If Seller applies for a withholding certificate but the application is still pending as of closing, Buyer will place the 10% tax in
escrow at Seller’s expense to be disbursed in accordance with the final determination of the IRS, provided Seller so requests
and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at
closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy the
requirement. Buyer will timely disburse the funds to the IRS and provide Seller with copies of the tax forms and receipts.
(g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like-kind exchange (either simultaneously with closing or
after) under Section 1031 of the Internal Revenue Code (“Exchange”), the other party will cooperate in all reasonable respects
to effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability
or cost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange.
6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present “as is” condition, with conditions
resulting from Buyer’s Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and
grounds in a comparable condition and will not engage in or permit any activity that would materially alter the Property’s
condition without the Buyer’s prior written consent.
(a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which
flood zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and
rebuilding in the event of casualty.
(b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which
affect Buyer’s intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study
Period has expired or if Buyer has checked choice (c)(2) below.
(c) Inspections: (check (1) or (2) below)
❏ (1) Feasibility Study: Buyer will, at Buyer’s expense and within _____ days from Effective Date ("Feasibility Study
Period"), determine whether the Property is suitable, in Buyer’s sole and absolute discretion, for _________________
__________________________ use. During the Feasibility Study Period, Buyer may conduct a Phase I environmental
assessment and any other tests, analyses, surveys and investigations ("Inspections") that Buyer deems necessary to
determine to Buyer’s satisfaction the Property's engineering, architectural and environmental properties; zoning and
zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other
utilities; consistency with local, state and regional growth management plans; availability of permits, government
approvals, and licenses; and other Inspections that Buyer deems appropriate to determine the Property’s suitability
for the Buyer’s intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate
government agencies. Seller will sign all documents Buyer is required to file in connection with development or
Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility
Study Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and
assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless
from losses, damages, costs, claims and expenses of any nature, including attorneys’ fees, expenses and liability
incurred in application for rezoning or related proceedings, and from liability to any person, arising from the conduct of
any and all Inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a
construction lien being filed against the Property without Seller’s prior written consent. If this transaction does not
close, Buyer will, at Buyer’s expense, (1) repair all damages to the Property resulting from the Inspections and
return the Property to the condition it was in prior to conduct of the Inspections, and (2) release to Seller all reports
and other work generated as a result of the Inspections.
Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of Buyer’s
determination of whether or not the Property is acceptable. Buyer’s failure to comply with this notice requirement
will constitute acceptance of the Property as suitable for Buyer’s intended use in its “as is” condition. If the Property
is unacceptable to Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed
terminated as of the day after the Feasibility Study period ends and Buyer’s deposit(s) will be returned after Escrow
Agent receives proper authorization from all interested parties.
❏ (2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer’s purposes, including being
satisfied that either public sewerage and water are available to the Property or the Property will be approved for the
installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations
and restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental
conditions, are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations.
(d) Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as “(a) Any
contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots,
parcels, units, or interests; or (b) Any land, whether contiguous or not, which is divided or proposed to be divided into
50 or more lots, parcels, units, or interests which are offered as a part of a common promotional plan.”, Buyer may
cancel this Contract for any reason whatsoever for a period of 7 business days from the date on which Buyer executes
this Contract. If Buyer elects to cancel within the period provided, all funds or other property paid by Buyer will be
refunded without penalty or obligation within 20 days of the receipt of the notice of cancellation by the developer.
7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing,
or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings,
Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages.
VAC-8 Rev. 10/04 © 2004 Florida Association of REALTORS
All Rights Reserved