent Buyer es•cvtss a mortgage b otr oUrr than tlr Seller, all ease and charges incidenul tMreto shall be pad by the Buyew
D. SURVEY: The Buyer. within tM time allovrd for delivery d avidenee d title and asamination thered, may bare ail property wtwyad at his •:panes. It tM
survey dtovrs say ertetoacMrnt oa said property or that tM improvement interwld b be located Cm the wbject proplrty in tact encroach oa the lands d other, of -
violab say d the covenant herein. the sofas shall ba tratd u : title detect.
E. TERMITE INSPECTION: Prior b dosing, at Buyers a:prose, /lte Buyer slrll low the right b haw the property inspected by • licensed •:bnainatittg com-
pany b determine whether then is any active urmiu or wood-dntroying orytanism preeenl in soy improvemenu on said Property. or any damage from prior
termib or wood destroying orytaawa b said improvements- If then is any wch infestation or damage. the Seller shall pay all costs d treattnal aril repairing
and/or eeplaeiag all portiau d said improvement which sn infested or lrw been damaged: Provided, 6owerer, is the event the cwt b be, incurred is tttore than
three pateeot l3JG) d the purchase price. then either party mar cancel the eantnet within Lett l10) day. d receipt d the brmib inspection report sad cost atimab
for elteeting eaurntioalions std ttscessary repair, by giving written rtotiee b the olhtr party.
F. INSURANCE: The prcmiuas Crn say horsed inwtenee policy is force covering improvements wn the wbjtct property, shall be prorated between llr parkas, -
or the pdiey ttt¦y be eattcelled a tM Buyer may elaet. It itauraaee u b M prorstsd tbs Seller shall, Cta or before ela+ir?g d.u, [urnish b the Buyer all irtsuranea
policies or eopiss thereof. ,
G. LEASES: The Sslbr shall, Prior b closing, famish tht Buyer eopiw d all wriltaa leases and, if there are any penom in poaesaion without written lease, ertoppel
letter fray aaeh tenant apattifying the nature sad duration d aid tenant's ottivpaary, rental nb, ttthrance rents or security deposits pad try uernt. In tM swat 8ellar
u unable b obtain said ast:oppal letup from tenant, the aloe iutorasatian may be furauhad by seller b Buyer in the [orm d. a Sellers AfRdavit.
H. MECHANICS LIENS: Seller shall furnish b the buyer an affidavit that there Mve been no improvement to the wbject properly for 90 days imrtted'utab
preceding the dau d dosing. It the subject Property has been improved within 90 dari immedutely pnteediag the elasirtg date, the seller shall deliver releases or waiver
of all mechanics liens a:ecuted by gettere! eoatrccbts, wbeoetraeton, wppliere or maurialuten and a seller s mechanics lien affidavit.
I. PLACE OF CLOSING: CWsiag shall a field at the office d the sellers attorney or a• otherwise agreed upor?. .
J DOCUMENTS FOR CLOSING: Sellers atbrney or other doing agent shall prepare deed. and corrective instruments, seller's al6davit, aril cloairtg sutemat.
Buyeri atbroey shall ptrpn the PurcMa moose non aril mortgage. Copies d all such document cltall be wbmitted b the other partyi atbrrry at leaf 2 days
prior to the elwing dab- Copies shall also be furaishd b partieipetittg Broken upon regwst.
K EXPENSES: Suu wrtaa aril docutoenury stamps required oo deed. coat. d recording say correcting instrument and the frost d recordiryt the purehaa tttt?+rY
mortgage shsU tee paid by the seller. Docutoenury stamps u be a6rud b the ante or notes secured by the purchase money ttwrtgage, inurgtible ua on morttaga, std the
cwt of recording the dssd shall be paid by tM buyer. -
L. PRORATION OF TAXES tREAL AND PERSONAL): Tat:a shall ba proofed based upon the current yearn ua without regard to discount. It the closing taken
place sad the current year uses are not 6sed, and the current yarn assessment is awilable, u:n will be prorated based upon such asacsarrtent and the prior yearn
millage. It tlta eurreot yais assessment is not awilable, tha u:es will b! prorated on the prior Years tas. provided. however, it then is completed improvem~rtt
of the subject premises by January 1 of the yar d closing. then lbe u:ea shall fie prorated to the date of closing based upon the prior year's millage and sa equiuWe
j .s:-Tent u be agreed upon between the paHies, eking into consideration Homestead Exemption, i[ any However, am tax proration baxd on an estintale may at
the request d either party b the transaction, be suba[quatly readjusted upon receipt d ua bill, it a sutement to that eRect u ae. forth in the closing autetnent.
i M. SPECIAL ASSESSMENT LIENS: Certified. eronfirrned or ratified aantment lien as of the date of closing (and not as of the date of the contract) an b be
~ paid by the caller. Periling littta as of the dau d dosing shall be amumed by the buyer, provided. however, that where the improvment has been wbsuntially com-
I pleted as d t!r ilea d the contract, such periling liens shell be considered as Crertified, cony or ratified and the seller shall at ctosmR be charged an amount
~ equal b the last atimau by the public body d the asaessatertt for the improvetaent.
N. PERSONAL PROPERTY: The Seller represenu and warrant that all major appliances end tnschinery included in the sale shall be in good working order std
repair a d the dab d dosing. Bayer tn.y, at hu Bole eapettee sad on rasnrtable notice, inspect or cause an inspection to be made o[ the applurtces and equipiment
involved prior b closing. Aay neceaary repair shall be aide al the swat of the Seller end, it appropriate, adequate funds shall be escrowed al time d closing b
eRect ruck repair. Unless otbenria agreed by the parties, the Bayer shall, by proceeding b closing, be deemed to have antpted the property as u.
O RISK OF LOSS: If the improvearnt ¦re darruged by Ere or other casualty before delivery of the deed end can be restored to substantially the same condition
as now eaisting within a period d slaty (60) days therafler. Seller may restore the improvements and the closing date and date of delivery of possession hereinbe(on
provided stroll be extended accordingly. It Seller talk to do so, the Buyer shall have the option of ll) taking the property as rs, together with rnsuance pmceeds, if any,
or (21 cancelling llte contract and all Ckposiu will be forthwith returned to the Buyer and the parties shall be released of any further IiabJrty hereunder.
P MAIATENANCE: Between the date of the contract and the date o! closing, the property. mcludmR lawn, shrubbery end t¦..1. d any- shall he mainuined
by the Seller in the condition as it eiisted as of the date of the contact, ordinary wear and tear excepted.
Q. PROCEEDS OF SALE AND CLOSING PROCEDURE: The Seller shall be entitled to receive the net proceeds nt the sJe at time of closing, esnpt in cases
where mortgagee requires title clearance before disbunmg funds. in which event Seller shall be entitled to payment upon rererpt of funds from mortR:+Ree Payment shall
be made in the torn of cash. cashier's check, certified check, attorney i trwt account check, or real estate brokers trust account check All protess~on:rl xrnce tees shall be
disbursed u full st the time ddosing-
R ATTORNEY FEES AND COSTS: In connection with any litigation arising out of thn context. the prevarhnR h.rrty shall Fee rntdled to re.-over all C»st incurred,
including rYaeonablt atlotrry i tees.
S DEFAULT: I( Buyer fai4 b perform any d the Crovenanls d this contract, all money paid puauant to this rnntn. t by the Buyer shall Ire retained hY or for
the aarount d the Seller u consideration for the. execution d this contract, and as agreed and Iquilated dam:rRes and rn full aettlemeM of any clarma for damagd.
It he Seller fait to perform any ut the Covenant of thn aronlncl. all money paid Iwnuant to this contrail by the Buyer. at the option nt the Buyer, shill lie returned
'y to the Buyer on Ckrrrnd. or the Buyer shall have only the nght d specific performance
~ T. CONTRACT NOT RECORDABLE: This contract or any reference thereto shall not be recorded m the office of the ('leek of am• t'ircuit ('Dort of the State of Florida.
l'. PERSONS BOUND: This eontncl shall bind and bene~ tee hereto. their heirs. personal representatives, surie.anra and assigns lunkss provded
herein that this tontrart is not smigrrblN•
V OTHER AGREEMENTS: No agreement or reprexntations. unless incorporated in this contract, shill be hindmR ulna :env rat the p:irtiM Typewritten or hand-
r.ntten provisions inserted in this torn or attached hereto as addendums shall control III panted provisans rn conflict therewith. The covenants of this contract shall
survive delivery d the deed sail powession-
W. MAKING TIME OF ESSENCE: Time may be made .the tuenee d this contract by notice in writing to the (.ist known addrrea of the other potty nr his
ottornsy, stipulating a rasonable time [or [umber pertoratance. 4~~L11CC~j
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