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Home My WebLink About0478 _ _ ' ~ STANDARDS FOR REAL ESTATE TRANSACTIONS _ f A. EVIDENCE OF TITL>r .(1) A commmpplNa abstract of title prepued byes reputable abstract 6nn puryortinR to be aft aetwate synopsis of the insteumeats aRerting Use tick to that real property retarded in public records of that eo~nt~r to the date of tltu eaturact. sltowin[ in the seller a markNabk title in scco?dtusce with title stapdards a fed from time to time by the >:lorida >su, wbject only to Gans, caewn. brance, e:ceptioas or gtuli6cataw set forth i4 this t~t?eaa anti those which shall be discbar[ed bs sdler at or before train[. (SI a tide [uaraaeee commitment issued by a quatitied title inwrot aRredaS to awe to the buyer, upon the recording d the tired heredter toastttsned, as owner guarantee in the amount of the ptut3we ~trioe insuring me title of the bu tt to that real property, str4jtxt tidy to flew, etscttm• brances, e:ceptioas of gt::lificatiotr set Itsrth ip this eonttsct sad those which >JsW be discharUed by sdler at or before elaio[. Buyer .ball bare Glttee (IS) days if abstract, or bye (S) drys if title guarantee, fray ehe date of reteiring the eridetsce of title to esamitte same. If title is found to be deiectire, the bu er tJsaU, within raid period notify the seller in writip[ spedfyin[ the ddeeys. U _the said defects ~ render the title tlamarketable. the idler shall ~re ninety (90) days fray the receipt of web notice to cure the ddects. and if :her said period seller shall tat bare cured tfse detects. buyer shall bare the optiat: (1) aetepting title as it then b. or (Z) deasandiag a rdstrsd o[ sV moues paid haewsdtr which shall iortlswith be returned to the buyer, std tbaeupon the buyer and sdkr shall be released o[ all [urther obliga- tions under this eoatraet. - B. EXISTING MORTGAGES: The seUa :ball Wraisb estoppel letters (trot necewn'ly is tsffidarit form) seeti>t[ forth the Drincipal_balanee, method of payment. std whether the mortta[e is in good statsdiag. It there is a charge for the cbats[c of owrsership records, by the mortgatee, it shall be borne by tlx buyer. Seller shall receive as credit at tlosissg, an amount equal to the escrow fords held by the mort[stee. If the t:isting mortgage requires the buyer to asatase same. then the byres shall do soq provided, however, if ehe mortgagte does not accept the buyer, rhea in chat event occurring- the buyer at his option, may es the cohtract atd all tunnies Paid by the buyer slraU be rdundad to the !-uyer. C. PURCHASE MONEY MORTGAGES: Any purchase money tortes anti taortgs;es required by the toatract shall folbti the tarns [etsetally accepted and used in the county where the land is Botattd.-Any Purchase ,money tttortga[e .shall provide (or iawrapte sytainst loss 6y fire with eztendtd coinages in tea arrsossnc mt less than tl~e loll irwtrabk value of the improresneots. In a first mort[a[er the note and ttait[age shall provide for acceleration, at the option,tsf the holder, skier thirty (30) days de[ault atd in a second mortgagt. after 6lteep (IS) days ddtult. A second aartgate shall require a mortgagor to keep all prior liens atd encumbrances in aft or part of the prittdpal st any time or lima witE? iptaat to date of payment without p~asalty~. Buyec shall bare the right to prepay D. OTHER MORTGAGES: In the event buyer executes a tportgate to one other than the seller, all costs and dsac[es incidental therao shop 3 be paid by the buyer. - E. SURVEY; U the buyer desires a whey he shall bare the property auneytd at Isis expense prior to closing date. u the surrey shows an eneroaeharmt, the same shall be trtatcd as a title ticket. - F. TERMITE INSPECTION: Prior to closing, at buyers expcnte, the buyer shall ha?e the right eo bare the property inspected by a licerucd and bonded taursainator w determine whether there is any naive termite inttsueion or damage t:om prior termite iafestatioa in the improvo- mcnts on said property. It :here is~ goy such iofescacion or dasssagc. the seller shall pay all cats of the ueatmeat required w rssnedy any such ia[escation or dams~e sn reported, including the cats o[ re~sairing or replacing all portions of said improvements which are ingested or hate bern damaged. However. in the event the cats co be snturred ate acre than three (396) percent of the purchase price. elsrn, tr :he seller's ion he ma cancel the conena within ten UO) des o[ the rceei of the termite i ! ~ y T pt nspeccion upon by giving srristrn ratite ! co the burry. ''Termite" shall be deemed co include alt wood datrofing orgaaitass. G. INSURANCE: If isssurance a to be prorated, the seller shall on or before the elb:iuig data furnish to buyer all imurance policies or copies !hereof. _ H. I.EASIFS: The seller shall furnish- copies of all writfas leases to the buyer prior to ckring and if these are any persons in possesrioa without written lesser, estoppel letter from welt persons speei(yittg the nature and duration bl the occupant, shall be [urnishod to the hater by the seller prior to -the doting date. I. MECHANICS LIENS: Seller shelf garnish to the buyer an stiidsrit that there have been sw improvements to the wbject property for 90 days immediately pPreceding the date of closing. U the subject Property has bees improved within 90 days immediately pmedinR the closing dace, the seller shall ddirer releases or waiver o[ all mechanic liens executed by general eontsactors, subcontractors, wppliers or material men and seller's mechitsies lien affidavit. J.. PLACE OF• CLOSING: Closing absU be held at the office of the seller's attocncy or as otherwise agreed upon. K. TIME IS OF THE- ESSENC& Time s'of tbt essence of the Contract tar Sale rid Purchase. I,. DOCUMENTS FOR CLOSING: Seller's attorney or other closing agent shall prepare deed, store, mortgage, seller's affidavit, closing statement and submit copies oI same to buyer's attorney, and t:opy of closing statement to the broker, at lau two days prior to scheduled ctosirsg date. M. EXPENSES:- State sort:: and documentary stamps which are required to be stfixsd to the instrument of conveyance, intangible pertorssl proptsty tares atd the cost of rccordirsg the Qtrrdsase money mortgage shall be paid by the seller. ]Documentary stamps to be affixed to the note or notes secured by the purchase money mortgage and the cost of recording else deed shall be paid by the buyer. N. PRORATION OF TAXES (REAL AND PERSONALk Tares ~hsU be prorated ba:cd upon the current year's tax without regard to do- count. I[ the dosing cakes plaee_ anti the torrent year's tares are rant fized, and the current year's assessment is available. r~szes will bapronted based Leon wch assessment std the prior year's millate. u tlse current year's assaaoent is not arailabk, thrn fazes will be prorated on the prior yea's tar, provided. however, i[ there v completed improvement of the subject premises by January I of the year of closirst, then themes shall be prorated to the date of closing based upon the prior year's millagt apd ors equitable assessment W be :treed upon between the parties, takint inco_ ca~aideration Homeucad Exemption, if any- - - O. SPECIAL ASSESSMENT LIENS: Certified, confirmed or ratified sptxial assessment Leas as of the date o[ dosing (and rat as of the date of the contract) are co be paid by the seller. Pending firsts ss of the date of dosing shall be rssumed by the buyer, provided bowcrer, that wbrre the impprovement has beta substantially completed as of ebe date of the contract,. arch pendint 4ws shall be cotssidered as eatified, corrtirtned or ratified and the seller rbaU, at closing, bs charred as :mount equal t o the last estiatate by the public body of the ataessmeot for the improvement. P. PERSONAL PROPERTY: The seller represtssts and warrants that all major :ppliatsees and maehinep indsded in the sale shall be in - food working order and repair as of the date of closiat. AU personal property shall be trsnsterrtd by Bill of Sale with Warranq of Title. Q. RISK OF LOSS: IE the improvements are d:roaged by Cue or nwalq before delivery of the deed and nn be restored to wbstantiaUy the same condition n now within a period of 60 days thereafter, seller shall so restore the improvemrnts and the dosing date and date of ddirtry of possession hereiabdore provided shall be extended accordintfy. If .seller faih to do so, else buyer shall !save the option of (I) taking ehe ProPah as h, together with iroursnce proceeds, it any. ar. (Z) canceUiug the ooptract, and all deposits arc to be [orthwith returned to tbs buyer . and all parties shall be rdeascd of arty and all obligation and liabtl'ty. _ R. MAINTENANCE: Between the date of the confines and the date- of elositst, the Property, isscfudiog lawn, shrubbery sad pool. if soy, shall be maintained by the seller in the condition as it resisted ss of the date d the contract, ordinary war and tear szcepted. S. PROCEEDS OF SALE: The DeedahaU be rseo:-ded and the eridepee of tick oontirssscd, at sdkr's expeesse, to show title in the buyer. r+itbouc any encumbrances or ebante from the date of the last evidence rendering seller's tick umssrketable, and the ash proceeds of suds sale - slraU be held is escrow by the seller's attorney or by such other mutually agresd upon EsQOw Agent for a period of not bager than five (S) days. exclsuive of Saturdays, Sundays and holidays. If the sdkr's tick is so rrndacd unmarketable, the bsryer's attorney shall, within the wd fire (S) day Period. notify sdla's attorney in writing of the ddat and the sdkr ahaU have thirty (:id) days from the date of rccapt of such notifintion to curt the defect. In the event seller bib to timely cure said ddett. all monies paid hereunder shall. upon written demand, therefor within five (S) days thercatta, be immediately returned to buyer. and simultaneously with such rcpaymrnt, buyer shall vacate the premises sad reconvey by Special Warranq Decd. In the event of the failure of the buyer to mare timely demand for refund, he shall tale tick as is. waivint all riRhn a[airstt the seller a. to Ilse intervening ddea. T. tlROtCER'S COMMISSION: The dickey's commission shall be disbursed at the time of the disbursement of the proceeds, U. ATTORNEY FEE4 AND COSTS: In Connection with any litigation arisirrq out of the contratY. the prevailint party shall be entitled to recover alt cats incurred, includirst reasonable attorneys lea. V- COS~f-TRACT NOT RECORDABLE. This contract shall not tit recardcd in tlse office of the Clerk of am Circuit Coun of tht State o[ Florida. ,g Rnn~~ f ~ A'~'~