HomeMy WebLinkAbout0943 a~.;
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STANDARDS FOR REAL ESTATE TRANSACTIONS
A. EVIDENCE OF TITLE: (1) A complete abstract of title prepared by a
reputable abstract firm purporting to be an accurate synopsis of the
i! instruments affecting the title to that real property recorded in
~ public records of that county to the date of this contract, showing
4 in the seller a marketable title in accordance with title standards
~ adopted from time to time by the Florida Bar, subject only to liens,
t encumbrances, exceptions or qualifications set forth in this contract
and those which shall be discharged by seller at or before closing,
~ (2) a title guarantee commitment issued by a qu~lified title insuror
~ agreeing to issue to the buyer, upon the recording of the deed herc~-
~ after mentioned, an owner guarantee in the amount of the purchase
~ price insuring the title of the buyer to that reaZ property, subject
only to liens, encumbrances, exceptions or qualifications set forth '
in this contract and those which shall be discharged by seller at or
before closing. ~
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~ Buyer shall have thirty (30) days if absrract, or five (5) days if
~ title guarantee, from the date of receiving the evidence of title to
examine same. If title is found to be defective, the 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 the receipt of such notice to cure the
defects~ and if after said period seller shall not have cured the de-
F fects, buyer shall have the option: (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 under this contract.
B. EXISTING MORTGAGES: The seller shall furnish estoppel letters (not
~ necessarily in affidavit form) setting forth the principal balance,
~ method of payment, and whether the mortgage is in good standing. If
there is a charge for the change of ownership records, by the mort-
° gagee, it shall be borne by the buyer. Seller shall receive as credit
at closing, an amount equal to the escrow funds held by the mortgagee.
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