PURCHASE AND SALE AGREEMENT
COPYRIGHTED BY AND SUGGESTED FOR USE BY THE MEMBERS OF
THE NORTHEAST FLORIDA ASSOCIATION OF REALTORS
®
, INC.
REALTOR
®
REALTOR
®
Page 1 of 11
04/20
_________________________________________________________________________________________ 1
___________________________________ (“BUYER/PURCHASER”) (names as reflected on government-2
issued photo ID and marital status if individuals) and _____________________________________________ 3
________________________________________________________________________(“SELLER”) (names 4
as reflected on deed or government-issued photo ID and marital status if individuals), which terms may be 5
singular or plural and include the successors, personal representatives and assigns of BUYER and SELLER, 6
hereby agree that SELLER will sell and BUYER will buy the following described property with all improvements 7
(“the Property”), upon the following terms and conditions and as completed or marked. In any conflict of terms or 8
conditions, that which is added will supersede that which is printed or marked. 9
PROPERTY DESCRIPTION: 10
(a) Street address, city, zip code: ______________________________________________________________ 11
(b) The Property is located in ___________ County, Florida. Property Tax ID No: ________________________ 12
(c) Legal description of the Real Property (if lengthy, see attached legal description): ______________________ 13
_________________________________________________________________________________________ 14
_________________________________________________________________________________________ 15
The Property will be conveyed by statutory general warranty deed, trustee’s, personal representative’s or 16
guardian’s deed as appropriate to the status of SELLER (unless otherwise required herein), subject to current 17
taxes, existing zoning, recorded restrictive covenants governing the Property, and easements of record which do 18
not adversely affect marketable title. SELLER hereby represents that SELLER has the legal authority and 19
capacity to convey the Property, and that no other person or entity has an ownership interest in the Property. 20
Under Florida law, financing of the BUYER’s principal residence requires BUYER and BUYER’s spouse 21
to sign the mortgage(s). Under Florida law, the sale of a principal residence requires SELLER’s spouse 22
to sign the deed even if the spouse’s name is not on SELLER’s present deed. 23
1. PURCHASE PRICE to be paid by BUYER is payable as follows: 24
(A) Binder deposit is paid herewith, or is due within _____ days after $_________________25
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date of acceptance of this Agreement, which will remain a binder until
closing unless sooner disbursed according to the provisions of this
Agreement
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(B) Additional binder deposit due on or before _____________________ or $_________________ 29
______________days after date of acceptance of this Agreement 30
(C) Proceeds of a note and mortgage to be executed by BUYER to any $_________________ 31
lender other than SELLER (base loan amount excluding FHA MIP,32
funding fees or financed closing costs)33
(D) Seller financing by note and mortgage executed by BUYER to SELLER $_________________ 34
(requires use of Seller Financing Addendum)35
(E) Balance due at closing (not including BUYER’s closing costs, prepaid $_________________ 36
items or prorations) by wire transfer or, if allowed by settlement agent,37
by cashier's or official check drawn on a United States banking institution38
(F) PURCHASE PRICE $ _________________39
Binder deposit(s) to be held by:40
Name: _____________________________________________________________________________41
Address: ____________________________________________________________________________ 42
Phone: _____________________________________________________________________________ 43
E-mail______________________________________________________________________________44
Note: In the event of a dispute between BUYER a
nd SELLER regarding entitlement to the binder 45
deposit(s) held by an attorney or title insurance agency, Broker’s resolution remedies referenced 46
in paragraph 12(A) hereof are not available. 47
Clear Form
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2. FINANCING INFORMATION: BUYER intends to finance this transaction as follows: 48
cash 49
loan without financing contingency 50
loan as marked below with financing contingency 51
Loan Approval (mark only one box): 52
is conditioned upon the closing of the sale of other real property owned by BUYER; or 53
is not conditioned upon the closing of the sale of other real property owned by BUYER. 54
If neither box is marked then Loan Approval is not conditioned upon the closing of the sale of other 55
real property owned by BUYER. 56
(A) FHA: “It is expressly agreed that notwithstanding any other provisions of this contract, the 57
PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 58
incur any penalty by forfeiture of earnest money deposits or otherwise unless the PURCHASER has 59
been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 60
Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 61
the appraised value of the Property of not less than $ _______________. The PURCHASER shall 62
have the privilege and option of proceeding with consummation of this contract without regard to the 63
amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum 64
mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the 65
value or the condition of the Property. The PURCHASER should satisfy himself/herself that the price 66
and condition of the Property are acceptable.” 67
If Purchase Price changes, the dollar amount referenced in line 62 should be changed to 68
reflect the new Purchase Price. 69
(B)
VA: It is expressly agreed that, notwithstanding any other provisions of this Agreement, the 70
BUYER shall not incur penalty by forfeiture of earnest money or otherwise be obligated to complete 71
the purchase of the Property described herein if this Agreement purchase price or cost exceeds the 72
reasonable value of the Property established by the Department of Veterans Affairs. The BUYER 73
shall, however, have the privilege and option of proceeding with the consummation of this Agreement 74
without regard to the amount of reasonable value established by the Department of Veterans Affairs. 75
(C)
CONVENTIONAL OR USDA FINANCING: If BUYER’s financing is conventional or USDA, it is 76
expressly agreed that, notwithstanding any other provision of this Agreement, BUYER shall not incur 77
penalty by forfeiture of deposit(s) or otherwise be obligated to complete the purchase of the Property 78
described herein if the Purchase Price exceeds the appraised value of the Property as established by 79
BUYER’s lender’s appraiser. BUYER shall, however, have the option of proceeding with the 80
consummation of this Agreement without regard to the amount of said appraised value. This 81
contingency shall expire upon the expiration of the Loan Approval Period. 82
(D) OTHER FINANCING: SELLER FINANCING MORTGAGE ASSUMPTION. If marked, see 83
applicable Addendum attached hereto and made a part hereof. 84
APPLICATION: Within __
___ days (5 days if left blank) after date of acceptance of this Agreement, 85
BUYER will complete the application process for mortgage loan(s). BUYER will timely furnish any and 86
all credit, employment, financial, and other information required by lender sufficient to generate a 87
Loan Estimate, pay all fees required by BUYER’s lender and make a continuing and diligent effort to 88
obtain loan approval. Otherwise, BUYER is in default. BUYER hereby authorizes BUYER’s lender to 89
disclose information regarding the status, progress and conditions of loan application and loan 90
approval to SELLER, SELLER’s attorney, Broker(s) to this transaction, and the closing 91
attorney/settlement agent. BUYER and SELLER hereby further authorize BUYER’s lender and the 92
closing attorney/settlement agent to provide a copy of the combined settlement statement and the 93
BUYER and SELLER Closing Disclosures to Broker(s) to this transaction when provided to BUYER 94
and SELLER, both before and at closing (consummation). 95
LOAN APPROVAL PERIOD: If the mortgage lo
an is not approved within _____ days (30 days if left 96
blank) after date of acceptance of this Agreement, without contingencies other than lender-required 97
repairs/replacements/treatments, marketable title and survey, hereinafter called the Loan Approval 98
Period, BUYER may terminate this Agreement by written notice to the Seller within the Loan 99
Approval Period, or be deemed to have waived the financing contingency period. If BUYER 100
does not terminate this Agreement prior to the end of the Loan Approval Period, neither BUYER nor 101
SELLER shall have a right to terminate this Agreement under this paragraph, the binder deposit shall 102
not be refundable because of BUYER’s failure to obtain financing, and this Agreement shall continue 103
through the date of closing. 104
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3. MAINTENANCE, INSPECTION AND REPAIR: SELLER will maintain the Property in its present condition until 105
closing, except for normal wear and tear and any agreed upon repairs/replacements/treatments. If BUYER 106
elects not to have inspections and investigations performed, or fails to make a timely request for 107
repairs/replacements/treatments as set forth in this paragraph 3, BUYER accepts the Property in its “AS IS” 108
condition as of the date of acceptance of this Agreement. BUYER will be responsible for repair of all damages 109
to the Property resulting from inspections and investigations, and BUYER will return the Property to its pre-110
inspection condition
. These obligations shall survive termination of this Agreement. 111
(A) Access and Utilities: SELLER will make the Property available for inspections and investigations112
during the time provided for inspections and investigations in this paragraph, and agrees to have all113
utilities (including, but not limited to, electricity, fuel/gas and water) active from the date of acceptance114
of this Agreement through the date of closing and, if not, the time for inspections and investigations will115
be extended by the time access was denied.116
Within ______ days (10 days if left blank) after the date of acceptance of this Agreement (“Inspection117
Period”), BUYER may, but is not required to, have the Property inspected and investigated by118
appropriately licensed inspectors and/or persons/entities holding a Florida license to build, repair or119
maintain the items inspected. BUYER and BUYER’S Broker have the right to be present during all120
inspections and investigations. The inspections and investigations include, but are not limited to:121
(1) testing and inspecting structural matters, all major appliances, heating, cooling, mechanical,122
electrical and plumbing systems, well and septic (including drain field systems), saltwater and123
freshwater ground permeation and intrusion, the roof, foundation, pool and pool equipment,124
defective drywall, defective flooring, mold, asbestos, lead-based paint, drainage, radon gas and125
environmental and sinkhole conditions;126
(2) inspecting for active infestation and/or damage from termites and other wood-destroying127
organisms; and128
(3) determining if the Property is in a Community Development District (CDD) and, if so, the costs129
associated with the CDD, verifying the cost and availability of insurance, that130
condominium/homeowner’s association insurance is satisfactory to BUYER and BUYER’s lender,131
verifying square footage measurements, and reviewing applicable zoning and historic132
classifications, and covenants, restrictions, and easements, rules, and other governing documents133
affecting the Property.134
If BUYER determines, in BUYER’s sole and absolute discretion, that the Property is not acceptable 135
to BUYER for any reason, BUYER may prior to the expiration of the Inspection Period: 136
terminate this Agreement by delivering written notice of termination to SELLER together with a copy137
of all written reports, if any, of inspections and investigations if such reports are requested by138
SELLER; or139
submit BUYER’s written request to SELLER for repairs/replacements/treatments, together with a140
copy of all written reports, if any, of inspections and investigations. BUYER and SELLER shall have141
7 days from SELLER’s receipt of such request within which to enter into a written agreement142
for repairs/replacements/treatments. If BUYER and SELLER have not entered into such143
written agreement within the 7 days, then BUYER may terminate this Agreement by giving144
written notice of termination to SELLER within 3 days after the 7 days, or be deemed to have145
accepted the Property without repairs/replacements/treatments except as may otherwise be146
provided in this Agreement. BUYER'S request for repairs/replacements/treatments or written147
agreement between BUYER and SELLER as to same shall not eliminate BUYER's right to148
terminate this Agreement at any time within the Inspection Period.149
If this Agreement is terminated as provided in this paragraph, BUYER and SELLER shall be released 150
from all further obligations under this Agreement except as otherwise provided in this paragraph 3. 151
Prior to the binder deposit(s) being delivered to BUYER, BUYER shall provide SELLER with paid 152
receipts for all investigations and inspections, if any. 153
BUYER shall be responsible for prompt payment for all of BUYER’s inspections and investigations. 154
BUYER agrees to indemnify and hold SELLER harmless from all losses, damages, claims, suits, and 155
costs which may arise out of any contract, agreement, or injury to any person or property as a result of 156
any activities of BUYER and BUYER’s agents and representatives relating to inspections and 157
investigations except for any losses, damages, claims, suits, or costs arising out of pre-existing 158
conditions of the Property or out of SELLER’s negligence, willful acts or omissions. 159
PASA Page 4 of 11 04/20
SELLER shall have any agreed upon repairs/replacements/treatments completed by appropriately 160
licensed persons within 10 days after entering into a written agreement for such with BUYER and 161
receipt by SELLER of written notice of BUYER’s loan approval, if applicable. SELLER shall notify 162
BUYER in writing upon completion of all agreed upon repairs/replacements/treatments and provide 163
BUYER with copies of all receipts for same at that time. BUYER may, within 3 days after receipt of 164
SELLER’s written notice and delivery of such receipts, reinspect the Property solely to verify that 165
SELLER has completed the agreed upon repairs/replacements/treatments. No other 166
repair/replacement/treatment issues may be raised as a result of this reinspection. 167
Walk-Through: Prior to closing, BUYER may walk through the Pro
perty solely to verify that SELLER
168
has maintained the Property in the condition required in this Agreement. 169
(B) BUYER's Responsibility: Repairs, replacements and treatments to the Property after date of closing170
or BUYER’s possession, whichever occurs first, will be BUYER's responsibility unless otherwise171
agreed in writ
ing.172
4. T
ITLE EVIDENCE / MUNICIPAL LIEN SEARCH: 173
(A) TITLE EVIDENCE: At least _______ days before the date of closing (10 days if left blank), the party174
paying for the owner’s title insurance shall cause the title agent to issue a title insurance commitment175
for an owner’s policy in the amount of the Purchase Price and a title insurance commitment for a176
mortgage policy in the amount of BUYER’s loan(s) if BUYER is financing the purchase. Any expense177
of curing title defects such as, but not limited to, legal fees, discharge of liens and recording fees will178
be paid by
SELLER.179
(B) MUNICIPAL LIEN SEARCH: If a municipal lien search is required in this Agreement, at least180
_________ days before the date of closing (10 days if left blank), the party paying for this search shall181
pay for the cost of this search upon request by closing attorney/settlement agent.182
5. SURVEY MAP: At least ______days before date of closing (10 days if left blank), the party paying for the 183
survey map shall cause to be delivered to the closing attorney/settlement agent (mark only one box): 184
a new staked survey map of the Property dated within (3) months of date of closing showing all 185
improvements, certified to BUYER, SELLER, lender, and the title insurer in compliance with Florida law; 186
or 187
a copy of a previously made survey map of the Property showing all existing improvements and 188
sufficient to allow removal of the standard survey map exceptions from the title insurance commitment 189
or, if insufficient, then a new staked survey map is required at Sellers’s expense unless 190
otherwise marked in paragraph 7a; or 191
No survey map is required. 192
If a surveyor’s flood eleva
tion certificate is required, BUYER shall pay for it. 193
6. TITLE EXAMINATION AND DATE OF CLOSING (CONSUMMATION): 194
(A) If title evidence and survey map, as specified below, show SELLER is vested with marketable title,195
including legal access, the transaction will be closed and the deed and other closing papers deliver
ed196
on or befo
re (mark only one box):197
_______days (15 days if left blank) after the Loan Approval Period; or 198
__________________________________ (specific date); or 199
_______days after date of acceptance of this Agreement, 200
unless extended by other conditions of this Agreement. 201
Marketable title means title which a Florida title insurer will insure as m
arketable at its regular rates 202
and subject only to matters to be cured at closing and the usual exceptions such as survey map, 203
current taxes, zoning ordinances, and covenants, restrictions and easements of record which do not 204
adversely affect marketable title. From the date of acceptance of this Agreement through closing, 205
SELLER will not take or allow any action to be taken that alters or changes the status of title to the 206
Property. 207
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(B) Extension of Date of Closing and Other Dates: If closing cannot occur by the date of closing due208
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to Consumer Financial Protection Bureau (CFPB) delivery requirements, the date of closing shall be
extended for the period nec
essary to satisfy CFPB delivery requirements, not to exceed 10 days. If
extreme weather, act of God, government shutdown, act of terrorism or war ("force majeure")
prevents any obligation under this Agreement from being reasonably performed or causes the
unavailability of insurance, all time periods, including the date of closing, will be extended for the
period of time that any of the above prevents performance of any obligation under this Agreement,
but in no event more than 5 days after restoration of services essential to the closing process and
availability of applicable insurance. If force majeure prevents performance of any obligation under this
Agreement for more than 30 days beyond the date of closing, BUYER or SELLER may terminate this
Agreement by delivering written notice to the other party.
If title evidence or survey map reveals any defects which render title unmarketable, or if the Property
is not in compliance with governmental regulations/permitting, or condominium or homeowners’
association rules/regulations, BUYER or closing attorney/settlement agent will have 5 days from
receipt of title commitment, survey map or written evidence of any association, permitting or
regulatory issue to notify SELLER in writing of such defects. SELLER agrees to use reasonable
diligence to cure such defects at SELLER's expense, even if not yet a monetary obligation, and will
have 30 days to do so, in which event this transaction will be closed within 10 days after delivery to
BUYER of evidence that such defects have been cured but not sooner than the date of closing.
SELLER agrees to pay for and discharge all due and delinquent taxes, liens and other monetary
encumbrances unless otherwise agreed in writing. If SELLER is unable to convey marketable title, or
to cure association, permitting / regulatory compliance issues, BUYER will have the right to either
terminate this Agreement or to accept the Property as SELLER is able to convey, and to close this
transaction upon the terms stated herein, which election must be exercised within 10 days after
BUYER’s receipt of SELLER’s written notice of SELLER’s inability to cure.
232
7. BUYER WILL PAY: 233
(A) CLOSING COSTS:234
Recording fees One-year home warranty_______________ 235
Intangible tax VA funding fee 236
Note stamps Mortgage insurance premium 237
Simultaneous mortgagee title insurance policy Mortgage discount not to exceed_________ 238
Title insurance endorsements Survey Map 239
Lender’s flood certification fees Closing attorney/settlement fee 240
Mortgage origination charges BUYER’s courier/wire fees 241
Appraisal fee Title search 242
Credit report (s) Municipal lien search 243
Inspection and reinspection fee Broker transaction fee $_______________ 244
Tax service fee Mortgage transfer and assumption charges 245
Wood-destroying organism (WDO) report 246
Other _________________________________________________________________________ 247
(B) All other charges required by lender(s) in connection with the BUYER’s loan(s), unless
prohibited by248
law or regulation, together with lender related settlement/title service fees charged to process,249
close and post close BUYER’s loan(s).250
(C) Condominium and homeowners’ association application/transfer fees
, the cost of completion of a251
lender’s condominium questionnaire fees, and capital contributions, if required.252
(D) PREPAIDS: Prepaid hazard, flood and wind insurance, taxes, interest and mortgage insurance253
premiums if required b
y the lender.254
8. SELLER WILL PAY: 255
(A) CLOSING COSTS:256
Deed stamps One-year home warranty not to exceed $_______ 257
Owner’s title insurance policy Mortgage discount not to exceed______________ 258
Title search Appraisal fee 259
Closing attorney/settlement fee Municipal lien search 260
Survey Map 261
Satisfaction of mortgage and recording fee 262
SELLER’s courier/wire fees 263
Other _________________________________________________________________________ 264
________________________________________________________________________________ 265
PASA Page 6 of 11 04/20
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(B) Real estate commission and broker transaction fee pursuant to the listing agreement.
(C) Condominium and homeowners’ association estoppel/statement fees, payable upon request by the
closing attorney/settlement agent.
(D) All other c
harges required by lender(s) in connection with the BUYER’s loan(s) which BUYER is
prohibited from paying by law or regulation.
(E) If SELLER agrees to pay any amount toward BUYER’s closing costs (which shall include BUYER’s
prepaids), SELLER shall be obligated to pay, upon closing, only those costs marked in paragraph
7(A) and those specified in paragraphs 7(B), 7(C) and 7(D). This amount will include all VA non-
allowables not specified to be paid by SELLER.
(F) All mortgage payments, condominium and homeowners’ association fees and assessments, CDD
fees and government special assessments due and payable shall be paid current at SELLER's
expense at the time of closing.
(G) Property Assessed Clean Energy Financing (“PACE”). At or prior to closing, SELLER will pay in full
the amount of any assessment or lien imposed on the Property pursuant to Section 163.08 of the
Florida Statutes for a qualifying improvement to the Property related to energy efficiency, renewable
energy, or wind resistance. If the Property presently has PACE financing, BUYER and SELLER must
sign the PACE Addendum, which Addendum shall be part of this Agreement.
(H) Public Body (Government) Special Assessments. At closing, SELLER will pay: (i) the full amount of
liens imposed by a public body that are certified, confirmed and ratified before the date of closing not
payable in installments; and (ii) the amount of the public body’s most recent estimate or assessment
for an improvement which is substantially completed as of date of acceptance of this Agreement but
that has not resulted in a lien being imposed on the Property before closing. “Public body” does not
include a condominium or homeowners’ association or CDD.
If public body special assessments may be paid in installments (mark only one box):
289
BUYER shall pay installments due after date of closing; or 290
SELLER will pay the assessment in full prior to or at the time of closing. 291
IF NEITHER BOX IS MARKED, SELLER SHALL PAY SUCH ASSESSMENT(S) IN FULL PRIOR 292
TO OR AT TIME OF CLOSING. This paragraph 8(H) shall not apply to liens imposed by a 293
Community Development District created by Florida Statute 190. The special benefit tax 294
assessment imposed by a Community Development District shall be treated as an ad valorem 295
tax. 296
9. PR
ORATIONS: All taxes, rents, condominium and homeowners’ association fees, solid waste 297
collection/recycling/disposal fees, stormwater fees, and Community Development District (CDD) fees will be 298
prorated through the day before closing based on the most recent information available to the closing 299
attorney/settlement agent, using the gross tax amount for estimated tax prorations. The day of closing shall 300
belong to BUYER. Any proration based on an estimate shall be re-prorated at the request of either party 301
upon receipt of the actual bill based on the maximum discount available. 302
PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY UPON SELLER’S
303
CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY 304
BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF 305
OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 306
PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY 307
QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S 308
OFFICE FOR INFORMATION 309
10. DEFAULT: 310
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(A) If BUYER defaults under this Agreement, including failure to pay all binder deposits within the time
specified, all binder deposits paid and agreed to be paid (after deduction of unpaid closing costs
incurred, except inspection fee(s), credit report and appraisal fees, which shall be BUYER’s sole
responsibility) will be retained by SELLER as agreed upon liquidated damages, consideration for the
execution of this Agreement, and in full settlement of any claims. BUYER and SELLER will then be
relieved of all obligations to each other under this Agreement except for BUYER’s responsibility for
damages caused during inspections as described in paragraph 3.
(B) If SELLER defaults under this Agreement, all loan and sale processing and closing costs incurred
whether the same were to be paid by BUYER or SELLER, will be the responsibility of SELLER, and
BUYER may either: (i) seek specific performance; or (ii) elect to receive the return of BUYER's
binder deposits without thereby waiving any action for damages resulting from SELLER’s default.
321
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(C) Binder deposits retained by SELLER as liquidated damages will be distributed pursuant to the terms322
of the listing agreement.323
11. NON-DEFAULT PAYMENT OF EXPENSES: 324
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(A) If BUYER fails to perform, but is not in default, all loan and sale processing and closing costs
incurred, whether the
same were to be paid by BUYER or SELLER, will be the responsibility of
BUYER with costs deducted from the binder deposits, and the remainder of the binder deposits shall
be returned to BUYER. This will include but not be limited to the transaction not closing because
BUYER does not obtain the required financing as provided in this Agreement or BUYER invokes
BUYER’s right to terminate under any contingency in this Agreement; however, if Buyer elects to
terminate this Agreement pursuant to paragraphs 2(A), 2(B), 2(C) or 3, each party will be responsible
for all loan and sale processing costs specified to be paid by that party, except that all inspections,
including WDO Report, shall be paid by BUYER.
(B) If SELLER fails to perform, but is not in default, all loan and sale processing and closing costs
incurred, whether the same were to be paid by BUYER or SELLER, will be the responsibility of
SELLER, and BUYER will be entitled to the return of the binder deposits. This will include the
transaction not closing because SELLER elects not to pay for the amount in excess of the amounts in
paragraph 15 with respect to casualty, loss or damage, or because SELLER cannot deliver
marketable title, or is unable to cure association, permitting / regulatory compliance issues, but shall
not include failure to appraise or termination pursuant to paragraph 2.
340
12. BINDER DISPUTE, WAIVER OF JURY TRIAL AND ATTORNEY FEES: 341
(A) In the event of a dispute between BUYER and SELLER as to entitlement to the binder deposits, the342
holder of the binder deposits may file an interpleader action in accordance with applicable law to343
determine entitlement to the binder deposits, and the interpleader’s attorney’s fees and costs shall be344
deducted and paid from the binder deposits and assessed against the non-prevailing party, or the345
broker holding the binder deposits may request the issuance of an Escrow Disbursement Order from346
the Florida Division of Real Estate. In either event, BUYER and SELLER agree to be bound thereby,347
and shall indemnify and hold harmless the holder of the binder deposits from all costs, attorney’s fees348
and damages upon disbursement in accordance therewith.349
(B) All controversies and claims between BUYER, SELLER or Broker(s), directly or indirectly, arising out350
of or relating to this Agreement or this transaction will be determined by non-jury trial. BUYER,351
SELLER and Broker(s), jointly and severally, knowingly, voluntarily and intentionally waive any and all352
rights to a trial by jury in any litigation, action or proceeding involving BUYER, SELLER or Broker(s),353
whether arising directly or indirectly from this Agreement or this transaction or relating thereto. Each354
party will be liable for their own costs and attorney’s fees except for interpleader’s attorney’s fees and355
costs, which shall be payable as set forth in paragraph 12(A).356
13. PROPERTY DISCLOSURE: SELLER represents that SELLER has no knowledge of facts materially 357
affecting the value of the Property other than those which BUYER can readily observe except: 358
_____________________________________________________________________________________ 359
_____________________________________________________________________________________ 360
SELLER further represents that the Property is not now and will not be prior to the date of closing subject to 361
a municipal or county code enforcement proceeding and that no citation has been issued except: 362
_____________________________________________________________________________________ 363
If the Property is or becomes subject to such a proceeding prior to the date of closing, SELLER shall 364
comply with Florida Statutes 125.69 and 162.06; notwithstanding anything contained within said Statutes, 365
SELLER shall be responsible for compliance with applicable code and all orders issued in such proceeding 366
unless otherwise agreed herein. SELLER has received no written or verbal notice from any governmental 367
entity as to uncorrected building, environmental or safety code violations, and SELLER has no knowledge 368
of any repairs or improvements made to the Property not then in compliance with governmental 369
regulations/permitting except: _____________________________________________________________ 370
(A) Energy Efficiency: In accordance with Florida Statute 553.996, notice is hereby given that the371
BUYER of real property with a building for occupancy located thereon may have the building's372
energy-efficiency rating determined. BUYER acknowledges receipt of the Florida energy efficiency373
rating information brochure prepared by the State of Florida at the time of or prior to BUYER signing374
this Agreement.375
(B) Radon Gas Disclosure: Radon gas is a naturally occurring radioactive gas that, when it has376
accumulated in a building in sufficient quantities, may present health risks to persons who are exposed377
PASA Page 8 of 11 04/20
to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in 378
Florida. Additional information regarding radon testing may be obtained from your county health unit. 379
(C) Flood Zone: BUYER is advised to verify with the lender and appropriate government agencies380
whether flood insurance is required and what restrictions apply to improving the Property and381
rebuilding in the event of casualty.382
(D) Community Development District: If the Property is in a CDD, a Community Development383
District Disclosure must be signed by BUYER and SELLER and made a part hereof.384
(E) Mold Disclosure: Mold is naturally occurring. The presence of mold in a home or building may cause385
health problems and damage to the Property.386
(F) Airport Notice Zones
: If the Property is in Noise Zones A, B and/or an Airport Notice Zone, BUYER387
and SELLER agree to comply with the City of Jacksonville Ordinance Code Section 656.1010.388
(G) Historic Districts: BUYER is advised to verify with appropriate government agencies whether the389
Property is in an historic district; if so, the Property is subject to additional guidelines and restrictions.390
See Historic District Disclosure for further informat
ion.391
(H) Other: BUYER should exercise due diligence with respect to information regarding neighborhood392
crimes, sexual offenders/predators and any other matters BUYER deems relevant to the purchase of393
the Property.394
Broker's Notice: BUYER and SELLER acknowledge and agree that neither the Listing Broker nor395
Selling Broker warrants the condition, size or square footage of the Property, and neither is
liable to396
BUYER or SELLER in any manner whatsoever for any losses, damages, claims, suits, and costs397
regarding same. BUYER and SELLER hereby release and hold harmless said Brokers and their398
licen
sees from any losses, damages, claims, suits, and costs arising out of or occurring with respect to399
the condition, size or square footage of the Property. Brokers shall not be liable for the performance by400
any provider of services or products recommended by Brokers. Such recommendations are made as a401
courtesy. BUYER and SELLER may select their own providers of services or products.402
14. POSSESSION: 403
(A)
BUYER will be given possession at closing; or 404
405
BUYER will be given possession within _____ days after closing at no rental cost to SELLER except 406
as otherwise set forth in paragraph 17 hereof. 407
408
409
410
411
412
If neither box is marked in this paragraph 14A, then BUYER will be given possession at closing.
If possession is to be delivered before or after clo
sing, the BUYER and SELLER shall execute a
separate possession agreement prepared by legal counsel at possessor’s expense at least 5 days
before date of closing.
SELLER shall sweep the Property clean and remove all person
al property not included in the sale by
time of BUYER's possession. 413
(B)
SELLER represents that there are no parties in possession other than SELLER, or that any parties 414
in possession other than SELLER shall vacate the Property as of the date and time of closing; or 415
BUYER understands that the Property is available for rent or rented and the tenant may continue 416
in possession following closing unless otherwise agreed in writing between the landlord and 417
tenant. Within 5 days after date of acceptance of this Agreement, SELLER shall provide BUYER 418
with a copy of all current leases and rent rolls for the Property and deliver to BUYER originals of 419
same at closing. At closing, all tenant deposits will be transferred from SELLER to BUYER, and 420
any leases shall be deemed to have been assigned by SELLER to BUYER. This Agreement shall 421
be deemed an assignment of any leases upon closing, and the obligations thereunder assumed by 422
BUYER. 423
424
If neither box is marked in this paragraph 14B, then BUYER will be given possession as of the date 425
and time of closing. 426
PASA Page 9 of 11 04/20
15. CASUALTY LOSS OR DAMAGE
: If the Property is damaged by any casualty prior to closing, SELLER shall427
immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase428
Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the429
terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may430
terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of431
written notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days432
from the end of said 10 day period to complete the repairs in accordance with the conditions required by433
paragraph 3 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the434
date of closing as set forth in paragraph 6.435
If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER436
declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the437
casualty. In this event, BUYER may either purchase the Property as is, together with any insurance438
proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an439
amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 days440
after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement, or441
be deemed to have elected to proceed with this transaction.442
16. PERSONAL PROPERTY: The following items, if owned by SELLER and existing on the Property on the 443
date of the initial offer, are included in the Purchase Price: range/oven, cooktop, dishwasher, disposal, 444
ceiling fans, trash compactor, audio/visual system wiring, smart outlets, thermostats, keyless entry devices, 445
solar panels, light fixtures and bulbs, smoke detector(s), bathroom mirrors, drapery hardware, all window 446
treatments, garage door opener and controls, security gate and other access devices, mailbox and mailbox 447
key, fence, plants and shrubbery as now installed on the Property, and those additional items checked 448
below (to which no value has been assigned): 449
Refrigerator(s) Microwave Oven Pool fence/barrier Mounted/installed speakers 450
Washer Window/wall a/c Pool Sweep Water softener/treatment system 451
Dryer Built-in Generator Above Ground Pool Storm shutters and panels 452
Gas logs Wine cooler Storage Shed Spa or hot tub with heater 453
Security Camera(s) 454
Other smart home devices (must specify):______________________________________________ 455
________________________________________________________________________________ 456
Other (specify): ____________________________________________________________________ 457
__________________________________________________________________________________ 458
Items specifically excluded from this Agreement: ____________________________________________ 459
___________________________________________________________________________________ 460
___________________________________________________________________________________ 461
17. ADDENDA/RIDERS/DISCLOSURES: 462
If marked the following are attached hereto and made a part of this Agreement and this Agreement will not be 463
deemed accepted unless and until all marked Addenda, Riders and Disclosures have been signed/initialed, as 464
appropriate, by both BUYER and SELLER, and delivered to BUYER and SELLER or their respective Broker:
465
Condominium Rider 466
Homeowners’ Association/Community Disclosure Addendum 467
Community Development District Disclosure Addendum 468
Lead-Based Paint Disclosure For Residential Sales Addendum (required for pre-1978 homes) 469
Continued Marketing Addendum 470
Coastal Construction Control Line Disclosure Addendum 471
Short Sale Addendum 472
For Your Protection: Get a Home Inspection (for FHA Financing) 473
Counter Offer Addendum (To accept a counter offer, BUYER and SELLER must sign both this Agreement 474
and the Counter Offer Addendum.) 475
Energy-Related Improvement Assessment Addendum (affects only properties that have PACE financing) 476
Other (Specify here) _________________________________________________________________ 477
ADDITIONAL TERMS AND CONDITIONS: _______
__________________________________________ 478
____________________________________________________________________________________ 479
____________________________________________________________________________________ 480
____________________________________________________________________________________ 481
____________________________________________________________________________________ 482
PASA Page 10 of 11 04/20
____________________________________________________________________________________ 483
____________________________________________________________________________________ 484
18. COMPLETE AGREEMENT AND MISCELLANEOUS PROVISIONS: BUYER and SELLER acknowledge 485
receipt of a copy of this Agreement. Except for brokerage agreements, BUYER, SELLER and Broker agree 486
that the terms of this Agreement constitute the entire agreement between them and that they have not 487
received or relied on any representations by Brokers or any material regarding the Property including, but 488
not limited to, listing information, that are not expressed in this Agreement. No prior or present agreements 489
or representations will bind BUYER, SELLER or Brokers unless incorporated into this Agreement. 490
Modifications of and notices pursuant to this Agreement will not be binding unless in writing, signed, initialed 491
as appropriate and delivered by the party to be bound. This Agreement and any modifications to this 492
Agreement may be signed in counterparts and may be executed and/or transmitted by electronic media. 493
Headings are for reference only and shall not be deemed to control interpretations. If any provision of this 494
Agreement is or becomes invalid or unenforceable, all remaining provisions will continue to be fully effective. 495
Neither this Agreement nor any memorandum hereof will be recorded in any public records. For emphasis, 496
some provisions have been bolded and/or capitalized, but every provision in this Agreement is significant 497
and should be reviewed and understood. No provision should be ignored or disregarded because it is not in 498
bold or otherwise emphasized in some manner. 499
In the performance of the terms and conditions of this Agreement each party will deal fairly and in good faith 500
with the other. Written notice to or from the Broker for a party shall be deemed notice to or from that party 501
and may be transmitted by electronic media. All assignable repair and treatment contracts and warranties 502
are deemed assigned by SELLER to BUYER at closing unless otherwise stated herein. SELLER agrees to 503
sign all documents necessary to accomplish same, at BUYER’s expense, if any. 504
19
. TIME IS OF THE ESSENCE IN THIS AGREEMENT. As used in this Agreement, “days” means calendar 505
days. Any dates herein, other than the time of acceptance, which end on a Saturday, Sunday or federal 506
holiday shall extend to the next date which is not a Saturday, Sunday or federal holiday. All references to a 507
date other than the date of acceptance shall end at 9:00 p.m. Eastern Time. 508
20. BUYER'S AND SELLER'S NOTICES: BUYER and SELLER represent that they have not entered into any 509
other agreements with real estate brokers other than those named below with regard to the Property. 510
BUYER and SELLER give the Brokers authorization to advise surrounding neighbors who will be the new 511
owner of the Property. "Broker", as used in this Agreement, is deemed to include all of Broker’s licensees 512
licensed to sell real property in the State of Florida. 513
21. ESCROW DISCLOSURE: BUYER and SELLER agree that Broker may place escrow funds in an interest-514
bearing account pursuant to the rules and regulations of the Florida Real Estate Commission and retain any 515
interest earned as the cost associated with maintenance of said escrow account. 516
22. SOCIAL SECURITY OR TAX I.D. NUMBER: BUYER and SELLER agree to provide their respective Social 517
Security or Tax I.D. numbers to closing attorney/settlement agent upon request. 518
23. 1031 EXCHANGE: BUYER or SELLER may elect to effect a tax-deferred exchange under Internal 519
Revenue Service Code Section 1031(which shall not delay the closing), in which event BUYER and 520
SELLER agree to sign documents required to effect the exchange, provided the non-exchanging party shall 521
not incur any costs, fees or liability as a result of or in connection with the exchange. 522
24. PAYOFF AUTHORIZATION: SELLER hereby authorizes the closing attorney/settlement agent to obtain 523
mortgage payoff letters (including from foreclosure attorneys) and homeowner’s and condominium 524
association estoppel letters on behalf of SELLER. 525
25. FIRPTA TAX WITHHOLDING: If any SELLER is a “foreign person” as defined by the Foreign Investment in 526
Real Property Tax Act, the BUYER and SELLER shall comply with the Act, which may require SELLER to 527
provide additional funds at closing. SELLER agrees to disclose to the closing attorney/settlement 528
agent at least 10 days before closing if any SELLER is not a U.S. citizen or resident alien. 529
26. TIME OF ACCEPTANCE: IF THIS OFFER IS NOT SIGNED BY BUYER AND SELLER AND DELIVERED 530
TO BUYER AND SELLER OR THEIR RESPECTIVE BROKERS (INCLUDING ELECTRONIC MEDIA) ON 531
OR BEFORE ___:01
A.M. P.M. _________(DATE), THIS OFFER WILL BE DEEMED WITHDRAWN. 532
THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFER SHALL BE ____________HOURS (24 533
HOURS IF LEFT BLANK) FROM THE TIME THE COUNTEROFFER IS DELIVERED. 534
27. DATE OF ACCEPTANCE: The date
of acceptance of this Agreement shall be the date on which this 535
Agreement, including all marked Addenda, Riders and Disclosures, is last executed by BUYER and 536
SELLER and a fully executed copy has been delivered to BUYER and SELLER or their respective Brokers. 537
PASA Page 11 of 11 04/20
If this Agreement is not understood, BUYER and SELLER should seek competent legal advice.
____________________________ _____________ ____________________________ ____________ 538
BUYER DATE SELLER DATE 539
Marital Status: ________________________________ Marital Status: ______________________________ 540
____________________________ _____________ ____________________________ ____________ 541
BUYER DATE SELLER DATE 542
Marital Status: ________________________________ Marital Status: ______________________________ 543
____________________________ _____________ ____________________________ ____________ 544
BUYER DATE SELLER DATE 545
Marital Status: ________________________________ Marital Status: ______________________________ 546
____________________________ _____________ ____________________________ ____________ 547
BUYER DATE SELLER DATE 548
Marital Status: ________________________________ Marital Status: ______________________________ 549
Mark if any SELLER is not a U.S. Citizen or resident alien.550
Broker, by signature below, acknowledges receipt of $_______ cash check as the binder deposit specified 551
in paragraph 1(A) of this Agreement. It will be deposited and held in escrow pending disbursement according to 552
the terms hereof, together with any additional binder deposit(s) escrowed by the terms of this Agreement. 553
___________________________________ _____________________________ ____________________ 554
Company
By: Title 555
END OF PURCHASE AND SALE AGREEMENT
Broker joins in this Agreement to evidence Broker's consent to be bound by the provisions of 556
paragraphs
12 and 18 above. This Agreement shall not be used to modify any multiple listing service or 557
other offer of compensation made by Listing Broker or SELLER to Selling Broker. 558
__________________________________________ _________________________________________ 559
Firm Name of Selling Broker Firm Name of Lis
ting Broker 560
__________________________________________ _________________________________________ 561
Broker’s
State License ID
(BK Real Estate Number) Broker’s State License ID (BK Real Estate Number) 562
__________________________________________ _________________________________________ 563
Phone for Selling Bro
ker Phone for Listing Broker 564
__________________________________________ _________________________________________ 565
Selling Broker Offic
e Address Listing Broker Office Address 566
__________________________________________ _________________________________________ 567
Selling Brok
er City, State, Zip Code Listing Broker City, State, Zip Code 568
By: ______________________________________ By: ______________________________________ 569
Authoriz
ed Licensee Signature Authorized Licensee Signature570
______________________________________ ______________________________________ 571
Printed Name of Lic
ensee Printed Name of Licensee 572
______________________________________ ______________________________________ 573
Email Address
Email Address 574
______________________________________ ______________________________________ 575
Phone for Selling Licen
see Phone for Listing Licensee 576
______________________________________ ______________________________________ 577
Licen
see’s State License ID Licensee’s State License ID 578
(BK or SL Real Estate Number) (BK or SL Real Estate Number)579
WIRE FRAUD ALERT. Every day criminals are trying to steal your money by hacking email accounts of real estate agents, title
companies, settlement attorneys, lenders and others, resulting in fraudulent wire instructions being used to divert funds to the account of the
criminal. These emails are convincing and sophisticated, and they look like the email came from your real estate agent, title company,
settlement attorney or lender. BUYER and SELLER are advised not to wire any funds without personally speaking with the intended recipient
of the wire at a verified phone number that you obtained independently to confirm the routing number and the account number. BUYER and
SELLER should not send personal information such as social security numbers, bank account numbers and credit card numbers except
through secured email or personal delivery to the intended recipient. BUYER and SELLER agree to indemnify and hold harmless all brokers
from all losses, liabilities, charges and costs they may incur due to any and all wire transfers or wire instructions relating to the transfer or
issuance of funds.
After you receive a Federal Reference Number from your sending financial institution, you may want to verify as soon as possible with the
intended recipient of the wire that they received your money. If you cannot verify that the wire was received by the intended recipient,
immediately contact you
r
financial institution that sent the wire.
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