HomeMy WebLinkAbout1189 =TANDARDS FOR REAL. E8TATE TRANSACTION=
A E V IOENCE OF TITLE: Q An JihilfOG1 of title prapartd o? brought current by • rtputtbla and txlstinp ebstrit firm (lf not existing then cswtifiad M correct by
an t.isting firm) purporting to ba an xeurate synopsis of the Imtrumen property rxorded in tM public rxords Ol tM county
~.vhertin the land Is situated, through data of Contrxt. An abstrxt shNl~ ~ l~1 rxords, or wch later data N may be customary In tM
county wharNn tM land Is situated. SN1N shall coMNy • markeubq titN In Ith T~fr~~~~idoptad from tirrsa to tint by Tha Florida Bar. subjxt
only to Iona ericumtrencea uceptbns or quNifkatfons sate forts In fhb Contract • chose wh :frail b• discharged by BNIar at or bafort tlosi Upon clwit?g
of thh transition wch sbstrxt NI biome tM property of Buyer, wbjatt to tM right of retantbn thereof by first mortgagee until fully paid; or~ a title Inwr-
n • mm tin n iswad by a qualifbd titN inwror agreeing to issw to Buyer, upon rxording of tM dead to Buyer, an DwnN's policy o1 rifts Inwranta
amount O t • pureheM Dtiq, inwring titN Of 11te fjlYYat m tM tMl vropertY. wbleet orNy to Iona, aneumbrancas, exceptions or qualifieatbra sat forth In fhb
Contrxt and those vrhfch shNl b• discharged by SNler et Or before closing. 84Yet shalt have 90 drys. If abstract, Or 6 days, If titb commitment, from data of re•
~eiving widence of title to examine woe. 11 title Is found defecthre. BuyM abaft, within ~ days therMitN, notify SNlar In writing spilfylrq defxtlti.
f Bald defactlsl render tltta unmuksabla, SNIa? shad haw 1T0 days trortl rxetpt of notkv within yrhkh t0 remove said dafxttal, and if SNler k unwccagful in
.s log than wFthln said tlme;_~uyar ehNl haw the Option of Nthar to xtapting the tltN M K tMn N, or f41 demanding • refund of all mon1N paid ftuwndar
• shall fotihwlth W returrtad t0 OuyM and iftanupon !luyM and SNler shNl ba raNasad ae t0 oM enotMr, of eN furtftar oblgatbM undN the Contract; how-
~v SNIN eprues that Ittt will, if title is found to ba unmarkatabla, tits diligent effort to corset Ma defitis) In tith within the time provided therafw, including
'_7n ringing of neeaedry wits.
C~. X ISTING MORTGAGES: SNlar shall furnish • statement from the mortpageNsl salting forts principN balanct, mtthod of paymtnt, Interset rats and whether
' to ortgsgelsUs In good standing. 11 a mortpsge requiru approvN of the Boyar by the morigagu in orQu,to avoid default, or for suumption by tM Buya? of Bald
.=+nortpepa, end (11JJ tM mortgagN doN not approve the 9uyM, the Boyar may rescind tM Contrxt, or LZJ raqu{rp an Incrust In tM intarast raos~pf q~rypa faa
!o ray mason in txeta of :100.00, the Boyar may rtsclrtd tht Contrxt unltp Ssllar eNets to pay such Irtcrup or excess. SNler shall pay 60% Of such fu t!p to
S5+Q 0. Boyar ehNl use rasaonabb diligence t0 obtain approval. TM amount of any aecrow deposits hard by mo?tgl~gae af?~If f,~siered(tad l0 feller. • - ~ T • J
- = C. -tURCHASE MONEY MORTGAGES: TM purchaw money rota and mortgage, if any~ s"h~all.provi~q~ col O 3Q dsYY Maoa,PSrlod,in tM. of Qafault If it k si
1irsL mortgage and a 15 day grxs PNbd 1f a sxond mortgage; shNl provldt for ?Igdt Or-pr~peymMt`(n whole 01'f11' put aMftAOtlt OMM ;(halt tits Provide for
ac~arstfon in event of rapN of tM ProPartY; and shall be otherwise M form and eontMtt nlquind qy SNlar's ettorrtey; Provided, howavtr, SNlar may only rs•
iuMe clausts customarily found in mortgages and mortzapa rotas penarslly uttllzad by savings and ~ean~nstltutbns ip ~ eauntr wherein the property Is located, ~
S mortgage shall require the owner of the property aneumberW to keep NI prior Ibn!'~rtd aneumbraneu in-good•frtsnding and forbid the ownN of the pro-
s from xcapting modificstbns of Or future advaneaa under prior mortgagNs). All personal property being conveyed will, at option'of SNler, bs wbjxt to the
l if ih~ mwtgage and avldenesd by rxorded FlnanCing Ststamsnts.
SURVEY: Tha Buyer, Within timt Nlowed for dNhrery of tvldenes of title and examination thereof, may have the proPettY wrvayad at hit sxpenp. If the
- ::,wyy, certified by a registered Florida wrvsyor, shows any encroathmtnt on pld property or that improwmtnts intended t0 bs lOpated on tht wbjtct property in
`aCNencroxh on lands of others, or violate any of the Contrit covanents, the saint snail He tragesd ss • titN Befit. Any wrvey prepared in eonnxcion with or as a ~
. o~uenee of this transaction may include a dtscriptbn of the property under tM FlorWa COOWlnatt System a• Befitted In Chapter 1'77, Florida Statutts. ;
E RMITES: Tha Buyer, within timt allowwd for dNivery of evldtnce Of title and axNn~InYtp(r tAir`o(.pt.rio later than 10 days prior to closing, whichwtr data
- sc rs left,. msy haw the improvements Inspired at Boyar's expanse by s Certified PastControl Operator to datarrnina whatMr than is any visible xtive termitt
In ration or visible existing damage from termite IMtstatbn in the improvements. if Boyar is informed of NiMr or both of tM foregoing, Buyer will have 4 days
'r data of written notice thereof or 2 days attar ~sNxtion of a contrxtOr, whichever occur first, within which to have all damages, whither visible or not, in- z
:petted and astimsted by • Ilesnsad buildfhg or general contrxtor. Stlttr shall pay vNid cwts of tnatmant end repair of NI damage up to 1K% of Purchase Prier. (
should wch costs exised that amount, 8uytr shall hsvs tht option of cancNltng COntrxt within 6 days abet rxelpt Of contrxtors raps ? eat mate p rag
.~r,tten notice to SNltr, or Boyar may Nxt to proeetd with the transition, in which. avant Boyar shall rxtive a erttfit at closing of an amount equal to 1K% of
said Purchase Pries. 'Termlti' shall bs defined to include ell wood destroylrtp traits. _
F INGRESS ANO EGRESS: SNltr eovtnants and warnnte that theta is ingress and agree to tM property.
LEASES: SNler shall, not lees tMn 16 days prior tO tlOSing, fumiah to Buyer fogies of all wrtttan leases and astoppN Nttan from each tenant spiifyinp tM f
•~ature and duration of pld unanYs occupancy, rental rates and advanctd rent and sxurity deposits paid by tenant. in the went SNltf is unable to obtain such
utters from eih tenant, the same Intormatbn shall ba furnished by SNNr to BuyK. within said tirmr period in tM form of • SNIN'a affidavit, and Buyer may
*.nereslter contxt unsnts to confirm wch information. SNlar shell dNivtr and ::sign all original Itasas to Buyer ac closing.
r~_ LIENS: SNttr ahNl, both ss t0 tM rutty artd perionatty bang.sold hereunder, furnish to Buyer at Hint of dosin0 eri affidavit attesting to the abpnct unites
otherwise provided for herein, of any financing statements, claims of Ilan o? pottntial litnon known to SNler end turthtr attesting that than have bun no improve- i
•~ents to tht property for 90 days immediatNy prxedirp data of Closing. If the property hp been improved within said timt, SNler shall dNiver rNesses o? waivers
,f ail mechanic's litres, exiuted by general eontrxtors, wbeontrxtors, wppllers, and materialmen, in addition to SNtei s lien affidavit ~tttlnp forth the names of
i such gtneral contrxtors, wbcontrxtors, wpplie?s and meterialmen and further rifting that in ixt all bills for work to the subjxt property which could serve
as a basis for s mechanic's liar hew bun paid or will be paid at closirsg.. ~ {
PLACE OF CLOSING: Closing shall be hdd in county wf?erain property is IOCSttd, at tM oHid of attornty or other closing agent designated by Stiitr.
~ TIME: Time is of tht essence of this Contrxt. Any referenct herein to time periods of Itss than 6 days shell in the computatbn tMreof exclude Saturdays, Sun-
tays and Ipil holidays, and any time period provided for herein which shell end on • Saturday, Sunday or legal holiday shalt exttnd to 5:00 p.m. of the next full
business day.
!C. DOCUMENTS FOR CLOSING: SNltr shall furnish died, msChsnie's lien affidavit, mipnmtnts of lasses, end any corrxtive instruments that msy be required in ~
:onnection with pertxtinp the title. Buyer shall furnhh cbNrtp sUtameM, mortgage, mortgage note, and firtancirq statements. !
EXPENSES: Stitt vertex and documentary stamps which an rpuired to W affixed to the instrument of conveyance, intangible tax on and rxordirsp of put-
=~ase money mortgage to SNler; end cost of recording any corrxtiw instruments shall bs paid by SNlsr. Oocumentsry stamps to be affixed to the Wort or notes
secured by the purchase money mortgage, cost Of rxordinp the dead end firuncinp staterr?tnts shall be paid by Buyer. k
~,1. PRORATION OF TAXES (REAL AND PERSONAU: Texas shall bt prorated based on the wrrtnt years tax with due sllowanet made for maximum Nlowsblt
discount end homestead or other examptbns if allowed for said yur. If closing occur at a data when tM current year s millage is not fixed, and currant years
assessment is available, texts wAl bt prorated based upon such assessmMt, and the prior years millage. If current yore assessment is not avsilsbts, then texts will
ba prorattd on the prior year's tax; provided, however, if then ere completed improvements on tM property by January tat of yur of closing, which improvements
~yere not in existtnce on January tat of the prior year, then taxes shell be prorated based upon the prior4yaer'smil~age end st an equitable assessmsrtt to bs agreed
~,pon between the psrtip, failing which, request will be made to the County PrOptrty Appraiser for sr~lnfointal s'iatsfrnent taking into consideration homestead
exemption, if any. However, soy tax proration based on an estimate may st req titer of either party to The transition, Ae subsequently rtsdjusted upon rieipt of
tax bill on condition that a statenent to tttpt eftxt is set forth in tht closing statement.
V . SPECIAL ASSESSMENT LIENS: Certified, confirmed end ratified special assatament liens as of daft of closing (and not a: of daft of Contrxt) are to bt paid ?
oy Seller. Pending liens sf of data of closing shell W aswmsd by Buyer, provided, however, that where the improvement has bean wbstantially completed ss of tM
date of Contrxt, wch pending lien shall be considered as certified, confirmed or ratified end SNltr shall, at closing, bs Charged an amount equal to the last estimate i
oy the public body, of the assessment for the imptovtmant. ~ i
J PERSONAL PROPERTY INSPECTION, REPAIR: SNler warrants Met all major spplisncas, heating, cooling, Nitrital, plumbing systems, and mihinery ere in i
ork ing condition as of 6 days prior to Dosing. Buyer msy, st his expems, hate insptctbns made of acid items by liesrtsed psrsoro dglinp in the repair and main= .
:enanw thereof, end shall report in writing to Seller wch items st found not in working condition prior to bking of possession thereof, or 6 days prior to closing, i
.ti;, ichever is first- Unless Buyer rtporu failures within said period, he shall be deemed to have waived SNlers warranty ss to failures not rtpprted. Valid reported
~ 'a~ i u res shNl be corritsd at SNlsrs cost with funds therefor escrowed st closing. Seller egress to provide xeass for inspxtbn upon reasonable notice.
~ RISK OF LOSS: If the improvements era damaged by tin or other eawalty pr"tor to Closing, and costs of restoring same does not exceed 3% of the Assessed
:`a~uation of the improvements so damaged, cgst of restoration shall be an obligation of the Seller and closing shall proceed pursuant co the terms o ontrit
::"tT~ cost therefor escrowed st_ closing. In tlts event the cost of rapstr or restoratbn exceeds 3% of the ssstssed vslustion of the improvements so damaged, Buyer
~ >ha~l have the opti0~ of either taking the preptrty.as if, togatMr with either the said 3% or any inwranes proceeds payabN by virtue of wch loss or damage, o? of
E :ante=ing Contrit and receiving return of deposit(s) made herwndtr.
I ~ ~'IAINTENANCE: Notwithstanding provisions of Standard O, between Contrxt date end closlrtp date, personal property referred to in Standard O and real
~ouerty, including Iswn, shrubbery end poor, if any, shalt be maintained by SNler in conditions thty existed as of Contrxt date, ordinary wur and tear excepted. '
R PROCEEDS OF SALE AND CLOSING PROCEDURE: The deed shall be rxorded upon cleararsce of funds and evidence of title continued at Buyei s expense,
o show title in Buyer, without any encumbrances or change. which would render SNler's title unmsrkatable, from the date of the 1Mt evidanee and tM cash pro-
eeds of sale shalt be held in escrow by Sellers attorney or by wch other escrow agent as msy bs mutually agretd upon far a ptridd of'n0{ longer then 5 days
°-om 3rd after closing date. If Sailers title is rtndered unmarketable, Buyer shalt within said 5 day period, notify SNltr in vwiting of the defect and SNler shell ~
eve 30 days from date of receipt of wch notification to cure said Befit. In the want SNlar fails M timely cure said Befit, all merits paid ht{sunder shNl, upon
.~r:;ten demand therefor end within 5 days thereafter, be returned t0 Buyer end, simultsneoupy with wch repayment, Boyar shNl vacate thi~iremises and tier- =
. eti the property In question t0 the SNler by speciN warranty deed. In thaevent Buyer fails to make tknNY demand for refund, he shell take title ss is, waiving aft
~ ~ qh is against Seller as to wch intervening Befit except as msy bs svsilable to Buyer by virtue of warranties, if any, contained in decd. In the went a portion of the
p~:rchase price is to be duivad from institutional financing or rt-financing, the rpuirerranb of tM Mnding institution as to plxe, time and prottdures for Closing,
a^d for disbursement of mortgage proceeds, shall control, anything in this Contrxt to tM contrary nerwithsterWirsg. Provided, however, that the Seller shall have
cn a right to require from wch tandirq institution at closing a commitment that it will not withhold disbursement of mortgage proceeds as a rewlt of any title defect
a t t- i b u table t0 B uyer- mortgagor.
S ESCROW: Any escrow spent receiving funds is authorized and sgiaes by acceptance thereof to promptly deposit and to hold same In aetrow and to disburp
same subjxt to clearance thereof in secordsnce with terms and Cpridltbfts of Contrxt. Failure of cturanea of funds sha=t not excuse ps*formsnce by the Buyer.
i ~ the event~of doubt as to his Buttes or liabilities under tht prwrisbns of this Contrxt, tM escrow agent may In his sole discretbn, continue to hold the monies
:,r,ich art the wbjxt of this tscrow until the parties mutually spree to the disburprnent thereof, or until a judgment of s court of competent jurisdiction shall
rietermine the rights of the parties thueto, or he may deposit all the monies then held purwant to this Contrxt witA the Clerk of the Circuit CQt+rt of tM County
Having jurisdiction of the dispute, and upon notifyirq alt parties conctrned of wch xtion, all liability on the part of the escrow spent shall fully-tMminstt, txcept
1 co the extent of xcounting fw any ntvniaa iheretofwt dNiwrad outof escrow: If • iicansed nN astspagsOkar, the sscrowu wilt comply with provisions of Section
i 475.25 i 1) (cl. FS., as smN?dtd.-IITtM eviM of enjr wit between Buyer and SNj~r whtiisln tM iacldw agent is made a party by virtue of itirp as such escrow
t• agent hereunder, or in the wtnt of any suit wherein eacroar spent inttrpleads tht wbjxt mmtr of this escrow,-tht escrow sgtnt shall ba entitled to rxovN s _
t reasonable attorney's faa and coats ir?currsd, said ices and casts to be Charged and assessed a court costs in favor of the prevailing party. All parties agree that the
i escrow agent shall not bs liable to any party or parson whomsoever for misdtlivery to,BuYer or SNIet of monies subject to this escrow, unless wch misdNivery shall
be due to wilMul breech of t!t(fr Co/rt~atet or.gross negllgenee on tM part Oi tttie.aeerov{r aoarrt. c - r _
T ATTORNEY FEES AND CO$~$: ~q connxtiyn with any litigatjon irsclu4ing a~pallate proceedings erisipQ out of this Contrit, tM prevailing party shall ba
entitled t0 recover ressonetiN aftOrney;f~ee);Miif Ceib. , - _ - • - :5
U. DEFAULT: Ii Buyer faflf tiD parparm:lftf~ Corttftsct vJlthM 1iNsirrse apaelflad, ttyadsjlOSif(sl paTd:g1/ iha Buya[aterepid msy bt retained by or for tht xcount
tit Seiler ss liqutdstsd damages, eonsidarati8n for the extcutlon of this Contract aril jn fuli settterAMt of any claims; whereupon all parties shall be rNisved of
au obligations undter tht Contract; or S"i1ls~,.M his op6on,.may protasd at IatN.Or (rspWt~,to'aptotethigl~al{igFttsupder thisContrxt. If, for any reason other f
;ban failure of SNler to rsndpr his tJtls markeaae attar diligent aitort, 5slter fails, reptile or r;tusN to perform fhb Contrit, tM Buyer mw seek spxifie per-
f o rmanu or alit to recatve trite rahrM of hb deposltfsl without tfterels`r vwhrinr any actbn ~et.daniagaa rewktnp from SNter's broth. .
CONTRACT NOT RECORDABLE, PERSONS BOUND AND NOTICE: Nait11/t.llifi ~ontrxt nor any notice thtrsof shalt be recorded in any public rxorda
This Conuatt shNl bind end inure to the btrtefit of tfia parties hertto end thtir weceaoraln intarsst. Whenever the context permits, singular shall include plural and
o ray gender shNl include ell. Notice given by or to tM attorney for tither party shall be as efixtive as if plvM by W t0 said party.
Yi PRO RATIONS AND INSURANCE: Taxes, assessments, rant, interact, inwrsnce and other sxptnsss and revenue of pfd property shalt W prnrattd as of dart
of closing. Boyar shah have tfN option of taking over any existing pollelss of inwrancs on the property, If aswmable, In which event prtmiums sMll ba Dronted.
The cash st closing sh,Nl W ineraaaad Or des?eaNd as may ba rettyjrad by eoid•pr AtioM.tZ11 ?afersnces in Contract to proratbns as of data of closing will ba
deemed "daa of oeeupanet/ H OCgrpaftty oecursprlor to closing, trhlass othetwisa ~ided for tiat~in.
x CONVEYANCE:'sNlgr.ehi~ tansy title tO tfte~~i0le%id raN property by statutory vserrsnty dead prbjatt oNy to miner Contained in Paragraph Vll hereof.
PersonN Property snare, K ttte faqueat of Buyer, be:eonwyed by en•abaolup bNl of seN rrtatll o~ tlHe, t•rbjuet to wch liars as may be otMrwip Provided
for herein. _ _ , -
v. -OTHER ApiEEMENTB:" No- prbi M prMarit egreeetedts oc- raposserttatbrte'shaN M fsfrtdbyuptaq arty. of-iha paniaa Mreto uttless~ Iritorporeted In
j this Contrxt. No modification a Change in fhb Contract sMll ba valid or b( ding upon tfie partite uMsa in vwltfrtp, txxuttd by t1N parties to be bound thereby.
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