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Home My WebLink About2383 j STANDARDS FOR REAL ESTATE TRANSACTIONS A. EVIDENCE OF TIT~.~ a Seller ~a~ ~ y (17 ankin days if this blank is not tilled in), order ` for Buyer a complete alOmif tltle~?ep~e~ reputabletfl~IKBrting to be an accurate synopsis of the instruments affecting the title to the real property recorded in the Public Records of that county to the date of this Contract, showing In the Seller a marketable title In accordance with title standards adopted from time to time by the Florida Bar subject only to Itens, encumbrances, exceptions o44~~ppu~~~~~fications set forth in this contract and those i. which shall be discharged by Seller at or before closing. The ill shall be deliver~~~,1~~1~15 days prior to . closing. Buyer shall have fifteen (15) days from the date of receiving said abafraskmfctitle a am n same. If title Is found to be defective,. Buyer shall. within said period, notify the Seller in writing, specifying the defects. If the said defects render the title unmarketable, the Seller shall have ninety (90) days from receipt of such notice to cure the defects, and if after said period Seller shall not have cured the defects, Buyer shall have the option of (1) accepting title as it then is, or (2) demanding a refund of all monies paid hereunder which shall forthwith be returned to the Buyer, and thereupon the Buyer and Seller shall be released of all further obligations to each other under this Contract. Guardian B. CONVEYANCE: Seller shall convey title to the subject property to Buyer by BrlmteclognlAhmcimrty Deed subject to: (1) Zoning and/or restrictions and prohibitions imposed by governmental authority; (2) restrictions. easements and other matters appearing on the plat and/or common to the subdivision; (3) taxes for the year of closing; (4) other matter specified in this Contract, if any. Title Insurance Policy to be furnished at: Seller's expense. C. EXISTING MORTGAGcS: Thy Seller shall obtain a~i~i furnish a s;aie~nent from t!~•..:^~?t--~^-~ ~.~~~ir•~ forth the principal balance, method of payment, interest rate, and whether the mortgage is in good sta~~diny. If there is a charge for the change of ownership records by the mortgagee, it shall be borne equally by the parties to the transaction. In the event mortgagee does not pemnit the Buyer to assume the existing mortgage without a change In the interest rate, terms ~of payment or other material change, the Buyer at his option may cancel the Contract and all moves paid on the purchase price shall be refunded to him and the parties shall be released trom all further obligations. Any variance in the amount of a mortgage to be assumed from the amount stated in the Contract shall be added to or deducted from the cash payment or the purchase money mortgage, as the Buyer may elect. In the event such mortgage balance is more than three percent (3°~) less than the amount indicated in the Contract, the Seller shall be deemed to be in default under the Contract. Buyer shall execute all documents required by mortgagee for the assumption of said mortgage. i D. NEW MORTGAGES: Any purchase money note and mortgage shall follow the forms generally accepted and used in the county where the land is located. A purchase money mortgage shall provide for insurance against loss by tire ~ with extended coverage in an amount not less than the full insurable value of the improvements. In a first mortgage, the note and mortgage shall provide for acceleration, at the option of the holder, after thirty (30) days default and in a i junior mortgage after ten (10) days default. Junior mortgages shall require the owner of the property encumbered by said mortgage to keep all prior liens and encumbrances in good standing and forbid the owner of the property from accepting modifications. or future advances, under a prior mortgage. Buyer shall have the right to prepay all or any part of the principal at any time or times with interest to date of payment without penalty and said payments shall apply against the principal amounts next maturing. In the event Buyer executes a mortgage to one other than the Seller, all costs and charges incidental thereto shall be paid by the Buyer. If this Contract provides for Buyer to obtain a new mortgage, then Buyer's performance under this Contract shall be contingent upon Buyer's obtaining said more- ~ gage financing upon the terms stated. or it none are stated, then upon the terms generally prevailing at such time in the county wl~erc the ;~roeerty is located. Buy?3r agrePS riitipently to pursue said mortgage financing, but if a commit- ment for said financing is got obtained ~.ith+n nays (15 banhiny ays if this blank is not i~t!ed in) from the date ' of this Contract, and the Buyer does not waive this contingency, then eithgr Buyer or Seller may terminate this Con- tract, in which even) all deposits made by Buyer pursuant hereto shalt be returned to him and all parties relieved of all obligations hereunder. - E. SURVEY: The Buyer, within the time allowed for delivery of evidence of title and examination thereof, may have said property surveyed at his expense. If the survey shows any encroachment on said property or that the improve- ments located on the subject property in fact encroach on the lands of others, or violate any of the covenants herein, the same shall tie treated as a title defect. F. INSPECTIONS: 1. THE Buyer shall have the right to make the fottowing inspections at Buyer's expense, subject to the provisions of paragraph 4 below: a) Termite: The Buyer shall have the right to have the property inspected by a licensed exterminating company to ~ determine whether there is any active termite or wood-destroying organism present in any improvements on said property, or any damage from -prior termite or wood-destroying organism to said improvements. If there is any such infestation or damage, the Seller shall pay all costs of treatment and repairing and/or replacing all portions of said improvements which are infested or have been damaged. b) General: The Buyer shall have the right to have a roof, seawall, pool, electric and plumbing inspection made by persons orcompanies qualified and licensed to perform such services. If such inspection reveals functional defects (as differentiated from aesthetic defects), Seller shall pay all costs of repairing said defects. r' ?•~~-:c~. - ~~~~riy: The Seller represents and warrants that all appliances and machinery included in.the sale ; ;;ball t,~ ......,.~„iy ~~..ar file date of closing. Buyer may, at his soli expen~~ and on reasnnaht~ notice.. inspect or cause an inspection to be made of the appliances and equipment involved prior to closing. Any necessary repairs ~ shall tie made at the cost of the Seller and, unless otherwise agreed by the parties. the Buyer shall by closing be deemed to have accepted the property as is. 2. Escrow for Repairs: If treatment, replacement or repair called for in suhparagraphs a. b. and c hereof arP notes f completed prior to closing, sufficient funds shall be escrowed at time of closing to effect same. C i t 3. Reinspection: In the event the Seller disagrees with Buyer's inspection reports, Seller shall have the right toC have inspections made at his cost. In the event Buyer's and Seller's inspection repurts do not agree. the parties shallC ; agree on a third inspector, whose report shalt be binding upon the parties. The cost of the third inspector shall bed borne equally between the Buyer and Seller. D 4. Limitation and Option Clause: Seller shall be responsible for all costs nl the ahove treatment, replacement or^ repairs up to (or 3% it this blank is not filled in) of the purchase price. In the event the total costs of ~ stems to be accomplished under subparagraphs a. b. and c exceed this amount, then either party shall have the option ~ of paying any amount in excess and this Contract shall then remain in full force and effect. However. if neither party agrees to pay the additional amount above the applicable percentage oI the purchasA price, ther:, at the Seller's or Buyer's option, this Contract may be cancelled by detrvery of written nonce to the oche: party or his agent. and the deposit shall be returned to the Buyer. j i 5. Time for Inspections: All inspections descnbecf ~n Paragraphs 1 fat and (b) above shat) be completed on or t;efore five days prior to closing. 800K~1 P4GE~.JOV