HomeMy WebLinkAbout1767 STANDARDS FO~~~S~A1t~ IONS
a E v IDENCE OF TITLE: An gb111aYLS of title prepued or brought current by a reputable and existing abstract firm (If r>ot,existing than certified ss correct by
e,. eK,sting firm) purporting to W an atcuraN synopsis of the instruments affecting the titN to subject Taal property recorded in the public records of the county
.herein the land li situated. tMOUgh Wta of Contract. An abstract shall commence with the earliest publk records, or such later data as may W customary in the
county wherein Ma lartd Ii situated. SNler shNl convey s marketable title in aeeordane• with Tills Standards adopted from lima to time by Th• Florida Bar, subject
only to lips, eneumbrancas, exeaptions or qualifieationi wt forth {n this Contract end those whkh shall W discharged btl Seller at or before elosin Upon closing
of [his transaction wch abstract shall baconW the property of Buyer, subject to the right of retention thereof by first rrwrtgegee until fully paid; or ~jj a title {nsur-
ancs c mmitm n iteuiid by • quell/lad title insurer agfeeiri0 to issue to Buyer, upon recording of the dead to Buyer, an Owner's policy of title insurance
amount O the purchaa pike, insuring title of tM Buya? to the rW property, wbjett only to lions, encumbrances. exceptions or qualifications sat forth in this
Contract and those whkh ahaU be discharged by SNler at O? befon closing. Buyer shall hwa 30 days, It abstract, or 5 days, if title commitment, from data of re-
ceiving widence of title to exemlM same. If title N found defeetlve, Buyer shall, withM 3 days thereafter, notify SHIM in writing specifying defeetlftl.
I f said defscNs) rMttef lifts unn?arftetable. SNIP shalt hwa 140 days from receipt of Welke within whkh to remove said dafactlsl. and if Seller is unwcceatul in
removing them within Nid lima, Buyw shill haw the option of ~Ither I1) accepting the title as it than is, or (2) damsndiry a refund of all monies paid hsrwnder
.yhich shall forthwith be returned to Buyer and therwpon Buya? and Shier shall be released ss to oM another, of all further obligations under the Contract; how•
ever. Seller prNS that he will, if title is found to be unmarketable, use diligent effort to.eorreet the defactlal in title withln the lima provided Merafor, Including
the bringing of necessary wiri.
B EXISTING MORT(iAOES: SNIM shell turnhh • statement from the mortgegeels) Ntting forth principal balance, method of payment, interest rats and whether
the rnortgapalsU} In good standing. If a mortgepe requires approval of the Buyer by the mortgagee in orQu,to Ovoid default, or for auumption by the Buyer of said
mortgage, and ~~jjJJ the mortgagee does not approve the Buyer, tM Buyer may rescind the Congest, or L2,J requires an ineraasa in the interest rata or chargai a fas
for any reason in excns of =100.00, the 8uysr may rescind the Contract unless Seller Necri to pay such increase or excess. SNlsr shall pay 50% of such fee up to
550.00. BuyM shalt up reasonable diligence to obtain approval. Tha amount of any escrow deposits held by mortgagee shall be crtditad to SNlar.
C PURCHASE MONEY MORTG/4GES: Tha purchase money note and mortgipe, if any, shall provide fora 30 dot/ grata period in the want of default if it is•
first mortgage end • 15 day grad period if a second mortgage; shall provide for right of prepayment in whets or in part without penalty; shall not provide for
accelerittion in want Of resah Of the property; and shall ba otherwise in form and content requirW by Seller's attorney; provided, howwer, SNler may only re•
quire clausM eustpmarily'tound in mortgages and mortgage notes penerslly utilized by swings and loan Institutions In the county wherein the property is located.
Said mortgage shall nquiie tfie owner of the property encumWrad to keep all prior liana and encumbrances in good standing and forbid the owner of the pro-
oerty from accepting mOdifkatlons of or future advances under prior mortgpels). All personal property being conveyed will, at option of Seler, be wbieet to the
i ten of the mortgage and wfdeneed by recorded Finanelnp Statements.
O. SURVEY: Tha Buyer, within time allo~wd for dNivery of widence of title and examination thereof, may Nava the property wrveyad at his expense. If the ,
survey. certitiW by • rpistersd Florida wrvtyor, shows any encroachment on said property or that improvsmMts intended to ba located on the wbject property in
fact encroach on lands of others. or violate arty of the Contract covenants, the same shall ba treated es • title detect. Any survey prepared in connection with or as a
consequence of this transaction may include a dasc_ ription of the property under the Florida Coordinate System as defined in Chapter 177, Florida Statutes.
E. TE RMFTFS: Tha BuyN, within time allowed for dNivNy of wktertce of title and examination thereof, or no later than 10 days prior to closing, whkhwer data
oc:,urs Iatt,. may hwa the improvements inspected at Buyer's expanse by a Certified Past Control Operator to determine whether there is any visible xtivs termite
infestation or vislbl~ existing damps •frpm termite infestation in the improvements. If Buyer Is inforrtted of either or bath of the foregoing, Buyer will have 4 days
from data of written Works thereof or 4 days after sNection of a contractor, whkhwer occurs first, withln whkh to hwa all damages, whether visible or not, in-
spected artd estimated by a IieenNd building Or general contractor- Seller shall pay valid costs of treatment and repair of ell damage up to 1Ya% of Purchase Price.
Should such costs :exceed that amount; Buyer shall have the option of caneNlinp Contract within 5 days attar receipt of contractor's raga r estrmate by giving
:.titters notice to Seller, or Buyer may Nsct to proceed with rho transaction, in whkh went Buyer shall receive a uedit at closing of an amount equal to 1X% of
said Purchase Prke. "Termite" shalt be deemed to include all wood destroyirp insects., ,
F. INGRESS AND EGRESS: Seller covenants end warrants that there is ingress and egress to the property.
G. LEASES: Seller shall, not lass than 15 days prior to closing, furnish to 8uysr copies of all written leases and estoppN letters from each tenant specifying the
nature and duration of said tenant's occupancy, rsntat rates and advanced rent and security deposiri paid by tenant. In the went Seller is unable to obtain such
+esters from each tenant, tits cams information shall be furnished by Seller to Buyer within said lima period in the torn of a Stllsr's affidavit, end Buyer may
;hereafter contact tenants to confirm wch information. SNler shall dNiver and assign all original leases to Buyer at fleeing.
:-I. LIENS: Seller shall, both as to the realty and personalty DNng aOM harwndar, furrilsh to 8uysr at time of closing an affidavit attesting to the absertce unless
other.vise provided for herein, of any financing statements, claims of Ilan or potential lienon known to SNler and further attastinq that there have been no improvs-
•nents to the property for 90 days immadistNy Drecedirtg data of closing. If the property has bNn improved within said time, SHIN shall deliver rNeases or waiver
of all mechanic's liens, executed by general contractors, wbcontrattors, suppliers..and materiatmen, in addition to Seler's lien affidwit setting forth the names of
a' • such general contractors, wbtontrattgn, wppllsrs ~rtd meterialmen and further reciting that in fact all bills for work to the subject property which could serve
as a basis for a msetisnie's lien hew been paid or will be paid at closing.
PLACE OF CLOSING: Closing shall bs ftNd in county wherein property is located, at the offks of attorney or other elosirtp agent designated by Seller.
_ TIME: Time if of the essence of this Contract. Any reference herein to-time periods of less than 6'days shall In the computation thereof exclude Saturdays, Sun-
;,avs and legal holidays, and any time period provided for herein which shall end on a Saturday, Sunday or Ipal holiday shell extend to 5:00 p.m. of the next full
business day.
K DOCUMENTS FOR CLOSING: SNler shall furnish deed, mechanic's lien affidavit, assignments of leases, and any corrective instruments that may be required in
connection with perfecting the title. Buyer shall furnish closing statement, mortgage, mortgage Hots, and financing statements.
EXPENSES: State surtax and documentary stamps which are required to be affixed t0 the instrument of convoysnce, intangible tax on and recording of pur-
chase money mortgage to SNler, and cost of recording any corrective instruments shaft be paid by Seller. Documentary stamps to be affixed to tits note or notes
secured by the purchase money mortgage, cost of rstordir?g the deed end financing statements shall be paid by Buyer-
PRORATION OF TAXES (REAL AND PERSONAL): Taxes shall bs prorated based on the currant year's tax with due allowance made for maximum allowable
viscount and homestead or other exemptions if sllovved for said Year. If closing occurs at a data when the currant ywr's millsgs is not fixed, and currant year's
assessment is wailabte, taxes will be prorated based upon wch asss~mant, and the prior year's millsge. If current year's assessment is not available, than taxes will
he prorated on the prior year s tax; provided, howwer, If theta are eompNted improvements on the property by January 1st of Ysar of closing, which improvements
::ere not in existence on January let of the prior year, then taxes shall be prorated based upon the prior year s mlllape and at sn equitable assessment to be agreed
upon between the parties, failing which, request will be made to the County Property Appraiser for an informal tssessment taking into consideration homestead
exemption, if any. Howwer, any tax proration based on an estimate may at request of either party to the transaction, be wbsaquently readjusted upon receipt of
~ car bill on condition that a statement to that effect is set forth in the closing statement.
i rv SYCa,iiaL AaSESSMENT LIENS: Certified, confirmed and ratified special assessment Ilene ss t:f date of drtang t.r.A Se :.f dttR nr Contrerrl era to ba paid
~ cy Seller. Pending liens as of date of closing shall be asusmed by Buyer, provided, however, that where the improvement has ttoon wbstantislly completed a: of the
care of Contract, wch pending lien shall be considered K certified, confirmed or ratified and SNlar shall, at closing, be charged an amount equal to the last estimate
by the public body. of the assessment for the improvement.
I~ PERSONAL PROPERTY INSPECTION, REPAIR: Seller warrants that all major appliances, heating, cooling, electrical, plumbing systems, and machinery ere in
I oric ing condition as of 6 days prior to closing. Buyer may, at his expense, have inspections made of said items by licensed Dersons dealing in the repair and msin-
E :ems ante thereof, and shall report in writing to Seller wch items M found rtat in working condition Orior to taking of possession thereof, or 6 days prior to closing,
:.hichwer is first. Unless Buyer reports fsilureswithin said period, he shall be deemed to have waived Sellei s warranty as to failures not reported. Valid reported
'aiiures shall bs corrected at Seller's cost with funds therefor escrowed st closing. Seller ogress to provide access for inspection upon rsssonsble notice.
RISK OF LOSS: If the-improvements are damaged by fire or other casualty prior to closing, and costs of restoring same doss not exceed 3% of the Assessed
r 'H~a'.uation of the improvements f0 damaged, cost of rerioration shall ts! sn obligation of the Seller and dosing shall proceed pursuant to the terms o ontract
~..en cost therefor sscrowW at closing. In the went the cost of repair or restoration exceeds 3% of the assessed valuation of the improvemcnts so damaged, Buyer
sr,ai+ have the option of either taking the property ss is, together with either the said 3% or any inwrance proceeds payable by virtue of wch toss or damage. or of
anceiing Contract end receiving return of deposit(s) made herwnder.
~1AlNTENANCE: Notwithstanding provisions of Standard O, between Contract date end closing dare, personal property referred to in Standard O and real
rec~erty, including lawn, shrubbery and pool, if any, shall be maintained by Seller in conditions they existed as of Contract date, ordinary wear and tear excepted.
PROCEEDS OF SALE ANO CLOSING PROCEDURE: The deed shall be recorded upon clearance of funds and widence of title continued st Buyer's expense,
show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable, from the date of the last widence and the cash pro-
..teds of sale shNl bs hNd in escrow by Sellars attorney or by wch other escrow agent ss may b• mutuNly agreed upon for • period Of not longer than 5 days
'~u<<, and after closing data. If Seller's title is rendered unmarketable, Buyer shall within said 5 day period, notify Ssllsr in writing of the defect and Seller shall
a 30 days from date of receipt of such notification to curs'ssid defect. In the went Seller fails to timely cure said defect, all monies paid hereunder shall, upon
.-~t;en demand therefor and within 5 days thereafter, be returned to Buyer and, simultaneously with such repayment, 8uysr shall vacate the premises end rocon-
=v the property in question to the Seller by special warranty deed. In the event Buyer fails to make timely demand for refund, he shall take title as is, waiving all
• yhts against Seller as to such intervening defect except as may bs available to Buyer by virtue of warranties, if any, contained in dead. In the went a portion of the
~:.rch aSe price is to be derived from institutional financing'or re-financing, [he requirsmsnts of the bndinp institution as to gists, time end procedures for dosing,
a^ ~ for disbursement of mortgage Droceeds, shall control, anything in this Contract to the contrary notwithstanding. Provided, howwer, that the Seller shall have
a right to require from such lending institution at closing a commitment that it will not withhold disbursement of mortgage proceeds ss a result of any title detect
err, rioutable to Buyq- mortgagor.
S ESCROW: Any escrow spent receiving funds is authorized and agr~os by acceptance thereof to promptly deposit and to hold same in escrow end to disburse
sale subject to cleuance thereof in accordance with terms and conditions of Contract. Failure of clearance of funds shall not excuse performance by the Buyer.
the event of doubt as to his duties or liabilities under the provisions of this Contract, the escrow agent may in his sole discretion, continue to hold the monies
.tihi,=h ere the wbject of this escrow until the parties mutually Area to the disbursement thereof, or until a judgment of • court of competent jurisdiction shall
e determine the rights of the parties thereto, or he may deposit all the monies then held purwant to this Contract with the Clerk of the Circuit Court of the County
"~aving jurisdiction of the dispute, end upon notifying all parties concerned of such acYton, all liability on the part of the escrow agent shall fully terminate, except
;o the extent of accounting for any monies theretofore dNivered out of escrow. If a licensed real estate broker, the escrowee wilt comply with provisions of Section
475.25 l ll (cl. F.S., as amended. to the want of any wit between 8uysr and SNIer whtroiri the escrow agent is made a party by virtue of acting as wch escrow
agent hereunder, or in the went of any suit wherein escrow spent interpleads the wbject matter of this escrow, the escrow agent shall be entitled to recover a
reasonable attorney's fee and costs incurred, said fees and costs to be charged and assessed ss court costs in favor of the prwailing party- All parties agree the[ the
escrow spent shall not bt liable to any party or parson uMomsower for misdelivery to Buyer or Seller of monies subject to this escrow, unless such misdelivery shall
be due to-willful breath of this Contract or gross niaglipertce On the part of the escrow pent.
T ATTORNEY FEES AND COSTS: In connection with any litigation including appellate proceedings arising out of this Contract, the prwailing Party shall be
entitled to recover reasonable attorney's fees end costs-
U DEFAVLT: If Buyer fails to perform this Contract within the time specified, the deposrtls) paid by the Buyer aforesaid may be retained by or for the account
of Seller ri liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; whereupon all parties shall be relived of
al: obligations under the Contract; or SNler, at his option, may proceed at law or in equity to enforce his legal rights under this Contract. If, for any reason other
than failure of SNler to rMdN his title marketable sitar diligent effort, SNIP fails, nptects or refuses to perform this Contract, the Buyer may seek specific Ds?-
formance or elect to receive the return of his deposit(s) without thereby waiving any action for damages resulting from Seller's breach.
V. CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE: Neither this Contract nor any notice thereof shall be recorded in any public records.
This Contract shall bind and inure to the benefit of the parties hereto and their wceeasOR in interest. Whenwsr the context permits. singular shell include plural and
one gender shall include alt. Notice given by or to the attorney for either party shell be as effective ss if given by Or to said party.
W PRORATIONS AND INSURANCE: Taxes, assessments, rant, interest, insurance and other expenses and rwenue of said property shall be Drorated as of date
of closin¢ Buyp shNl hwa the option of taking over any existing polkies of inwrarx• on the Property, if sswmable, in which went premiums shall W Prorated.
The eeM? st closing shall be increased or decrsassd as may be required by said prorations.-All references in Contract to prorstions as of date of closing will W
deemed "data of occupancy's ii occupancy occurs prior to closing, unless otherwise provided for herein.
X. CONVEYANCE: Salter shall convey title t0 the aforesaid real property f)y statutory warranty deed subject only to matters contained in Paragraph V11 hsreof-
ParsonN property shall, et the request of Buyer, be convoyed by sn absolute bill of sate with warranty of title, wbject to wch liens ss may tee otherwise provided
for herein.
Y. OTHER AGREEMENTS: No prior or present prosments or representations shalt tta binding upon any of tht parties Aereto unlps incorporated in
thi[rContract. No modification or change in this Contract shall bo valid or binding upon th i unless in writin exscutop t attics to W bound thereby.
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