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HomeMy WebLinkAbout2342 STANDARDS FOR REAL ESTATE TRANSACTIONS 1 F\•'IUENCE OF TITLE: ~ 1) A complete abstract of title prepared by a reputable abstract (inn purporting to be .u? accur.?n• . .•.r-•i, „t the instnunents al~e~ting the title to that real property recorded in public records of that cuuntp to the .late of t{:is r~,,,~. ~~:~•t~iug in the xllcr n?:rrketable title in accordance with title standards adopted from time to time b1' the Ftu?id,? li.??. .i~~eet c,nl~• u, liens, encumbrances, exceptions or qualifications set forth in this contract and those which shall be discharged by seller .,r bet••rc closing, (2) a title guarantee commitment issued by a qualified title insuror agreeing to issur tc the buyer, upon thr __:,nling of the deed hereafter mentioned, an owner guarantee in the amount of the purchase price insuring the title of the buyer to t real property, subject only to liens, encumbrances, exceptions or qualifications set forth in this contract and those which shall be ,li,~harged by seller at eu before closing. :..~~cr shall have thirty (~0) days if abstract, or five (5) days if title guarantee, from the date of receiving the evidence of title to . ~..,n?ine ~.uue. li title is found to be defective, the buyer shall, within said period notify the seller in writing specifying the deletes. If . paid defects under the title unnrarkewble, the seller shall have ninety (90j days from the receipt of such notice to curt the defci t•, ~,,1 it alert said prriud seller shall not have cured the defects, buyer shall have the option: (1) accepting title as it then is, or is ~~randrn • refund of all monies paid 1?ereunder which shall forthwith be returned to the buyer, and thereupon the buyer and seller : ~ It be rr~eascd of all further obligations under this contract, li. EXISTING MORTGAGES: The seller shall furnish estoppel letters (not necessarily in affidavit form) setting forth the principal i~.~i.~r?ce, n?rtl?ncl of payment, and whetl?er the mortgage is in good standing. If there is a charge for the change of ownership records, by u?ortLagrc. it .hall i?e borne by the buyer. Seller shall receive as credit at closing, an amount equal to the escrow funds held by the -S,aL:i If t!?c esisring mortgage requires the buyer to assume same, then the buyer shall do so; provided, however, if the mortgagee . ~ ~ ~nur accept the buyer. then in that event occurring, the buyer at his option, may cancel the contract and all monies paid by the rr ~i?e!i be rrtundcd to the buyer. PURCHASE MONEY 1?tORTGAGES: Any purchase money notes and mortgages required by the contract shall follow the forms r?cr.?lly acceptcel and used in the county where the land is located. Any purchase money mortgage shall provide for insurance against by fire with extended coverage in an amount not less than the full insurable value of the improvements. In a first mortgage, the note ! .,nil mortgage shall provide for acceleration, at the option of the holder, after thirty (30) days default and in a second mortgage, after !trrn ~ 15) days default. A second mortgage shall require a mortgagor to keep all prior liens and encumbrances in good standing. Buyer ...rll have the right to prepay all or part oft a principal at any time or times with interest to date of payment without penalty. i 11 OTHER MORTGAGES: In the event buyer executes a mortgage to one other than the seller, all costs and charges incidental r;o shall be paid by the buyer. F SURVEY:_ If the buyer desires a survey he shall have the property surveyed at his expense prior to closing date. If the survey ~',~ntis an encroachment, the same shall be treated as a title defect. F. TERMITE INSPECTION: Prior to closing, at buyer's expense, the buyer shall have the right to have the property inspected by 'r~ensed and bonded exterminator to determine whether there is any active termite infestation or damage from prior termite ~~sratic,n in the improvcnrents on said roperty. If there is any such infestation or damage, t ?a pay a sts-oE-the ~t ri?~-+rt-a:a}t?ited to remedy a?riy a{} pins-of _ -ct~+~asearnientsurhish-m micsted~-13ave .However, in the event the costs to be incurred are more than three (3"f.! ;~;r~rnt of the purchase price, then, at the seller's option he may cAncel the cf, ntract within ten_ 10) days o~ the receipt of the termite :~.pcction report by giving written notice to the buyer. yj;r.t,1~. sj - s•~r-ass *e~•~'~~ G INSURANCE: If insurance is to be prorated, the seller shall nor before the closing date, furnish co buyer all insurance policies ur } :ties thereof. ll. LEASES: The seller shall furnish copies of all written leases to the buyer prior to closing and if there are any persons in sscssion ~ i:.;vt .triton leases, estoppel letters from such persons specifying the nature and duration of the occupancy shall be furnished to the ` . by t}ie seller prior to the closing date. ! 1 1 ~1ECHANICS LIENS: Seller shall furnish to the buyer an affidavit that there have been no improvements to the subject property ~~n days imnediately preceding the date of closing. if the subject property has been improved within 90 days immediately preceding closing date. the seller shall deliver. releases or waiver of all met antes liens executed by general contractors, subcontractors, ii.rs or material men and seller's mechanics lien affidavit. . 1 PLACE OF CLOSING: Closing shall be held at the office of the seller's attorney or as otherwise agreed upon. h T1~1E IS OF THE ESSENCE: Time is of the. essence of the Contract for Sale and Purchase. , L l)OCU\1ENTS FOR CLOSING: Seller's attorney, or other closing agent shall prepare deed, note, mortgage, seller's affidavit. E ~~.inl; st,tement and submit copies of same to buyer's attorney, and copy of closing statement to the broker, at (east two days prior to _ ::.,ivied closing, date. f ~I. EXPENSES: State surtax and documentary stamps which are required to be affixed to the instrument of conveyance, intangible -s,?nal property taxes and the cost of recording the purchase money mortgage shall be paid by the seller. Documentary stamps to be ' t:~rd to the note or notes secured by the purchase money mortgage and the cost of recording the deed shall be paid by the buyer. PRORATION OF TAXES (REAL AND PERSONAL): Taxes shall be prorated based upon the current year's tax without regard ,liscount. If the closing takes place and the current year's taxes are not fixed, and the current year's assessment is available, taxes will i:rr,rated based upon such assessment and the prior year's millage. If the current year's assessment is not available, then taxes will hr ~ .r,,tcd on the prior year's tax, provided, however, if there is completed improvement of the subject premises by January I of the year ; r _ losing. then the taxes shall be prorated to the date of closing based upon the prior year's millage and an equitable assessment to be ~ •r. rd upon between the parties, taking into consideration Homestead Exemption, if any. { c O SPECIAL ASSESSMENT LIENS: Certified, confirmed or ratified s cial assessment ligens as of the date of closing (and not as of ~ ~:~~..wer, thahcwhere the im rovemenahas beenesubstantarllg kom lete~as of the d to of thelcontractrtsuchy ending lienPshall be 1 :n.idered as certificd,confiPmed or ratified and the seller shall, at closing, be charged an amount equal to thelast estimate by the ;~_:i:lic body of the assessment for the improvement. _ ~ - I ~ - Q. RISK OF LOSS: If the improvements are damaged by fire or casualty before delivery of the deed and can be restored to ~i•.tantially the same condition as now within a period of 60 days thereafter, seller shall so restore the improvements and the closing r~. end date of delivery of posession hereinbefore provided shall be extended accordingly. If seller fails to do so, the buyer shall have s uptiran of (1 j taking the property as is, together with insurance proceeds, if any, or (2) cancelling the contract, and all deposits are i~r furths~th returned to the buyer and all parties shall be released of any and all obligation and liability. _ ft. ~1AINTENANCE: Between the date of the contract and the date of closing, the property, including lawn, shrubbery and pool, if ~•...hall be maintained by the seller in the condition as it existed as of the date of the contract, ordinary wear and tear excepted. S. he Broker's commission shall be disbursed at the time of the disbursement of the proceeds. T. ATTORNEY FEES AND COSTS: In connection with any litigation arising out of the contract, the prevailing party shall be nr irled to recover all costs incurred, including reasonable attorneys fees. L'. CO!\TRACT NOT RECORDABLE. This contract shall not be recorded in the office of the Clerk of any Circuit (',curt of tl?e State ~ .i Fi•,rida. aoax~ 2ti~ % s~ _ ~ ~ o _ - • ? b.