Fillable Form 10: AS IS Residential Contract For Sale (Alejandro J. Morad P.A.)

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Form 10: AS IS Residential Contract For Sale (Alejandro J. Morad P.A.)

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Buyer’s Initials _________ __________ Page 1 of 12 Seller’s Initials __________ __________
FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 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"),1
and ("Buyer"),2
agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property3
(collectively “Property”) pursuant to the terms and conditions of this AS IS Residential Contract For Sale And4
Purchase and any riders and addenda (“Contract”):5
1. PROPERTY DESCRIPTION:6
(a) Street address, city, zip:7
(b) Property is located in: County, Florida. Real Property Tax ID No.:8
(c) Real Property: The legal description is9
10
20
21
Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer.22
(e) The following items are excluded from the purchase:23
24
PURCHASE PRICE AND CLOSING25
2. PURCHASE PRICE (U.S. currency): ...............................................................................................$26
(a) Initial deposit to be held in escrow in the amount of (checks subject to COLLECTION) .......$27
The initial deposit made payable and delivered to “Escrow Agent” named below28
(CHECK ONE): (i) accompanies offer or (ii) is to be made within _____ (if left 29
blank, then 3) days after Effective Date. IF NEITHER BOX IS CHECKED, THEN 30
OPTION (ii) SHALL BE DEEMED SELECTED.31
Escrow Agent Information: Name: 32
Address:33
Phone: E-mail: Fax: 34
(b) Additional deposit to be delivered to Escrow Agent within __________ (if left blank, then 10)35
days after Effective Date ......................................................................................................... $______________36
(All deposits paid or agreed to be paid, are collectively referred to as the “Deposit”)37
(c) Financing: Express as a dollar amount or percentage (“Loan Amount”) see Paragraph 8.......______________38
(d) Other: ..............$______________39
(e) Balance to close (not including Buyer’s closing costs, prepaids and prorations) by wire40
transfer or other COLLECTED funds ...................................................................................... $______________41
NOTE: For the definition of “COLLECTION” or “COLLECTED” see STANDARD S.42
3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE:43
(a) If not signed by Buyer and Seller, and an executed copy delivered to all parties on or before 44
_______________________, this offer shall be deemed withdrawn and the Deposit, if any, shall be returned 45
to Buyer. Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the 46
day the counter-offer is delivered.47
(b) The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or48
initialed and delivered this offer or final counter-offer (“Effective Date”).49
4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur50
and the closing documents required to be furnished by each party pursuant to this Contract shall be delivered51
(“Closing”) on _____________________________ (“Closing Date”), at the time established by the Closing Agent.52
11
together with all existing improvements and fixtures, including built-in appliances, built-in furnishings and12
attached wall-to-wall carpeting and flooring (“Real Property”) unless specifically excluded in Paragraph 1(e) or 13
by other terms of this Contract.14
(d) Personal Property: Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items 15
which are owned by Seller and existing on the Property as of the date of the initial offer are included in the 16
purchase: range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), intercom, light fixture(s), 17
drapery rods and draperies, blinds, window treatments, smoke detector(s), garage door opener(s), security 18
gate and other access devices, and storm shutters/panels ("Personal Property").19
Other Personal Property items included in this purchase are:
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Trustee [INSERT TRUSTEES NAME] for the Estate of [ INSERT DEBTOR'S NAME ]
2
14 Days upon entry of court order
Buyer’s Initials _________ __________ Page 2 of 12 Seller’s Initials __________ __________
FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved.
5. EXTENSION OF CLOSING DATE:53
(a) If Paragraph 8(b) is checked and Closing funds from Buyer’s lender(s) are not available on Closing Date due 54
to Consumer Financial Protection Bureau Closing Disclosure delivery requirements (“CFPB Requirements”), 55
then Closing Date shall be extended for such period necessary to satisfy CFPB Requirements, provided such 56
period shall not exceed 10 days.57
(b) If extreme weather or other condition or event constituting “Force Majeure” (see STANDARD G) causes: (i) 58
disruption of utilities or other services essential for Closing or (ii) Hazard, Wind, Flood or Homeowners’59
insurance, to become unavailable prior to Closing, Closing shall be extended a reasonable time up to 3 days60
after restoration of utilities and other services essential to Closing and availability of applicable Hazard, Wind,61
Flood or Homeowners’ insurance. If restoration of such utilities or services and availability of insurance has 62
not occurred within _______ (if left blank, then 14) days after Closing Date, then either party may terminate 63
this Contract by delivering written notice to the other party, and Buyer shall be refunded the Deposit, thereby64
releasing Buyer and Seller from all further obligations under this Contract.65
6. OCCUPANCY AND POSSESSION:66
(a) Unless the box in Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of 67
the Property to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller shall have 68
removed all personal items and trash from the Property and shall deliver all keys, garage door openers, 69
access devices and codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer70
assumes all risks of loss to the Property from date of occupancy, shall be responsible and liable for 71
maintenance from that date, and shall be deemed to have accepted the Property in its existing condition as of 72
time of taking occupancy.73
(b) CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is74
subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the 75
facts and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall 76
be delivered to Buyer, all within 5 days after Effective Date. If Buyer determines, in Buyer’s sole discretion, 77
that the lease(s) or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by 78
delivery of written notice of such election to Seller within 5 days after receipt of the above items from Seller,79
and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under 80
this Contract. Estoppel Letter(s) and Seller’s affidavit shall be provided pursuant to STANDARD D. If Property 81
is intended to be occupied by Seller after Closing, see Rider U. POST-CLOSING OCCUPANCY BY SELLER.82
7. ASSIGNABILITY: (CHECK ONE): Buyer may assign and thereby be released from any further liability under83
this Contract; may assign but not be released from liability under this Contract; or may not assign this84
Contract.85
FINANCING86
8. FINANCING:87
(a) Buyer will pay cash for the purchase of the Property at Closing. There is no financing contingency to 88
Buyer’s obligation to close. If Buyer obtains a loan for any part of the Purchase Price of the Property, Buyer 89
acknowledges that any terms and conditions imposed by Buyer’s lender(s) or by CFPB Requirements shall not 90
affect or extend the Buyer’s obligation to close or otherwise affect any terms or conditions of this Contract.91
(b) This Contract is contingent upon Buyer obtaining a written loan commitment for a conventional FHA 92
VA or other ______________ (describe) loan on the following terms within _______ (if left blank, then 45)93
days after Effective Date (“Loan Commitment Date”) for (CHECK ONE): fixed, adjustable, fixed or 94
adjustable rate loan in the Loan Amount (See Paragraph 2(c)), at an initial interest rate not to exceed _______ % 95
(if left blank, then prevailing rate based upon Buyer’s creditworthiness), and for a term of _______(if left blank, 96
then 30) years (“Financing”).97
Buyer shall make mortgage loan application for the Financing within _______ (if left blank, then 5) days after98
Effective Date and use good faith and diligent effort to obtain a written loan commitment for the Financing (“Loan 99
Commitment”) and thereafter to close this Contract. Buyer shall keep Seller and Broker fully informed about the 100
status of mortgage loan application and Loan Commitment and authorizes Buyer’s mortgage broker and Buyer’s 101
lender to disclose such status and progress to Seller and Broker.102
103
Upon Buyer’s receipt of Loan Commitment, Buyer shall provide written notice of same to Seller. If Buyer does not 104
receive Loan Commitment by Loan Commitment Date, then thereafter either party may cancel this Contract up to 105
the earlier of:106
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Buyer’s Initials _________ __________ Page 3 of 12 Seller’s Initials __________ __________
FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved.
(i.) Buyer’s delivery of written notice to Seller that Buyer has either received Loan Commitment or elected107
to waive the financing contingency of this Contract; or108
(ii.) 7 days prior to the Closing Date specified in Paragraph 4, which date, for purposes of this Paragraph 109
8(b) (ii), shall not be modified by Paragraph 5(a).110
If either party timely cancels this Contract pursuant to this Paragraph 8 and Buyer is not in default under the terms 111
of this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further 112
obligations under this Contract. If neither party has timely canceled this Contract pursuant to this Paragraph 8, 113
then this financing contingency shall be deemed waived by Buyer.114
If Buyer delivers written notice of receipt of Loan Commitment to Seller and this Contract does not thereafter 115
close, the Deposit shall be paid to Seller unless failure to close is due to: (1) Seller’s default; (2) Property related 116
conditions of the Loan Commitment have not been met (except when such conditions are waived by other 117
provisions of this Contract); (3) appraisal of the Property obtained by Buyer’s lender is insufficient to meet terms 118
of the Loan Commitment; or (4) the loan is not funded due to financial failure of Buyer’s lender, in which event(s) 119
the Deposit shall be returned to Buyer, thereby releasing Buyer and Seller from all further obligations under this 120
Contract.121
(c) Assumption of existing mortgage (see rider for terms).122
(d) Purchase money note and mortgage to Seller (see riders; addenda; or special clauses for terms).123
CLOSING COSTS, FEES AND CHARGES124
9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS:125
(a) COSTS TO BE PAID BY SELLER:126
• Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees127
• Owner’s Policy and Charges (if Paragraph 9(c) (i) is checked) • Recording and other fees needed to cure title128
• Title search charges (if Paragraph 9(c) (iii) is checked) • Seller’s attorneys’ fees129
• Municipal lien search (if Paragraph 9(c) (i) or (iii) is checked) • Other:130
If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 131
a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at 132
Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seller shall 133
pay such actual costs. Any unused portion of escrowed amount(s) shall be returned to Seller.134
(b) COSTS TO BE PAID BY BUYER:135
• Taxes and recording fees on notes and mortgages • Loan expenses136
• Recording fees for deed and financing statements • Appraisal fees137
• Owner’s Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer’s Inspections138
• Survey (and elevation certification, if required) • Buyer’s attorneys’ fees139
• Lender’s title policy and endorsements • All property related insurance140
• HOA/Condominium Association application/transfer fees • Owner’s Policy Premium (if Paragraph141
• Municipal lien search (if Paragraph 9(c) (ii) is checked) 9 (c) (iii) is checked.)142
• Other:143
(c) TITLE EVIDENCE AND INSURANCE: At least ______ (if left blank, then 15, or if Paragraph 8(a) is checked, 144
then 5) days prior to Closing Date (“Title Evidence Deadline”), a title insurance commitment issued by a 145
Florida licensed title insurer, with legible copies of instruments listed as exceptions attached thereto (“Title 146
Commitment”) and, after Closing, an owner’s policy of title insurance (see STANDARD A for terms) shall be147
obtained and delivered to Buyer. If Seller has an owner’s policy of title insurance covering the Real Property, 148
a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. The owner’s title149
policy premium, title search and closing services (collectively, “Owner’s Policy and Charges”) shall be paid, as 150
set forth below. The title insurance premium charges for the owner’s policy and any lender’s policy will be 151
calculated and allocated in accordance with Florida law, but may be reported differently on certain federally 152
mandated closing disclosures and other closing documents.153
(CHECK ONE):154
(i) Seller shall designate Closing Agent and pay for Owner’s Policy and Charges, and Buyer shall pay the 155
premium for Buyer’s lender’s policy and charges for closing services related to the lender’s policy,156
endorsements and loan closing, which amounts shall be paid by Buyer to Closing Agent or such other 157
provider(s) as Buyer may select; or158
(ii) Buyer shall designate Closing Agent and pay for Owner’s Policy and Charges and charges for closing159
services related to Buyer’s lender’s policy, endorsements and loan closing; or160
(iii) [MIAMI-DADE/BROWARD REGIONAL PROVISION]: Seller shall furnish a copy of a prior owner’s 161
policy of title insurance or other evidence of title and pay fees for: (A) a continuation or update of such title 162
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Buyer’s Initials _________ __________ Page 4 of 12 Seller’s Initials __________ __________
FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved.
evidence, which is acceptable to Buyer’s title insurance underwriter for reissue of coverage; (B) tax search; 163
and (C) municipal lien search. Buyer shall obtain and pay for post-Closing continuation and premium for 164
Buyer’s owner’s policy, and if applicable, Buyer’s lender’s policy. Seller shall not be obligated to pay more 165
than $ _____________ (if left blank, then $200.00) for abstract continuation or title search ordered or 166
performed by Closing Agent.167
(d) SURVEY: On or before Title Evidence Deadline, Buyer may, at Buyer’s expense, have the Real Property 168
surveyed and certified by a registered Florida surveyor (“Survey”). If Seller has a survey covering the Real 169
Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date.170
(e) HOME WARRANTY: At Closing, Buyer Seller N/A shall pay for a home warranty plan issued by171
___________________________________________ at a cost not to exceed $_________________. A home172
warranty plan provides for repair or replacement of many of a home’s mechanical systems and major built-in173
appliances in the event of breakdown due to normal wear and tear during the agreement’s warranty period.174
(f) SPECIAL ASSESSMENTS: At Closing, Seller shall pay: (i) the full amount of liens imposed by a public body175
(“public body” does not include a Condominium or Homeowner’s Association) that are certified, confirmed and176
ratified before Closing; and (ii) the amount of the public body’s most recent estimate or assessment for an177
improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being178
imposed on the Property before Closing. Buyer shall pay all other assessments. If special assessments may179
be paid in installments (CHECK ONE):180
(a) Seller shall pay installments due prior to Closing and Buyer shall pay installments due after Closing.181
Installments prepaid or due for the year of Closing shall be prorated.182
(b) Seller shall pay the assessment(s) in full prior to or at the time of Closing.183
IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL BE DEEMED SELECTED.184
This Paragraph 9(f) shall not apply to a special benefit tax lien imposed by a community development district185
(CDD) pursuant to Chapter 190, F.S., which lien shall be prorated pursuant to STANDARD K.186
DISCLOSURES187
10. DISCLOSURES:188
(a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is accumulated in a building in189
sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that190
exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding191
radon and radon testing may be obtained from your county health department.192
(b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buyer in a written disclosure,193
Seller does not know of any improvements made to the Property which were made without required permits194
or made pursuant to permits which have not been properly closed.195
(c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned 196
or desires additional information regarding mold, Buyer should contact an appropriate professional.197
(d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood198
zone the Property is in, whether flood insurance is required by Buyer’s lender, and what restrictions apply to199
improving the Property and rebuilding in the event of casualty. If Property is in a “Special Flood Hazard Area”200
or “Coastal Barrier Resources Act” designated area or otherwise protected area identified by the U.S. Fish 201
and Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s) 202
and /or flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance203
coverage through the National Flood Insurance Program or private flood insurance as defined in 42 U.S.C. 204
§4012a, Buyer may terminate this Contract by delivering written notice to Seller within _____ (if left blank,205
then 20) days after Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and 206
Seller from all further obligations under this Contract, failing which Buyer accepts existing elevation of 207
buildings and flood zone designation of Property. The National Flood Insurance Program may assess 208
additional fees or adjust premiums for pre-Flood Insurance Rate Map (pre-FIRM) non-primary structures 209
(residential structures in which the insured or spouse does not reside for at least 50% of the year) and an 210
elevation certificate may be required for actuarial rating.211
(e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-Efficiency Rating Information 212
Brochure required by Section 553.996, F.S.213
(f) LEAD-BASED PAINT: If Property includes pre-1978 residential housing, a lead-based paint disclosure is214
mandatory.215
(g) HOMEOWNERS’ ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS216
CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS’217
ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE.218
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Buyer’s Initials _________ __________ Page 5 of 12 Seller’s Initials __________ __________
FloridaRealtors/FloridaBar-ASIS-4 Rev.9/15 © 2015 Florida Realtors® and The Florida Bar. All rights reserved.
(h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT219
PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED220
TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY221
IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN 222
HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT 223
THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION.224
(i) FIRPTA TAX WITHHOLDING: Seller shall inform Buyer in writing if Seller is a “foreign person” as defined by 225
the Foreign Investment in Real Property Tax Act (“FIRPTA”). Buyer and Seller shall comply with FIRPTA,226
which may require Seller to provide additional cash at Closing. If Seller is not a “foreign person”, Seller can227
provide Buyer, at or prior to Closing, a certification of non-foreign status, under penalties of perjury, to inform 228
Buyer and Closing Agent that no withholding is required. See STANDARD V for further information pertaining 229
to FIRPTA. Buyer and Seller are advised to seek legal counsel and tax advice regarding their respective 230
rights, obligations, reporting and withholding requirements pursuant to FIRPTA. 231
(j) SELLER DISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which 232
are not readily observable and which have not been disclosed to Buyer. Except as provided for in the 233
preceding sentence, Seller extends and intends no warranty and makes no representation of any type, either 234
express or implied, as to the physical condition or history of the Property. Except as otherwise disclosed in 235
writing Seller has received no written or verbal notice from any governmental entity or agency as to a 236
currently uncorrected building, environmental or safety code violation.237
PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS238
11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seller shall maintain the 239
Property, including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date (“AS 240
IS Maintenance Requirement”).241
12. PROPERTY INSPECTION; RIGHT TO CANCEL:
242
(a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have ______ (if left blank, then 15) 243
days after Effective Date (“Inspection Period”) within which to have such inspections of the Property 244
performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer’s sole 245
discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by 246
delivering written notice of such election to Seller prior to expiration of Inspection Period. If Buyer 247
timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and 248
Seller shall be released of all further obligations under this Contract; however, Buyer shall be 249
responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the250
Property resulting from such inspections, and shall provide Seller with paid receipts for all work done 251
on the Property (the preceding provision shall survive termination of this Contract). Unless Buyer 252
exercises the right to terminate granted herein, Buyer accepts the physical condition of the Property 253
and any violation of governmental, building, environmental, and safety codes, restrictions, or 254
requirements, but subject to Seller’s continuing AS IS Maintenance Requirement, and Buyer shall be 255
responsible for any and all repairs and improvements required by Buyer’s lender.256
(b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date 257
prior to time of Closing, as specified by Buyer, Buyer or Buyer’s representative may perform a walk-through 258
(and follow-up walk-through, if necessary) inspection of the Property solely to confirm that all items of 259
Personal Property are on the Property and to verify that Seller has maintained the Property as required by the 260
AS IS Maintenance Requirement and has met all other contractual obligations.261
(c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer’s262
inspection of the Property identifies open or needed building permits, then Seller shall promptly deliver to263
Buyer all plans, written documentation or other information in Seller’s possession, knowledge, or control264
relating to improvements to the Property which are the subject of such open or needed Permits, and shall265
promptly cooperate in good faith with Buyer’s efforts to obtain estimates of repairs or other work necessary to266
resolve such Permit issues. Seller’s obligation to cooperate shall include Seller’s execution of necessary267
authorizations, consents, or other documents necessary for Buyer to conduct inspections and have estimates268
of such repairs or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or269
become obligated to expend, any money. 270
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0
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(d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer’s option and271
cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties272
to Buyer. 273
ESCROW AGENT AND BROKER274
13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively “Agent”) receiving the Deposit, other funds275
and other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow276
within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions277
of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer’s performance. When conflicting278
demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit, Agent279
may take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent’s duties280
or liabilities under this Contract, Agent may, at Agent’s option, continue to hold the subject matter of the escrow281
until the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall282
determine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction283
of the dispute. An attorney who represents a party and also acts as Agent may represent such party in such284
action. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate,285
except to the extent of accounting for any items previously delivered out of escrow. If a licensed real estate286
broker, Agent will comply with provisions of Chapter 475, F.S., as amended and FREC rules to timely resolve287
escrow disputes through mediation, arbitration, interpleader or an escrow disbursement order.288
Any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder,289
or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable290
attorney’s fees and costs incurred, to be paid pursuant to court order out of the escrowed funds or equivalent.291
Agent shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is292
due to Agent’s willful breach of this Contract or Agent’s gross negligence. This Paragraph 13 shall survive Closing293
or termination of this Contract.294
14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition,295
square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate296
professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property297
and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the298
Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or299
public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND300
GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND301
FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL,302
WRITTEN OR OTHERWISE) OF BROKER. Buyer and Seller (individually, the “Indemnifying Party”) each303
individually indemnifies, holds harmless, and releases Broker and Broker’s officers, directors, agents and304
employees from all liability for loss or damage, including all costs and expenses, and reasonable attorney’s fees305
at all levels, suffered or incurred by Broker and Broker’s officers, directors, agents and employees in connection306
with or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) inaccuracy of307
information provided by the Indemnifying Party or from public records; (ii) Indemnifying Party’s misstatement(s) or308
failure to perform contractual obligations; (iii) Broker’s performance, at Indemnifying Party’s request, of any task309
beyond the scope of services regulated by Chapter 475, F.S., as amended, including Broker’s referral,310
recommendation or retention of any vendor for, or on behalf of Indemnifying Party; (iv) products or services311
provided by any such vendor for, or on behalf of, Indemnifying Party; and (v) expenses incurred by any such312
vendor. Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors 313
and paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will not 314
relieve Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, 315
Broker will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this 316
Contract.317
DEFAULT AND DISPUTE RESOLUTION318
15. DEFAULT:319
(a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer’s obligations under this Contract,320
including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the321
Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution of this322
Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further323
obligations under this Contract, or Seller, at Seller’s option, may, pursuant to Paragraph 16, proceed in equity324
to enforce Seller’s rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon325
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Buyer’s Initials _________ __________ Page 7 of 12 Seller’s Initials __________ __________
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default by Buyer, shall be split equally between Listing Broker and Cooperating Broker; provided however,326
Cooperating Broker’s share shall not be greater than the commission amount Listing Broker had agreed to 327
pay to Cooperating Broker.328
(b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller’s title marketable after329
reasonable diligent effort, Seller fails, neglects or refuses to perform Seller’s obligations under this Contract,330
Buyer may elect to receive return of Buyer’s Deposit without thereby waiving any action for damages resulting331
from Seller’s breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific332
performance.333
This Paragraph 15 shall survive Closing or termination of this Contract.334
16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and335
Seller arising out of, or relating to, this Contract or its breach, enforcement or interpretation (“Dispute”) will be336
settled as follows:337
(a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to338
resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph 339
16(b).340
(b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida341
Rules for Certified and Court-Appointed Mediators and Chapter 44, F.S., as amended (the “Mediation Rules”).342
The mediator must be certified or must have experience in the real estate industry. Injunctive relief may be343
sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16344
may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 345
16 shall survive Closing or termination of this Contract.346
17. ATTORNEY’S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted347
by this Contract, and each party will pay their own costs, expenses and fees, including attorney’s fees, incurred in348
conducting the mediation. In any litigation permitted by this Contract, the prevailing party shall be entitled to349
recover from the non-prevailing party costs and fees, including reasonable attorney’s fees, incurred in conducting350
the litigation. This Paragraph 17 shall survive Closing or termination of this Contract.351
STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”)352
18. STANDARDS:353
A. TITLE:354
(i) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in355
Paragraph 9(c), the Title Commitment, with legible copies of instruments listed as exceptions attached thereto,356
shall be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by 357
Seller at or before Closing and shall provide that, upon recording of the deed to Buyer, an owner’s policy of title358
insurance in the amount of the Purchase Price, shall be issued to Buyer insuring Buyer’s marketable title to the359
Real Property, subject only to the following matters: (a) comprehensive land use plans, zoning, and other land360
use restrictions, prohibitions and requirements imposed by governmental authority; (b) restrictions and matters361
appearing on the Plat or otherwise common to the subdivision; (c) outstanding oil, gas and mineral rights of362
record without right of entry; (d) unplatted public utility easements of record (located contiguous to real property363
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) taxes364
for year of Closing and subsequent years; and (f) assumed mortgages and purchase money mortgages, if any (if 365
additional items, attach addendum); provided, that, none prevent use of Property for RESIDENTIAL PURPOSES.366
If there exists at Closing any violation of items identified in (b) – (f) above, then the same shall be deemed a title 367
defect. Marketable title shall be determined according to applicable Title Standards adopted by authority of The 368
Florida Bar and in accordance with law.369
(ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify370
Seller in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and371
it is delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after372
date of receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days (“Cure Period”)373
after receipt of Buyer’s notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify374
Seller, Buyer shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller375
will deliver written notice to Buyer (with proof of cure acceptable to Buyer and Buyer’s attorney) and the parties376
will close this Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer’s receipt of377
Seller’s notice). If Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after378
expiration of Cure Period, deliver written notice to Seller: (a) extending Cure Period for a specified period not to379
exceed 120 days within which Seller shall continue to use reasonable diligent effort to remove or cure the defects380
(“Extended Cure Period”); or (b) electing to accept title with existing defects and close this Contract on Closing381
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Date (or if Closing Date has passed, within the earlier of 10 days after end of Extended Cure Period or Buyer’s382
receipt of Seller’s notice), or (c) electing to terminate this Contract and receive a refund of the Deposit, thereby383
releasing Buyer and Seller from all further obligations under this Contract. If after reasonable diligent effort, Seller384
is unable to timely cure defects, and Buyer does not waive the defects, this Contract shall terminate, and Buyer385
shall receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under this386
Contract.387
B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon388
encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable389
governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of390
such matters, together with a copy of Survey, to Seller within 5 days after Buyer’s receipt of Survey, but no later391
than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and392
Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a393
prior survey, Seller shall, at Buyer’s request, execute an affidavit of “no change” to the Real Property since the394
preparation of such prior survey, to the extent the affirmations therein are true and correct.395
C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to396
the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of397
access.398
D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from 399
tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security 400
deposits paid by tenant(s) or occupant(s)(“Estoppel Letter(s)”). If Seller is unable to obtain such Estoppel Letter(s)401
the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller’s affidavit 402
and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or 403
Seller’s affidavit, if any, differ materially from Seller’s representations and lease(s) provided pursuant to 404
Paragraph 6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller’s affidavit, Buyer may deliver written notice 405
to Seller within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating 406
this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations 407
under this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller’s 408
obligations thereunder.409
E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing410
statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or411
repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been412
improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all413
general contractors, subcontractors, suppliers and materialmen in addition to Seller’s lien affidavit setting forth414
names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all415
charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages416
have been paid or will be paid at Closing.417
F. TIME: Calendar days shall be used in computing time periods. Time is of the essence in this Contract.418
Other than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or 419
dates specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or 420
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 421
Property is located) of the next business day.422
G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be423
liable to each other for damages so long as performance or non-performance of the obligation is delayed, caused424
or prevented by Force Majeure. “Force Majeure” means: hurricanes, earthquakes, floods, fire, acts of God,425
unusual transportation delays, wars, insurrections, and acts of terrorism, and which, by exercise of reasonable 426
diligent effort, the non-performing party is unable in whole or in part to prevent or overcome. All time periods, 427
including Closing Date, will be extended for the period that the Force Majeure prevents performance under this 428
Contract, provided, however, if such Force Majeure continues to prevent performance under this Contract more 429
than 14 days beyond Closing Date, then either party may terminate this Contract by delivering written notice to 430
the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further431
obligations under this Contract.432
H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee’s,433
personal representative’s, or guardian’s deed, as appropriate to the status of Seller, subject only to matters434
described in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be435
transferred by absolute bill of sale with warranty of title, subject only to such matters as may be provided for in 436
this Contract.437
I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE:438
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(i) LOCATION: Closing will take place in the county where the Real Property is located at the office of the439
attorney or other closing agent (“Closing Agent”) designated by the party paying for the owner’s policy of title440
insurance, or, if no title insurance, designated by Seller. Closing may be conducted by mail or electronic means.441
(ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of 442
sale, certificate(s) of title or other documents necessary to transfer title to the Property, construction lien 443
affidavit(s), owner’s possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer 444
with paid receipts for all work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as 445
applicable the survey, flood elevation certification, and documents required by Buyer’s lender.446
(iii) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment 447
provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing 448
procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all 449
closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller.450
J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide 451
for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following 452
escrow and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent 453
for a period of not more than 10 days after Closing; (2) if Seller’s title is rendered unmarketable, through no fault 454
of Buyer, Buyer shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days 455
from date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit 456
and all Closing funds paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, 457
simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and re-458
convey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely 459
demand for refund of the Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening 460
defect except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale.461
K. PRORATIONS; CREDITS: The following recurring items will be made current (if applicable) and prorated as 462
of the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 463
(including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents 464
and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if 465
assumable, in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may 466
be required by prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will 467
be credited to Buyer. Escrow deposits held by Seller’s mortgagee will be paid to Seller. Taxes shall be prorated 468
based on current year’s tax with due allowance made for maximum allowable discount, homestead and other 469
exemptions. If Closing occurs on a date when current year’s millage is not fixed but current year’s assessment is 470
available, taxes will be prorated based upon such assessment and prior year’s millage. If current year’s 471
assessment is not available, then taxes will be prorated on prior year’s tax. If there are completed improvements 472
on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1
st
473
of prior year, then taxes shall be prorated based upon prior year’s millage and at an equitable assessment to be 474
agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an 475
informal assessment taking into account available exemptions. A tax proration based on an estimate shall, at 476
either party’s request, be readjusted upon receipt of current year’s tax bill. This STANDARD K shall survive 477
Closing.478
L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 479
shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 480
including a walk-through (or follow-up walk-through if necessary) prior to Closing.481
M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty 482
(“Casualty Loss”) and cost of restoration (which shall include cost of pruning or removing damaged trees) does 483
not exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed 484
pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated 485
cost to complete restoration (not to exceed 1.5% of Purchase Price), will be escrowed at Closing. If actual cost of 486
restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase 487
Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of 488
Purchase Price, Buyer shall elect to either take Property “as is” together with the 1.5%, or receive a refund of the 489
Deposit, thereby releasing Buyer and Seller from all further obligations under this Contract. Seller’s sole obligation 490
with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal.491
N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneously with 492
Closing or deferred) under Section 1031 of the Internal Revenue Code (“Exchange”), the other party shall 493
cooperate in all reasonable respects to effectuate the Exchange, including execution of documents; provided, 494
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STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”) CONTINUED
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however, cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be 495
contingent upon, nor extended or delayed by, such Exchange.496
O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT 497
EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall 498
be binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest. 499
Whenever the context permits, singular shall include plural and one gender shall include all. Notice and delivery 500
given by or to the attorney or broker (including such broker’s real estate licensee) representing any party shall be 501
as effective as if given by or to that party. All notices must be in writing and may be made by mail, personal 502
delivery or electronic (including “pdf”) media. A facsimile or electronic (including “pdf”) copy of this Contract and 503
any signatures hereon shall be considered for all purposes as an original. This Contract may be executed by use 504
of electronic signatures, as determined by Florida’s Electronic Signature Act and other applicable laws.505
P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement 506
of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 507
representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or 508
change in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties 509
intended to be bound by it.510
Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 511
Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 512
rights.513
R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 514
or handwritten provisions shall control all printed provisions of this Contract in conflict with them.515
S. COLLECTION or COLLECTED: “COLLECTION” or “COLLECTED” means any checks tendered or 516
received, including Deposits, have become actually and finally collected and deposited in the account of 517
Escrow Agent or Closing Agent. Closing and disbursement of funds and delivery of closing documents 518
may be delayed by Closing Agent until such amounts have been COLLECTED in Closing Agent’s 519
accounts.520
T. LOAN COMMITMENT: “Loan Commitment” means a statement by the lender setting forth the terms and 521
conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower. Neither a 522
pre-approval letter nor a prequalification letter shall be deemed a Loan Commitment for purposes of this Contract.523
U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State 524
of Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the525
county where the Real Property is located.526
V. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (“FIRPTA”): If a seller of U.S. real property is a 527
“foreign person” as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires the buyer of the real 528
property to withhold 10% of the amount realized by the seller on the transfer and remit the withheld amount to the 529
Internal Revenue Service (IRS) unless an exemption to the required withholding applies or the seller has obtained 530
a Withholding Certificate from the IRS authorizing a reduced amount of withholding. Due to the complexity and 531
potential risks of FIRPTA, Buyer and Seller should seek legal and tax advice regarding compliance, particularly if 532
an “exemption” is claimed on the sale of residential property for $300,000 or less.533
(i) No withholding is required under Section 1445 if the Seller is not a “foreign person,” provided Buyer accepts 534
proof of same from Seller, which may include Buyer’s receipt of certification of non-foreign status from Seller, 535
signed under penalties of perjury, stating that Seller is not a foreign person and containing Seller’s name, U.S. 536
taxpayer identification number and home address (or office address, in the case of an entity), as provided for in 537
26 CFR 1.1445-2(b). Otherwise, Buyer shall withhold 10% of the amount realized by Seller on the transfer and 538
timely remit said funds to the IRS.539
(ii) If Seller has received a Withholding Certificate from the IRS which provides for reduced or eliminated 540
withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the reduced 541
sum, if any required, and timely remit said funds to the IRS.542
(iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and 543
has provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been 544
received as of Closing, Buyer shall, at Closing, withhold 10% of the amount realized by Seller on the transfer 545
and, at Buyer’s option, either (a) timely remit the withheld funds to the IRS or (b) place the funds in escrow, at 546
Seller’s expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the parties, to be 547
subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted directly to 548
the IRS if the Seller’s application is rejected or upon terms set forth in the escrow agreement. 549
(iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this 550
transaction, Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the 551
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applicable requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for 552
disbursement in accordance with the final determination of the IRS, as applicable. 553
(v) Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms 554
8288 and 8288-A, as filed. 555
W. RESERVED 556
X. BUYER WAIVER OF CLAIMS:
To the extent permitted by law, Buyer waives any claims against Seller
557
and against any real estate licensee involved in the negotiation of this Contract for any damage or 558
defects pertaining to the physical condition of the Property that may exist at Closing of this Contract and 559
be subsequently discovered by the Buyer or anyone claiming
by, through, under or against the Buyer.
560
This provision does not relieve Seller’s obligation to comply with Paragraph 10(j). This Standard X shall 561
survive Closing.562
ADDENDA AND ADDITIONAL TERMS563
19. ADDENDA: The following additional terms are included in the attached addenda or riders and incorporated into 564
this Contract (Check if applicable):565
20. ADDITIONAL TERMS:566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
COUNTER-OFFER/REJECTION583
Seller counters Buyer’s offer (to accept the counter-offer, Buyer must sign or initial the counter-offered terms and584
deliver a copy of the acceptance to Seller).585
Seller rejects Buyer’s offer.586
THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE 587
ADVICE OF AN ATTORNEY PRIOR TO SIGNING.588
THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR.589
Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the terms590
and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and conditions591
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.
J. Interest-Bearing Acct.
K. RESERVED
L. RESERVED
M. Defective Drywall
N. Coastal Construction Control Line
O. Insulation Disclosure
P. Lead Paint Disclosure (Pre-1978)
Q. Housing for Older Persons
R. Rezoning
S. Lease Purchase/ Lease Option
T. Pre-Closing Occupancy
U. Post-Closing Occupancy
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 Property Interest
BB. Binding Arbitration
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should be negotiated based upon the respective interests, objectives and bargaining positions of all interested592
persons.593
AN ASTERISK (*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK TO594
BE COMPLETED.595
596
Buyer: Date: 597
598
Buyer: Date: 599
600
Seller: Date: 601
602
Seller: Date: 603
604
Buyer’s address for purposes of notice Seller’s address for purposes of notice605
___________________________________________ ____________________________________________606
___________________________________________ ____________________________________________607
___________________________________________ ____________________________________________608
BROKER: Listing and Cooperating Brokers, if any, named below (collectively, “Broker”), are the only Brokers entitled
609
to compensation in connection with this Contract. Instruction to Closing Agent: Seller and Buyer direct Closing Agent610
to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage agreements with the 611
parties and cooperative agreements between the Brokers, except to the extent Broker has retained such fees from the 612
escrowed funds. This Contract shall not modify any MLS or other offer of compensation made by Seller or Listing 613
Broker to Cooperating Brokers.614
___________________________________________ __________________________________________
615
Cooperating Sales Associate, if any Listing Sales Associate616
___________________________________________ __________________________________________
617
Cooperating Broker, if any Listing Broker618
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Form 10: AS IS Residential Contract For Sale (Alejandro J. Morad P.A.)

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Completed 2 July 2021

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