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- Buyer’s Initials __________ __________ Page 1 of 11 Seller’s Initials __________ __________
- FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors and The Florida Bar. All rights reserved.
- “AS IS” Residential Contract For Sale And Purchase
- THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR
- PARTIES:___________________________________________________________________________________ ("Seller"),
- and ________________________________________________________________________________________ ("Buyer"),
- agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property
- (collectively “Property”) pursuant to the terms and conditions of this AS IS Residential Contract For Sale And Purchase and
- any riders and addenda (“Contract”):
- 1*
- 2*
- 3
- 4
- 5
- 6 1. PROPERTY DESCRIPTION:
- 7* Street address, city, zip:_________________________________________________________________________
- 8* Property is located in: ________________ County, Florida. Real Property Tax ID No.:________________________
- 9* Real Property: The legal description is______________________________________________________________
- 10
- 11
- together with all existing improvements and fixtures, including built-in appliances, built-in furnishings and attached
- wall-to-wall carpeting and flooring (“Real Property”) unless specifically excluded in Paragraph 1(e) or by other terms
- of this Contract.
- 12
- 13
- 14
- 15 Personal Property: Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items which
- are owned by Seller and existing on the Property as of the date of the initial offer are included in the purchase:
- range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), intercom, light fixture(s), drapery rods and
- draperies, blinds, window treatments, smoke detector(s), garage door opener(s), security gate and other access
- devices, and storm shutters/panels ("Personal Property").
- 16
- 17
- 18
- 19
- 20* Other Personal Property items included in this purchase are:____________________________________________
- 21
- 22 Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer.
- 23* The following items are excluded from the purchase:___________________________________________________
- 24
- 25 PURCHASE PRICE AND CLOSING
- 26* 2. PURCHASE PRICE (U.S. currency):.......................................................................................................$______________
- 27* Initial deposit to be held in escrow in the amount of (checks subject to COLLECTION) ...............$______________
- 28 The initial deposit made payable and delivered to “Escrow Agent” named below
- 29* (CHECK ONE): (i) accompanies offer or (ii) is to be made within _____ (if left blank,
- 30 then 3) days after Effective Date. IF NEITHER BOX IS CHECKED, THEN OPTION (ii)
- 31 SHALL BE DEEMED SELECTED.
- 32* Escrow Agent Information: Name: __________________________________________________
- 33* Address: ______________________________________________________________________
- 34* Phone: __________________E -mail:_________________________Fax: ___________________
- 35* Additional deposit to be delivered to Escrow Agent within __________ (if left blank, then 10)
- 36* days after Effective Date.................................................................................................................. $______________
- 37 (All deposits paid or agreed to be paid, are collectively referred to as the “Deposit”)
- 38* Financing: Express as a dollar amount or percentage (“Loan Amount”) see Paragraph 8................ ______________
- 39* Other:_______________________________________________________________..................$______________
- 40 Balance to close (not including Buyer’s closing costs, prepaids and prorations) by wire
- 41* transfer or other COLLECTED funds............................................................................................... $______________
- 42 NOTE: For the definition of “COLLECTION” or “COLLECTED” see STANDARD S.
- 43 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE:
- 44* If not signed by Buyer and Seller, and an executed copy delivered to all parties on or before ___________________
- ________________________, this offer shall be deemed withdrawn and the Deposit, if any, shall be returned to
- Buyer. Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day the
- counter-offer is delivered.
- 45*
- 46
- 47
- The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or initialed
- and delivered this offer or final counter-offer (“Effective Date”).
- 48
- 49
- 4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur and
- the closing documents required to be furnished by each party pursuant to this Contract shall be delivered (“Closing”) on
- _____________________________ (“Closing Date”), at the time established by the Closing Agent.
- 50
- 51
- 52*
- 53 5. EXTENSION OF CLOSING DATE:
- If Closing funds from Buyer’s lender(s) are not available at time of Closing due to Truth In Lending Act (TILA) notice
- requirements, Closing shall be extended for such period necessary to satisfy TILA notice requirements, not to
- exceed 7 days.
- 54
- 55
- 56
- ®
- ____________________________________________________________________________________________
- ____________________________________________________________________________________________
- ____________________________________________________________________________________________
- ____________________________________________________________________________________________
- (a)
- (b)
- (c)
- (d)
- (e)
- (a)
- (b)
- (c)
- (d)
- (e)
- (a)
- (b)
- (a)
- Serial#: 087465-100141-0984606
- Buyer’s Initials __________ __________ Page 2 of 11 Seller’s Initials __________ __________
- FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors and The Florida Bar. All rights reserved.
- If extreme weather or other condition or event constituting “Force Majeure” (see STANDARD G) causes: (i)
- disruption of utilities or other services essential for Closing or (ii) Hazard, Wind, Flood or Homeowners’ insurance,
- to become unavailable prior to Closing, Closing shall be extended a reasonable time up to 3 days after restoration
- of utilities and other services essential to Closing and availability of applicable Hazard, Wind, Flood or
- Homeowners’ insurance. If restoration of such utilities or services and availability of insurance has not occurred
- within _______ (if left blank, then 14) days after Closing Date, then either party may terminate this Contract by
- delivering written notice to the other party, and Buyer shall be refunded the Deposit, thereby releasing Buyer and
- Seller from all further obligations under this Contract.
- 57
- 58
- 59
- 60
- 61
- 62*
- 63
- 64
- 65 6. OCCUPANCY AND POSSESSION:
- Unless the box in Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of the
- Property to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller shall have removed all
- personal items and trash from the Property and shall deliver all keys, garage door openers, access devices and
- codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss to the
- Property from date of occupancy, shall be responsible and liable for maintenance from that date, and shall be
- deemed to have accepted the Property in its existing condition as of time of taking occupancy.
- 66
- 67
- 68
- 69
- 70
- 71
- (b) CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is
- subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the facts
- and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall be
- delivered to Buyer, all within 5 days after Effective Date. If Buyer determines, in Buyer’s sole discretion, that the
- lease(s) or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by delivery of
- written notice of such election to Seller within 5 days after receipt of the above items from Seller, and Buyer shall be
- refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. Estoppel
- Letter(s) and Seller’s affidavit shall be provided pursuant to STANDARD D. If Property is intended to be occupied
- by Seller after Closing, see Rider U. POST-CLOSING OCCUPANCY BY SELLER.
- 72*
- 73
- 74
- 75
- 76
- 77
- 78
- 79
- 80
- 7. ASSIGNABILITY: (CHECK ONE): Buyer may assign and thereby be released from any further liability under this
- Contract; may assign but not be released from liability under this Contract; or may not assign this Contract.
- 81*
- 82*
- 83 FINANCING
- 84 8. FINANCING:
- (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing contingency to
- Buyer’s obligation to close .
- 85*
- 86
- (b) This Contract is contingent upon Buyer obtaining a written loan commitment for a conventional FHA VA
- or other ______________ (describe) loan on the following terms within _______ (if left blank, then 30) days after
- Effective Date (“Loan Commitment Date”) for (CHECK ONE): fixed, adjustable, fixed or adjustable rate loan in
- the Loan Amount (See Paragraph 2(c)), at an initial interest rate not to exceed _______ % (if left blank, then prevailing
- rate based upon Buyer’s creditworthiness), and for a term of _______(if left blank, then 30) years (“Financing”).
- 87*
- 88*
- 89*
- 90*
- 91*
- Buyer shall make mortgage loan application for the Financing within _______ (if left blank, then 5) days after Effective
- Date and use good faith and diligent effort to obtain a written loan commitment for the Financing (“Loan Commitment”)
- and thereafter to close this Contract. Buyer shall keep Seller and Broker fully informed about the status of mortgage
- loan application and Loan Commitment and authorizes Buyer’s mortgage broker and Buyer’s lender to disclose such
- status and progress to Seller and Broker.
- 92*
- 93
- 94
- 95
- 96
- 97
- Upon Buyer’s receipt of Loan Commitment, Buyer shall provide written notice of same to Seller. If Buyer does not
- receive Loan Commitment by Loan Commitment Date, then thereafter either party may cancel this Contract up to the
- earlier of:
- 98
- 99
- 100
- (i.) Buyer’s delivery of written notice to Seller that Buyer has either received Loan Commitment or elected to
- waive the financing contingency of this Contract; or
- 101
- 102
- 103 (ii.) 7 days prior to Closing Date.
- If either party timely cancels this Contract pursuant to this Paragraph 8 and Buyer is not in default under the terms of
- this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under
- this Contract. If neither party has timely canceled this Contract pursuant to this Paragraph 8, then this financing
- contingency shall be deemed waived by Buyer.
- 104
- 105
- 106
- 107
- If Buyer delivers written notice of receipt of Loan Commitment to Seller and this Contract does not thereafter close, the
- Deposit shall be paid to Seller unless failure to close is due to: (1) Seller’s default; (2) Property related conditions of the
- Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract); (3)
- appraisal of the Property obtained by Buyer’s lender is insufficient to meet terms of the Loan Commitment; or (4) the
- loan is not funded due to financial failure of Buyer’s lender, in which event(s) the Deposit shall be returned to Buyer,
- thereby releasing Buyer and Seller from all further obligations under this Contract.
- 108
- 109
- 110
- 111
- 112
- 113
- (b)
- ®
- (a)
- Serial#: 087465-100141-0984606
- Buyer’s Initials __________ __________ Page 3 of 11 Seller’s Initials __________ __________
- FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors and The Florida Bar. All rights reserved.
- 114* (c) Assumption of existing mortgage (see rider for terms).
- 115* (d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms).
- 116 CLOSING COSTS, FEES AND CHARGES
- 117 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS:
- 118 (a) COSTS TO BE PAID BY SELLER:
- 119 • Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees
- 120 • Owner’s Policy and Charges (if Paragraph 9(c) (i) is checked) • Recording and other fees needed to cure title
- 121 • Title search charges (if Paragraph 9(c) (iii) is checked) • Seller’s attorneys’ fees
- 122* • Other:_________________________________________________________________________________________
- If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 a
- sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at Closing. If
- actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seller shall pay such actual
- costs. Any unused portion of escrowed amount(s) shall be returned to Seller.
- 123
- 124
- 125
- 126
- 127 (b) COSTS TO BE PAID BY BUYER:
- 128 • Taxes and recording fees on notes and mortgages • Loan expenses
- 129 • Recording fees for deed and financing statements • Appraisal fees
- 130 • Owner’s Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer’s Inspections
- 131 • Survey (and elevation certification, if required) • Buyer’s attorneys’ fees
- 132 • Lender’s title policy and endorsements • All property related insurance
- 133 • HOA/Condominium Association application/transfer fees • Owner’s Policy Premium (if Paragraph
- 134 9 (c) (iii) is checked.)
- 135* • Other:_________________________________________________________________________________________
- (c) TITLE EVIDENCE AND INSURANCE: At least ______ (if left blank, then 5) days prior to Closing Date, a title
- insurance commitment issued by a Florida licensed title insurer, with legible copies of instruments listed as
- exceptions attached thereto (“Title Commitment”) and, after Closing, an owner’s policy of title insurance (see
- STANDARD A for terms) shall be obtained and delivered to Buyer. If Seller has an owner’s policy of title insurance
- covering the Real Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date.
- The owner’s title policy premium, title search, municipal lien search and closing services (collectively, “Owner’s
- Policy and Charges”) shall be paid, as set forth below
- 136*
- 137
- 138
- 139
- 140
- 141
- 142
- 143 (CHECK ONE):
- (i) Seller shall designate Closing Agent and pay for Owner’s Policy and Charges (but not including charges for
- closing services related to Buyer’s lender’s policy and endorsements and loan closing, which amounts shall be paid
- by Buyer to Closing Agent or such other provider(s) as Buyer may select); or
- 144*
- 145
- 146
- (ii) Buyer shall designate Closing Agent and pay for Owner’s Policy and Charges and charges for closing
- services related to Buyer’s lender’s policy, endorsements, and loan closing; or
- 147*
- 148
- (iii) [MIAMI-DADE/BROWARD REGIONAL PROVISION]: Seller shall furnish a copy of a prior owner’s policy of
- title insurance or other evidence of title and pay fees for: (A) a continuation or update of such title evidence, which
- is acceptable to Buyer’s title insurance underwriter for reissue of coverage; (B) tax search; and (C) municipal lien
- search. Buyer shall obtain and pay for post-Closing continuation and premium for Buyer’s owner’s policy, and if
- applicable, Buyer’s lender’s policy. Seller shall not be obligated to pay more than $ _____________ (if left blank,
- then $200.00) for abstract continuation or title search ordered or performed by Closing Agent.
- 149*
- 150
- 151
- 152
- 153*
- 154
- (d) SURVEY: At least 5 days prior to Closing, Buyer may, at Buyer’s expense, have the Real Property surveyed and
- certified by a registered Florida surveyor (“Survey”). If Seller has a survey covering the Real Property, a copy shall
- be furnished to Buyer and Closing Agent within 5 days after Effective Date.
- 155
- 156
- 157
- (e) HOME WARRANTY: At Closing, Buyer Seller N/A shall pay for a home warranty plan issued by
- ___________________________________________ at a cost not to exceed $_________________. A home
- warranty plan provides for repair or replacement of many of a home’s mechanical systems and major built-in
- appliances in the event of breakdown due to normal wear and tear during the agreement’s warranty period.
- 158*
- 159*
- 160
- 161
- (f) SPECIAL ASSESSMENTS: At Closing, Seller shall pay: (i) the full amount of liens imposed by a public body
- (“public body” does not include a Condominium or Homeowner’s Association) that are certified, confirmed and
- ratified before Closing; and (ii) the amount of the public body’s most recent estimate or assessment for an
- improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being imposed
- on the Property before Closing. Buyer shall pay all other assessments. If special assessments may be paid in
- installments (CHECK ONE):
- 162
- 163
- 164
- 165
- 166
- 167
- (a) Seller shall pay installments due prior to Closing and Buyer shall pay installments due after Closing.
- Installments prepaid or due for the year of Closing shall be prorated.
- 168*
- 169
- 170* (b) Seller shall pay the assessment(s) in full prior to or at the time of Closing.
- 171 IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL BE DEEMED SELECTED.
- ®
- Serial#: 087465-100141-0984606
- Buyer’s Initials __________ __________ Page 4 of 11 Seller’s Initials __________ __________
- FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors and The Florida Bar. All rights reserved.
- This Paragraph 9(f) shall not apply to a special benefit tax lien imposed by a community development district (CDD)
- pursuant to Chapter 190, F.S., which lien shall be prorated pursuant to STANDARD K.
- 172
- 173
- 174 DISCLOSURES
- 175 10. DISCLOSURES:
- (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is accumulated in a building in sufficient
- quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal
- and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon
- testing may be obtained from your county health department.
- 176
- 177
- 178
- 179
- (b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buyer in a written disclosure, Seller
- does not know of any improvements made to the Property which were made without required permits or made
- pursuant to permits which have not been properly closed.
- 180
- 181
- 182
- (c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or
- desires additional information regarding mold, Buyer should contact an appropriate professional.
- 183
- 184
- (d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood zone
- the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to improving
- the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area” or “Coastal
- Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish and Wildlife Service
- under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) and /or flood insurance
- rating purposes is below minimum flood elevation or is ineligible for flood insurance through the National Flood
- Insurance Program, Buyer may terminate this Contract by delivering written notice to Seller within _____ (if left
- blank, then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and
- Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of buildings and
- flood zone designation of Property. The National Flood Insurance Reform Act of 2012 (referred to as Biggert-
- Waters 2012) may phase in actuarial rating of pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures
- (residential structures in which the insured or spouse does not reside for at least 80% of the year) and an elevation
- certificate may be required for actuarial rating.
- 185
- 186
- 187
- 188
- 189
- 190
- 191*
- 192
- 193
- 194
- 195
- 196
- 197
- (e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-Efficiency Rating Information Brochure
- required by Section 553.996, F.S.
- 198
- 199
- (f) LEAD-BASED PAINT: If Property includes pre-1978 residential housing, a lead-based paint disclosure is
- mandatory.
- 200
- 201
- (g) HOMEOWNERS’ ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS
- CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS’ ASSOCIATION/COMMUNITY
- DISCLOSURE, IF APPLICABLE.
- 202
- 203
- 204
- (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT
- PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO
- PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY
- IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER
- PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY
- PROPERTY APPRAISER’S OFFICE FOR INFORMATION.
- 205
- 206
- 207
- 208
- 209
- 210
- (i) FIRPTA TAX WITHHOLDING: Seller shall inform Buyer in writing if Seller is a “foreign person” as defined by the
- Foreign Investment in Real Property Tax Act (“FIRPTA”). Buyer and Seller shall comply with FIRPTA, which may
- require Seller to provide additional cash at Closing. If Seller is not a “foreign person”, Seller can provide Buyer, at or
- prior to Closing, a certification of non-foreign status, under penalties of perjury, to inform Buyer and Closing Agent
- that no withholding is required. See STANDARD V for further information pertaining to FIRPTA. Buyer and Seller
- are advised to seek legal counsel and tax advice regarding their respective rights, obligations, reporting and
- withholding requirements pursuant to FIRPTA.
- 211
- 212
- 213
- 214
- 215
- 216
- 217
- (j) SELLER DISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which are not
- readily observable and which have not been disclosed to Buyer. Except as provided for in the preceding sentence,
- Seller extends and intends no warranty and makes no representation of any type, either express or implied, as to
- the physical condition or history of the Property. Except as otherwise disclosed in writing Seller has received no
- written or verbal notice from any governmental entity or agency as to a currently uncorrected building,
- environmental or safety code violation.
- 218
- 219
- 220
- 221
- 222
- 223
- 224 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS
- 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seller shall maintain the Property,
- including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date (“AS IS
- Maintenance Requirement”).
- 225
- 226
- 227
- ®
- Serial#: 087465-100141-0984606
- Buyer’s Initials __________ __________ Page 5 of 11 Seller’s Initials __________ __________
- FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors and The Florida Bar. All rights reserved.
- 228 12. PROPERTY INSPECTION; RIGHT TO CANCEL:
- (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have ______ (if left blank, then 15) days
- after Effective Date (“Inspection Period”) within which to have such inspections of the Property performed
- as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer’s sole discretion, that the
- Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such
- election to Seller prior to expiration of Inspection Period. If Buyer timely terminates this Contract, the
- Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further
- obligations under this Contract; however, Buyer shall be responsible for prompt payment for such
- inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and
- shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall
- survive termination of this Contract). Unless Buyer exercises the right to terminate granted herein, Buyer
- accepts the physical condition of the Property and any violation of governmental, building, environmental,
- and safety codes, restrictions, or requirements, but subject to Seller’s continuing AS IS Maintenance
- Requirement, and Buyer shall be responsible for any and all repairs and improvements required by Buyer’s
- lender.
- 229*
- 230
- 231
- 232
- 233
- 234
- 235
- 236
- 237
- 238
- 239
- 240
- 241
- 242
- (b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date prior to
- time of Closing, as specified by Buyer, Buyer or Buyer’s representative may perform a walk-through (and follow-up
- walk-through, if necessary) inspection of the Property solely to confirm that all items of Personal Property are on the
- Property and to verify that Seller has maintained the Property as required by the AS IS Maintenance Requirement
- and has met all other contractual obligations.
- 243
- 244
- 245
- 246
- 247
- (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer’s inspection of
- the Property identifies open or needed building permits, then Seller shall promptly deliver to Buyer all plans, written
- documentation or other information in Seller’s possession, knowledge, or control relating to improvements to the
- Property which are the subject of such open or needed Permits, and shall promptly cooperate in good faith with
- Buyer’s efforts to obtain estimates of repairs or other work necessary to resolve such Permit issues. Seller’s
- obligation to cooperate shall include Seller’s execution of necessary authorizations, consents, or other documents
- necessary for Buyer to conduct inspections and have estimates of such repairs or work prepared, but in fulfilling
- such obligation, Seller shall not be required to expend, or become obligated to expend, any money.
- 248
- 249
- 250
- 251
- 252
- 253
- 254
- 255
- (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer’s option and cost,
- Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties to Buyer.
- 256
- 257
- 258 ESCROW AGENT AND BROKER
- 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively “Agent”) receiving the Deposit, other funds and
- other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow within the
- State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions of this Contract.
- Failure of funds to become COLLECTED shall not excuse Buyer’s performance. When conflicting demands for the
- Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent may take such actions
- permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent’s duties or liabilities under this
- Contract, Agent may, at Agent’s option, continue to hold the subject matter of the escrow until the parties agree to its
- disbursement or until a final judgment of a court of competent jurisdiction shall determine the rights of the parties, or
- Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. An attorney who represents
- a party and also acts as Agent may represent such party in such action. Upon notifying all parties concerned of such
- action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously
- delivered out of escrow. If a licensed real estate broker, Agent will comply with provisions of Chapter 475, F.S., as
- amended and FREC rules to timely resolve escrow disputes through mediation, arbitration, interpleader or an escrow
- disbursement order.
- 259
- 260
- 261
- 262
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- 264
- 265
- 266
- 267
- 268
- 269
- 270
- 271
- 272
- Any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, or in
- any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney’s
- fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent. Agent shall not be
- liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is due to Agent’s willful
- breach of this Contract or Agent’s gross negligence. This Paragraph 13 shall survive Closing or termination of this
- Contract.
- 273
- 274
- 275
- 276
- 277
- 278
- 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, square
- footage, and all other facts and representations made pursuant to this Contract and to consult appropriate professionals
- for legal, tax, environmental, and other specialized advice concerning matters affecting the Property and the transaction
- contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the Property and that all
- representations (oral, written or otherwise) by Broker are based on Seller representations or public records. BUYER
- AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND GOVERNMENTAL AGENCIES
- FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND FACTS THAT MATERIALLY AFFECT
- PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, WRITTEN OR OTHERWISE) OF BROKER.
- 279
- 280
- 281
- 282
- 283
- 284
- 285
- 286
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- 287
- 288
- 289
- 290
- 291
- 292
- 293
- 294
- 295
- 296
- 297
- 298
- 299
- 300 DEFAULT AND DISPUTE RESOLUTION
- 301 15. DEFAULT:
- (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer’s obligations under this Contract, including
- payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the Deposit for the
- account of Seller as agreed upon liquidated damages, consideration for execution of this Contract, and in full
- settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under this
- Contract, or Seller, at Seller’s option, may, pursuant to Paragraph 16, proceed in equity to enforce Seller’s rights
- under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon default by Buyer, shall be split
- equally between Listing Broker and Cooperating Broker; provided however, Cooperating Broker’s share shall not be
- greater than the commission amount Listing Broker had agreed to pay to Cooperating Broker.
- 302
- 303
- 304
- 305
- 306
- 307
- 308
- 309
- (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller’s title marketable after reasonable
- diligent effort, Seller fails, neglects or refuses to perform Seller’s obligations under this Contract, Buyer may elect to
- receive return of Buyer’s Deposit without thereby waiving any action for damages resulting from Seller’s breach,
- and, pursuant to Paragraph 16, may seek to recover such damages or seek specific performance.
- 310
- 311
- 312
- 313
- 314 This Paragraph 15 shall survive Closing or termination of this Contract.
- 16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and Seller
- arising out of, or relating to, this Contract or its breach, enforcement or interpretation (“Dispute”) will be settled as
- follows:
- 315
- 316
- 317
- Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to
- resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph
- 16(b).
- 318
- 319
- 320
- Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida
- Rules for Certified and Court-Appointed Mediators and Chapter 44, F.S., as amended (the “Mediation Rules”). The
- mediator must be certified or must have experience in the real estate industry. Injunctive relief may be sought
- without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16 may be
- resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 16 shall
- survive Closing or termination of this Contract.
- 321
- 322
- 323
- 324
- 325
- 326
- 17. ATTORNEY’S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted by
- this Contract, and each party will pay their own costs, expenses and fees, including attorney’s fees, incurred in
- conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to recover
- from the non-prevailing party costs and fees, including reasonable attorney’s fees, incurred in conducting the litigation.
- This Paragraph 17 shall survive Closing or termination of this Contract.
- 327
- 328
- 329
- 330
- 331
- 332 STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”)
- 333 18. STANDARDS:
- 334 A. TITLE:
- (i) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in Paragraph
- 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto, shall be issued and
- delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at or before Closing
- and shall provide that, upon recording of the deed to Buyer, an owner’s policy of title insurance in the amount of the
- Purchase Price, shall be issued to Buyer insuring Buyer’s marketable title to the Real Property, subject only to the
- following matters: (a) comprehensive land use plans, zoning, and other land use restrictions, prohibitions and
- requirements imposed by governmental authority; (b) restrictions and matters appearing on the Plat or otherwise
- common to the subdivision; (c) outstanding oil, gas and mineral rights of record without right of entry; (d) unplatted
- public utility easements of record (located contiguous to real property lines and not more than 10 feet in width as to rear
- or front lines and 7 1/2 feet in width as to side lines); (e) taxes for year of Closing and subsequent years; and (f)
- 335
- 336
- 337
- 338
- 339
- 340
- 341
- 342
- 343
- 344
- Buyer and Seller (individually, the “Indemnifying Party”) each individually indemnifies, holds harmless, and releases
- Broker and Broker’s officers, directors, agents and employees from all liability for loss or damage, including all costs
- and expenses, and reasonable attorney’s fees at all levels, suffered or incurred by Broker and Broker’s officers,
- directors, agents and employees in connection with or arising from claims, demands or causes of action instituted by
- Buyer or Seller based on: (i) inaccuracy of information provided by the Indemnifying Party or from public records; (ii)
- Indemnifying Party’s misstatement(s) or failure to perform contractual obligations; (iii) Broker’s performance, at
- Indemnifying Party’s request, of any task beyond the scope of services regulated by Chapter 475, F.S., as amended,
- including Broker’s referral, recommendation or retention of any vendor for, or on behalf of Indemnifying Party; (iv)
- products or services provided by any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by
- any such vendor. Buyer and Seller each assumes full responsibility for selecting and compensating their respective
- vendors and paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will
- not relieve Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14,
- Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this Contract.
- (a)
- (b)
- ®
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- assumed mortgages and purchase money mortgages, if any (if additional items, attach addendum); provided, that, none
- prevent use of Property for RESIDENTIAL PURPOSES. If there exists at Closing any violation of items identified in (b)
- – (f) above, then the same shall be deemed a title defect. Marketable title shall be determined according to applicable
- Title Standards adopted by authority of The Florida Bar and in accordance with law.
- 345
- 346
- 347
- 348
- (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller in
- writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it is delivered
- to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after date of receipt to
- examine same in accordance with this STANDARD A. Seller shall have 30 days (“Cure Period”) after receipt of Buyer’s
- notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, Buyer shall be deemed to
- have accepted title as it then is. If Seller cures defects within Cure Period, Seller will deliver written notice to Buyer (with
- proof of cure acceptable to Buyer and Buyer’s attorney) and the parties will close this Contract on Closing Date (or if
- Closing Date has passed, within 10 days after Buyer’s receipt of Seller’s notice). If Seller is unable to cure defects
- within Cure Period, then Buyer may, within 5 days after expiration of Cure Period, deliver written notice to Seller: (a)
- extending Cure Period for a specified period not to exceed 120 days within which Seller shall continue to use
- reasonable diligent effort to remove or cure the defects (“Extended Cure Period”); or (b) electing to accept title with
- existing defects and close this Contract on Closing Date (or if Closing Date has passed, within the earlier of 10 days
- after end of Extended Cure Period or Buyer’s receipt of Seller’s notice), or (c) electing to terminate this Contract and
- receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. If
- after reasonable diligent effort, Seller is unable to timely cure defects, and Buyer does not waive the defects, this
- Contract shall terminate, and Buyer shall receive a refund of the Deposit, thereby releasing Buyer and Seller from all
- further obligations under this Contract.
- 349
- 350
- 351
- 352
- 353
- 354
- 355
- 356
- 357
- 358
- 359
- 360
- 361
- 362
- 363
- 364
- 365
- B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon encroach
- on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable governmental
- regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of such matters,
- together with a copy of Survey, to Seller within 5 days after Buyer’s receipt of Survey, but no later than Closing. If Buyer
- timely delivers such notice and Survey to Seller, such matters identified in the notice and Survey shall constitute a title
- defect, subject to cure obligations of STANDARD A above. If Seller has delivered a prior survey, Seller shall, at Buyer’s
- request, execute an affidavit of “no change” to the Real Property since the preparation of such prior survey, to the
- extent the affirmations therein are true and correct.
- 366
- 367
- 368
- 369
- 370
- 371
- 372
- 373
- C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to the
- Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access.
- 374
- 375
- D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from
- tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security deposits
- paid by tenant(s) or occupant(s)(“Estoppel Letter(s)”). If Seller is unable to obtain such Estoppel Letter(s) the same
- information shall be furnished by Seller to Buyer within that time period in the form of a Seller’s affidavit and Buyer may
- thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or Seller’s affidavit, if any,
- differ materially from Seller’s representations and lease(s) provided pursuant to Paragraph 6, or if tenant(s)/occupant(s)
- fail or refuse to confirm Seller’s affidavit, Buyer may deliver written notice to Seller within 5 days after receipt of such
- information, but no later than 5 days prior to Closing Date, terminating this Contract and receive a refund of the Deposit,
- thereby releasing Buyer and Seller from all further obligations under this Contract. Seller shall, at Closing, deliver and
- assign all leases to Buyer who shall assume Seller’s obligations thereunder.
- 376
- 377
- 378
- 379
- 380
- 381
- 382
- 383
- 384
- 385
- E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing statement,
- claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or repairs to the Real
- Property for 90 days immediately preceding Closing Date. If the Real Property has been improved or repaired within
- that time, Seller shall deliver releases or waivers of construction liens executed by all general contractors,
- subcontractors, suppliers and materialmen in addition to Seller’s lien affidavit setting forth names of all such general
- contractors, subcontractors, suppliers and materialmen, further affirming that all charges for improvements or repairs
- which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at Closing.
- 386
- 387
- 388
- 389
- 390
- 391
- 392
- F. TIME: Calendar days shall be used in computing time periods. Time is of the essence in this Contract.
- Other than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates
- specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or occur on a
- Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shall extend to 5:00 p.m. (where the Property is
- located) of the next business day.
- 393
- 394
- 395
- 396
- 397
- G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable
- to each other for damages so long as performance or non-performance of the obligation is delayed, caused or
- prevented by Force Majeure. “Force Majeure” means: hurricanes, earthquakes, floods, fire, acts of God, unusual
- transportation delays, wars, insurrections, acts of terrorism, and any other cause not reasonably within control of Buyer
- or Seller, and which, by: exercise of reasonable diligent effort, the non-performing party is unable in whole or in part to
- prevent or overcome. All time periods, including Closing Date, will be extended for the period that the Force Majeure
- prevents performance under this Contract, provided, however, if such Force Majeure continues to prevent performance
- 398
- 399
- 400
- 401
- 402
- 403
- 404
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- under this Contract more than 14 days beyond Closing Date, then either party may terminate this Contract by delivering
- written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all
- further obligations under this Contract.
- 405
- 406
- 407
- H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee’s, personal
- representative’s, or guardian’s deed, as appropriate to the status of Seller, subject only to matters described in
- STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be transferred by absolute
- bill of sale with warranty of title, subject only to such matters as may be provided for in this Contract.
- 408
- 409
- 410
- 411
- 412 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE:
- (i) LOCATION: Closing will take place in the county where the Real Property is located at the office of the attorney or
- other closing agent (“Closing Agent”) designated by the party paying for the owner’s policy of title insurance, or, if no
- title insurance, designated by Seller. Closing may be conducted by mail or electronic means.
- 413
- 414
- 415
- (ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of sale,
- certificate(s) of title or other documents necessary to transfer title to the Property, construction lien affidavit(s), owner’s
- possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer with paid receipts for all
- work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable the survey, flood
- elevation certification, and documents required by Buyer’s lender.
- 416
- 417
- 418
- 419
- 420
- (iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment
- provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing
- procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all closing
- funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller.
- 421
- 422
- 423
- 424
- J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide for
- insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following escrow and
- closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent for a period of not
- more than 10 days after Closing; (2) if Seller’s title is rendered unmarketable, through no fault of Buyer, Buyer shall,
- within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from date of receipt of such
- notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all Closing funds paid by Buyer
- shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simultaneously with such repayment,
- Buyer shall return the Personal Property, vacate the Real Property and re-convey the Property to Seller by special
- warranty deed and bill of sale; and (4) if Buyer fails to make timely demand for refund of the Deposit, Buyer shall take
- title as is, waiving all rights against Seller as to any intervening defect except as may be available to Buyer by virtue of
- warranties contained in the deed or bill of sale.
- 425
- 426
- 427
- 428
- 429
- 430
- 431
- 432
- 433
- 434
- 435
- K. PRORATIONS; CREDITS: The following recurring items will be made current (if applicable) and prorated as of the
- day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes (including
- special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents and other
- expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, in which event
- premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required by prorations to be
- made through day prior to Closing. Advance rent and security deposits, if any, will be credited to Buyer. Escrow
- deposits held by Seller’s mortgagee will be paid to Seller. Taxes shall be prorated based on current year’s tax with due
- allowance made for maximum allowable discount, homestead and other exemptions. If Closing occurs on a date when
- current year’s millage is not fixed but current year’s assessment is available, taxes will be prorated based upon such
- assessment and prior year’s millage. If current year’s assessment is not available, then taxes will be prorated on prior
- year’s tax. If there are completed improvements on the Real Property by January 1st of year of Closing, which
- improvements were not in existence on January 1 of prior year, then taxes shall be prorated based upon prior year’s
- millage and at an equitable assessment to be agreed upon between the parties, failing which, request shall be made to
- the County Property Appraiser for an informal assessment taking into account available exemptions. A tax proration
- based on an estimate shall, at either party’s request, be readjusted upon receipt of current year’s tax bill. This
- STANDARD K shall survive Closing.
- 436
- 437
- 438
- 439
- 440
- 441
- 442
- 443
- 444
- 445
- 446
- 447
- 448
- 449
- 450
- 451
- L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller shall,
- upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, including a walkthrough
- (or follow-up walk-through if necessary) prior to Closing.
- 452
- 453
- 454
- M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty
- (“Casualty Loss”) and cost of restoration (which shall include cost of pruning or removing damaged trees) does not
- exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed pursuant
- to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated cost to
- complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Closing. If actual cost of restoration
- exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase Price). Any
- unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of Purchase Price,
- Buyer shall elect to either take Property “as is” together with the 1.5%, or receive a refund of the Deposit, thereby
- releasing Buyer and Seller from all further obligations under this Contract. Seller’s sole obligation with respect to tree
- damage by casualty or other natural occurrence shall be cost of pruning or removal.
- 455
- 456
- 457
- 458
- 459
- 460
- 461
- 462
- 463
- 464
- st
- ®
- Serial#: 087465-100141-0984606
- STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”) CONTINUED
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- N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneously with
- Closing or deferred) under Section 1031 of the Internal Revenue Code (“Exchange”), the other party shall cooperate in
- all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, cooperating
- party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent upon, nor extended
- or delayed by, such Exchange.
- 465
- 466
- 467
- 468
- 469
- O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT
- EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall be
- binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest. Whenever the
- context permits, singular shall include plural and one gender shall include all. Notice and delivery given by or to the
- attorney or broker (including such broker’s real estate licensee) representing any party shall be as effective as if given
- by or to that party. All notices must be in writing and may be made by mail, personal delivery or electronic (including
- “pdf”) media. A facsimile or electronic (including “pdf”) copy of this Contract and any signatures hereon shall be
- considered for all purposes as an original. This Contract may be executed by use of electronic signatures, as
- determined by Florida’s Electronic Signature Act and other applicable laws.
- 470
- 471
- 472
- 473
- 474
- 475
- 476
- 477
- 478
- P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement of
- Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or
- representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change in
- this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended to be
- bound by it.
- 479
- 480
- 481
- 482
- 483
- 484 Q.
- 485
- 486 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten or
- 487 handwritten provisions shall control all printed provisions of this Contract in conflict with them.
- S. COLLECTION or COLLECTED: “COLLECTION” or “COLLECTED” means any checks tendered or received,
- including Deposits, have become actually and finally collected and deposited in the account of Escrow Agent
- or Closing Agent. Closing and disbursement of funds and delivery of closing documents may be delayed by
- Closing Agent until such amounts have been COLLECTED in Closing Agent’s accounts.
- 488
- 489
- 490
- 491
- T. LOAN COMMITMENT: “Loan Commitment” means a statement by the lender setting forth the terms and conditions
- upon which the lender is willing to make a particular mortgage loan to a particular borrower. Neither a pre-approval
- letter nor a prequalification letter shall be deemed a Loan Commitment for purposes of this Contract .
- 492
- 493
- 494
- U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State of
- Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the county
- where the Real Property is located.
- 495
- 496
- 497
- V. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (“FIRPTA”): If a seller of U.S. real property is a “foreign
- person” as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires the buyer of the real property to
- withhold 10% of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue
- Service (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding
- Certificate from the IRS authorizing a reduced amount of withholding. Due to the complexity and potential risks of
- FIRPTA, Buyer and Seller should seek legal and tax advice regarding compliance, particularly if an “exemption” is
- claimed on the sale of residential property for $300,000 or less.
- 498
- 499
- 500
- 501
- 502
- 503
- 504
- No withholding is required under Section 1445 if the Seller is not a “foreign person,” provided Buyer accepts proof
- of same from Seller, which may include Buyer’s receipt of certification of non-foreign status from Seller, signed under
- penalties of perjury, stating that Seller is not a foreign person and containing Seller’s name, U.S. taxpayer identification
- number and home address (or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b).
- Otherwise, Buyer shall withhold 10% of the amount realized by Seller on the transfer and timely remit said funds to the
- IRS.
- 505
- 506
- 507
- 508
- 509
- 510
- If Seller has received a Withholding Certificate from the IRS which provides for reduced or eliminated withholding in
- this transaction and provides same to Buyer by Closing, then Buyer shall withhold the reduced sum, if any required, and
- timely remit said funds to the IRS.
- 511
- 512
- 513
- If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and has
- provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been received
- as of Closing, Buyer shall, at Closing, withhold 10% of the amount realized by Seller on the transfer and, at Buyer’s
- option, either (a) timely remit the withheld funds to the IRS or (b) place the funds in escrow, at Seller’s expense, with an
- escrow agent selected by Buyer and pursuant to terms negotiated by the parties, to be subsequently disbursed in
- accordance with the Withholding Certificate issued by the IRS or remitted directly to the IRS if the Seller’s application is
- rejected or upon terms set forth in the escrow agreement.
- 514
- 515
- 516
- 517
- 518
- 519
- 520
- In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this transaction,
- Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the applicable
- requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for disbursement in
- accordance with the final determination of the IRS, as applicable.
- 521
- 522
- 523
- 524
- WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this
- Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or rights.
- (i)
- (ii)
- (iii)
- (iv)
- ®
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- STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”) CONTINUED
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- Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms 8288
- and 8288-A, as filed.
- 525
- 526
- 527 W. RESERVED
- X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller and
- against any real estate licensee involved in the negotiation of this Contract for any damage or defects
- pertaining to the physical condition of the Property that may exist at Closing of this Contract and be
- subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. This
- provision does not relieve Seller’s obligation to comply with Paragraph 10(j). This Standard X shall survive
- Closing.
- 528
- 529
- 530
- 531
- 532
- 533
- 534 ADDENDA AND ADDITIONAL TERMS
- ADDENDA: The following additional terms are included in the attached addenda or riders and incorporated into this
- Contract (Check if applicable):
- 535
- 536*
- 537* 20. ADDITIONAL TERMS:_____________________________________________________________________________
- 538 _______________________________________________________________________________________________
- 539 _______________________________________________________________________________________________
- 540 _______________________________________________________________________________________________
- 541 _______________________________________________________________________________________________
- 542 _______________________________________________________________________________________________
- 543 _______________________________________________________________________________________________
- 544 _______________________________________________________________________________________________
- 545 _______________________________________________________________________________________________
- 546 _______________________________________________________________________________________________
- 547 _______________________________________________________________________________________________
- 548 _______________________________________________________________________________________________
- 549 _______________________________________________________________________________________________
- 550 _______________________________________________________________________________________________
- 551 _______________________________________________________________________________________________
- 552 _______________________________________________________________________________________________
- 553 _______________________________________________________________________________________________
- 554 COUNTER-OFFER/REJECTION
- Seller counters Buyer’s offer (to accept the counter-offer, Buyer must sign or initial the counter-offered terms and deliver
- a copy of the acceptance to Seller).
- 555*
- 556
- 557* Seller rejects Buyer’s offer.
- THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE ADVICE OF
- AN ATTORNEY PRIOR TO SIGNING.
- 558
- 559
- 560 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR.
- Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the terms and
- conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions should be
- negotiated based upon the respective interests, objectives and bargaining positions of all interested persons.
- 561
- 562
- 563
- A. Condominium Rider
- B. Homeowners’ Assn.
- C. Seller Financing
- D. Mortgage Assumption
- E. FHA/VA Financing
- F. Appraisal Contingency
- G. Short Sale
- H. Homeowners’/Flood Ins.
- I. RESERVED
- J. Interest-Bearing Acct.
- K. RESERVED
- L. RESERVED
- M. Defective Drywall
- N. Coastal Construction Control Line
- O. Insulation Disclosure
- P. Lead Based Paint Disclosure
- (Pre-1978 Housing)
- Q. Housing for Older Persons
- R. Rezoning
- S. Lease Purchase/ Lease Option
- T. Pre-Closing Occupancy by Buyer
- U. Post-Closing Occupancy by Seller
- V. Sale of Buyer’s Property
- W. Back-up Contract
- X. Kick-out Clause
- Y. Seller’s Attorney Approval
- Z. Buyer’s Attorney Approval
- AA.Licensee-Personal Interest in
- Property
- BB.Binding Arbitration
- Other_______________________
- ______________________________
- ______________________________
- ______________________________
- (v)
- 19.
- ®
- Serial#: 087465-100141-0984606
- Page 11 of 11
- FloridaRealtors/FloridaBar-ASIS-2 Rev.8/13 © 2013 Florida Realtors and The Florida Bar. All rights reserved.
- AN ASTERISK (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO BE
- COMPLETED.
- 564
- 565
- 566
- 567
- 568* Buyer: __________________________________________________________________ Date: __________________
- 569
- 570
- 571
- 572
- 573* Buyer: __________________________________________________________________ Date: __________________
- 574
- 575
- 576
- 577
- 578* Seller: __________________________________________________________________ Date: __________________
- 579
- 580
- 581
- 582
- 583* Seller: __________________________________________________________________ Date: __________________
- 584
- 585 Buyer’s address for purposes of notice Seller’s address for purposes of notice
- 586* ___________________________________________ ____________________________________________
- 587* ___________________________________________ ____________________________________________
- 588* ___________________________________________ ____________________________________________
- 589
- BROKER: Listing and Cooperating Brokers, if any, named below (collectively, “Broker”), are the only Brokers entitled to
- compensation in connection with this Contract. Instruction to Closing Agent: Seller and Buyer direct Closing Agent to
- disburse at Closing the full amount of the brokerage fees as specified in separate brokerage agreements with the parties
- and cooperative agreements between the Brokers, except to the extent Broker has retained such fees from the escrowed
- funds. This Contract shall not modify any MLS or other offer of compensation made by Seller or Listing Broker to
- Cooperating Brokers.
- 590
- 591
- 592
- 593
- 594
- 595
- 596
- 597* ___________________________________________ __________________________________________
- 598 Cooperating Sales Associate, if any Listing Sales Associate
- 599
- 600* ___________________________________________ __________________________________________
- 601 Cooperating Broker, if any Listing Broker
- ®
- Serial#: 087465-100141-0984606
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