Fillable RCHASE AND SALE AGREEMENT PROPERTY DESCRIPTION: 10 conditions, (Northeast Florida Association of Realtors)

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RCHASE AND SALE AGREEMENT PROPERTY DESCRIPTION: 10 conditions, (Northeast Florida Association of Realtors)

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PU
RCHASE 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
10 11/17r2
_________________________________________________________________________________________ 1
___________________________________ (“BUYER/PURCHASER”) (name(s) as reflected on government-2
issued photo ID and marital status if individual(s)) and ______________________________________________ 3
________________________________________________________________________(“SELLER”) (name(s) 4
as reflected on deed or government-issued photo ID and marital status if individual(s)), 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. Under Florida law, financing of the BUYER’s principal residence 19
requires BUYER and BUYER’s spouse to sign the mortgage(s). Under Florida law, the sale of a principal 20
residence requires SELLER’s spouse to sign the deed even if the spouse’s name is not on SELLER’s 21
present deed. 22
1. P
URCHASE PRICE to be paid by BUYER is payable as follows: 23
(A) Binder deposit is paid herewith or, is due within _____ days after $_________________24
date of acceptance of this Agreement, which will remain a binder until 25
closing unless sooner disbursed according to the provisions of this 26
Agreement. If neither box is marked binder deposit is to be paid herewith
27
(B) Additional binder deposit due on or before _____________________ or $_________________ 28
______________days after date of acceptance of this Agreement 29
(C) Proceeds of a note and mortgage to be executed by BUYER to any $_________________ 30
Lender other than SELLER (base loan amount excluding FHA MIP,31
funding fees or financed closing costs)32
(D) Seller financing by note and mortgage executed by BUYER to SELLER $_________________ 33
(requires use of Seller Financing Addendum)34
(E) Balance due at closing (not including BUYER’s closing costs, prepaid $_________________ 35
items or prorations) by wire transfer or, if allowed by settlement agent,36
by cashier's or official check drawn on a United States banking institution37
(F) P
URCHASE PRICE $ _________________38
Binder deposit(s) to be held by:39
Name: _____________________________________________________________________________40
Address: ____________________________________________________________________________ 41
Phone: _________________________________________Fax: ________________________________ 42
E-mail______________________________________________________________________________43
Note: In the event of a dispute between BUYER and SELLER regarding entitlement to the binder 44
deposit(s) held by an attorney or title insurance agency, Broker’s resolution remedies referenced 45
in paragraph 12(A) hereof are not available. 46
CLEAR FORM
PASA Page 2 of 10 11/17r2
2. FINANCING INFORMATION: BUYER intends to finance this transaction as follows: 47
cash 48
loan without financing contingency 49
loan as marked below with financing contingency. Loan Approval is or is not conditioned upon the 50
closing of the sale of other real property owned by BUYER. If neither box is marked then Loan Approval 51
is not conditioned upon the closing of the sale of other real property owned by BUYER. 52
(A) FHA: “It is expressly agreed that notwithstanding any other provisions of this contract, the 53
PURCHASER shall not be obligated to complete the purchase of the Property described herein or to 54
incur any penalty by forfeiture of earnest money deposits or otherwise unless the PURCHASER has 55
been given in accordance with HUD/FHA or VA requirements a written statement by the Federal 56
Housing Commissioner, Department of Veteran Affairs, or a Direct Endorsement Lender setting forth 57
the appraised value of the Property of not less than $ _______________. The PURCHASER shall have 58
the privilege and option of proceeding with consummation of this contract without regard to the amount 59
of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage 60
the Department of Housing and Urban Development will insure. HUD does not warrant the value or the 61
condition of the Property. The PURCHASER should satisfy himself/herself that the price and condition 62
of the Property are acceptable.” 63
If Purchase Price changes, the dollar amount referenced in line 58 should be changed to reflect 64
the new Purchase Price. 65
(B) VA: It is expressly agreed that, notwithstanding any other provisions of this Agreement, the BUYER 66
shall not incur penalty by forfeiture of earnest money or otherwise be obligated to complete the 67
purchase of the Property described herein, if this Agreement purchase price or cost exceeds the 68
reasonable value of the Property established by the Veterans Administration. The BUYER shall, 69
however, have the privilege and option of proceeding with the consummation of this Agreement without 70
regard to the amount of reasonable value established by the VA. 71
(C) CONVENTIONAL OR USDA FINANCING: If BUYER’s financing is conventional or USDA, it is 72
expressly agreed that, notwithstanding any other provision of this Agreement, BUYER shall not incur 73
penalty by forfeiture of deposit(s) or otherwise be obligated to complete the purchase of the Property 74
described herein if the purchase price exceeds the appraised value of the Property as established by 75
the lender’s appraiser. BUYER shall, however, have the option of proceeding with the consummation of 76
this Agreement without regard to the amount of said appraised value. This contingency shall expire 5 77
days after expiration of the Loan Approval Period. 78
(D) OTHER FINANCING: SELLER FINANCING MORTGAGE ASSUMPTION. If marked, see 79
applicable Addendum attached hereto and made a part hereof.80
APPLICATION: Within _____ days (5 days if left blank) after date of acceptance of this Agreement, 81
BUYER will complete the application process for mortgage loan(s). BUYER will timely furnish any and all 82
credit, employment, financial, and other information required by lender sufficient to generate a Loan 83
Estimate, pay all fees required by BUYER’s lender and make a continuing and diligent effort to obtain 84
loan approval, otherwise, BUYER is in default. BUYER hereby authorizes BUYER’s lender to disclose
85
information regarding the status, progress and conditions of loan application and loan approval to 86
SELLER, SELLER’s attorney, Broker(s) to this transaction, and the closing attorney/settlement agent. 87
BUYER and SELLER hereby further authorize BUYER’s lender and the closing 88
attorney/settlement agent to provide a copy of the combined settlement statement and the 89
BUYER and SELLER Closing Disclosures to Broker(s) to this transaction when provided to 90
BUYER and SELLER, both before and at closing (consummation). 91
Unless the mortgage loan is approved within _____ days (45 days if left blank) after date of acceptance 92
of this Agreement, without contingencies other than lender-required repairs/replacements/treatments, 93
marketable title and survey, hereinafter called the Loan Approval Period, BUYER shall have 5 days 94
thereafter to terminate this Agreement by written notice to the SELLER, or be deemed to have 95
waived the financing contingency. If BUYER does not terminate this Agreement within said 5 day 96
period neither BUYER nor SELLER shall have a right to terminate this Agreement under this paragraph, 97
the binder deposit shall not be refundable because of BUYER’s failure to obtain financing, and this 98
Agreement shall continue through the date of closing. 99
3. TITLE EXAMINATION AND DATE OF CLOSING (CONSUMMATION): 100
(A) If title evidence and survey, as specified below, show SELLER is vested with marketable title, includi
ng101
legal access, the transaction will be closed and the deed and other closing papers delivered on or102
before (mark only one box):103
_______days (15 days if left blank) after the Loan Approval Period; or 104
__________________________________ (specific date); or 105
106
_______days after date of acceptance of this Agreement,
unless extended by other conditions of this Agreement.
107
PASA Page 3 of 10 11/17r2
Marketable title means title which a Florida title insurer will insure as marketable at its regular rates and 108
subject only to matters to be cured at closing and the usual exceptions such as survey, current taxes, 109
zoning ordinances, covenants, restrictions and easements of record which do not adversely affect 110
marketable title. From the date of acceptance of this Agreement through closing, SELLER will not take 111
or allow any action to be taken that alters or changes the status of title to the Property. 112
(B) Extension of Date of Closing: If closing cannot occur by the date of closing due to Consumer113
114
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117
118
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120
121
122
123
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126
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Financial Protection Bureau (CFPB) delivery requirements, the date of closing shall be extended for the
period necessary to satisfy CFPB delivery requirements, not to exceed 10 days. If extreme weather, act
of God, act of terrorism or war ("force majeure") prevents any obligation under this Agreement from
being 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 reveals any defects which render title unmarketable, or if the Property is not in
compliance with governmental regulations/permitting, BUYER or closing agent will have 5 days from
receipt of title commitment, survey or written evidence of any permitting/regulatory issue to notify
SELLER in writing of such defects. SELLER agrees to use reasonable diligence to cure such defects at
SELLER's expense 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 permitting/regulatory compliance issues, BUYER will have the right to either terminate
this Agreement or to accept the Property as SELLER is able to conv
ey, 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.
134
4. TITLE EVIDENCE / MUNICIPAL LIEN SEARCH: 135
(A) TITLE EVIDENCE: At least _______ days before date of closing (10 days if left blank), the party paying136
for the title insurance shall cause the title agent to issue a title insurance commitment for an owner’s137
policy in the amount of the Purchase Price and a title insurance commitment for a mortgage policy in the138
amount of BUYER’s loan(s) if BUYER is financing the purchase. Any expense of curing title defects such139
as, but not limited to, legal fees, discharge of liens and recording fees will be paid by SELLER.140
(B) MUNICIPAL LIEN SEARCH: If a municipal lien search is required in this Agreement, at least141
_________ days before date of closing (10 days if left blank), the party paying for this search shall obtain142
and provide to the closing attorney/settlement agent a municipal lien search.143
5. SURVEY: At least ______days before date of closing (10 days if left blank), the party paying for the survey 144
shall cause to be delivered to the closing attorney/settlement agent (mark only one box): 145
a new staked survey of the Property dated within (3) months of date of closing showing all improvements, 146
certified to BUYER, SELLER, lender, and the title insurer in compliance with Florida law; or 147
a copy of a previously made survey of the Property showing all existing improvements and sufficient to 148
allow removal of the survey exceptions from the title insurance commitment or, if insufficient, then a 149
new staked survey is required; or 150
No survey is required. 151
If a surveyor’s flood elevation certifi
cate is required, BUYER shall pay for it. 152
6. CASUALTY LOSS OR DAMAGE: If the Property is damaged by any casualty prior to closing, SELLER shall 153
immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 154
Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 155
terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 156
terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of written 157
notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days from the 158
end of said 10 day period to complete the repairs in accordance with the conditions required by paragraph 159
14 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the date of 160
closing as set forth in paragraph 3. 161
If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 162
declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 163
casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 164
proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 165
amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 days 166
PASA Page 4 of 10 11/17r2
after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement, or be 167
deemed to have elected to proceed with this transaction. 168
7. PRORATIONS: All taxes, rents, condominium and homeowners’ association fees, solid waste 169
collection/recycling/disposal fees, stormwater fees, and Community Development District (CDD) fees will be 170
prorated through the day before closing based on the most recent information available to the closing 171
attorney/settlement agent, using the gross tax amount for estimated tax prorations. The day of closing shall 172
belong to BUYER. Any proration based on an estimate shall be reprorated at the request of either party 173
upon receipt of the actual bill based on the maximum discount available. 174
PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY UPON SELLER’S CURRENT 175
PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED 176
TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 177
IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN 178
HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT 179
THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION. 180
8. BUYER WILL PAY: 181
(A) CLOSING COSTS:182
Recording fees One-year home warranty __________________ 183
Intangible tax VA funding fee 184
Note stamps Mortgage insurance premium 185
Simultaneous mortgagee title insurance policy Mortgage discount not to exceed_____________ 186
Title insurance endorsements Survey 187
Lender’s flood certification fees Closing attorney/settlement fee 188
Mortgage origination charges BUYER’s courier/wire fees 189
Appraisal fee Title search 190
Credit report (s) Municipal lien search 191
Inspection and reinspection fees Broker transaction fee $___________________ 192
Tax service fee Mortgage transfer and assumption charges 193
Wood-destroying organism report 194
Other ____________________________________________________________________________ 195
(B) All other charges required by lender(s) in connection with the BUYER’s loan(s), unless prohibited by196
law or regulation, together with lender related settlement/title service fees charged to process,197
close and post close BUYER’s loan(s).198
(C) Condominium and homeowners’ association application/transfer fees, the cost of completion of a199
lender’s condominium questionnaire fees, and capital contributions, if required.200
(D) PREPAIDS: Prepaid hazard, flood and wind insurance, taxes, interest and mortgage insurance201
premiums if required by the lender.202
9. SELLER WILL PAY: 203
(A) CLOSING COSTS:204
Deed stamps One-year home warranty ______________________ 205
Owner’s title insurance policy Mortgage discount not to exceed________________ 206
Title search Appraisal fee 207
Closing attorney/settlement fee Municipal lien search 208
Survey 209
Satisfaction of mortgage and recording fee 210
SELLER’s courier/wire fees 211
Other ______________________________________________________________________________ 212
___________________________________________________________________________________ 213
(B) Real estate commission and broker transaction fee pursuant to the listing agreement.214
(C) Condominium and homeowners’ association estoppel/statement fees, payable upon request by the215
closing attorney/settlement agent.216
(D) All other charges required by lender(s) in connection with the BUYER’s loan(s) which BUYER is217
prohibited from paying by law or regulation.218
(E) If SELLER agrees to pay any amount toward BUYER’s closing costs (which shall include BUYER’s219
prepaids), SELLER shall be obligated to pay, upon closing, only those costs marked in paragraph220
8(A) and those specified in paragraphs 8(B), 8(C) and 8(D). This amount will include all VA non-221
allowables not specified to be paid by SELLER
.222
(F) All mortgage payments, condominium and homeowners’ association fees and assessments, CDD fees223
PASA Page 5 of 10 11/17r2
and government special assessments due and payable shall be paid current at SELLER's expense at 224
the time of closing. 225
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(G) Property Assessed Clean Energy Financing (“PACE”). At or before 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.
(H) Public Body 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)
236
BUYER shall pay installments due after date of closing. 237
SELLER will pay the assessment in full prior to or at the time of closing. 238
IF NEITHER BOX IS MARKED BUYER SHALL PAY INSTALLMENTS DUE AFTER THE DATE OF 239
CLOSING. This paragraph 9(G) shall not apply to liens imposed by a Community Development 240
District created by Florida Statute 190. The special benefit tax assessment imposed by a 241
Community Development District shall be treated as an ad valorem tax. 242
10. DEFAULT: 243
(A) If BUYER defaults under this Agreement, all binder deposit(s) paid and agreed to be paid (after244
deduction of unpaid closing costs incurred except inspection fee(s), credit report and appraisal fees, 245
which shall be BUYER’s sole responsibility), will be retained by SELLER as agreed upon liquidated 246
damages, consideration for the execution of this Agreement, and in full settlement of any claims. 247
BUYER and SELLER will then be relieved of all obligations to each other under this Agreement except 248
for BUYER’s responsibility for damages caused during inspections as described in paragraph 14. 249
(B) If SELLER defaults under this Agreement, BUYER may either: (i) seek specific performance; or (ii) elect250
to receive the return of BUYER's binder deposit(s) without thereby waiving any action for damages251
resulting from SELLER’s default.252
(C) Binder deposit(s) retained by SELLER as liquidated damages will be distributed pursuant to the terms of253
the listing agreement.254
11. NON-DEFAULT PAYMENT OF EXPENSES: 255
(A) If BUYER fails to perform, but is not in default, all loan and sale processing and closing costs incurred,256
whether the same were to be paid by BUYER or SELLER, will be the responsibility of BUYER with costs 257
deducted from the binder deposit(s), and the remainder of the binder deposit(s) shall be returned to 258
BUYER. This will include but not be limited to the transaction not closing because BUYER does not 259
obtain the required financing as provided in this Agreement or BUYER invokes BUYER’s right to 260
terminate under any contingency in this Agreement; however, if Buyer elects to terminate this 261
Agreement pursuant to paragraphs 2(A), 2(B), 2(C) or 14, each party will be responsible for all loan and 262
sale processing costs specified to be paid by that party, except all inspections, including WDO Report, 263
which shall be paid by BUYER. 264
(B) If SELLER fails to perform, but is not in default, all loan and sale processing and closing costs incurred,265
whether the same were to be paid by BUYER or SELLER, will be the responsibility of SELLER, and266
BUYER will be entitled to the return of the binder deposit(s). This will include the transaction not closing267
because SELLER elects not to pay for the amount in excess of the amounts in paragraph 6 with respect268
to casualty, loss or damage, or because SELLER cannot deliver marketable title, or is unable to cure269
permitting/regulatory compliance issues, but shall not include failure to appraise or termination pursuant270
to paragraph 14. 271
12. BINDER DISPUTE, WAIVER OF JURY TRIAL AND ATTORNEY FEES: 272
(A) In the event of a dispute between BUYER and SELLER as to entitlement to the binder deposit(s), the273
holder of the binder deposit(s) may file an interpleader action in accordance with applicable law to 274
determine entitlement to the binder deposit(s), and the interpleader’s attorney’s fees and costs shall be 275
deducted and paid from the binder deposit(s) and assessed against the non-prevailing party, or the 276
broker holding the binder deposit(s) may request the issuance of an Escrow Disbursement Order from 277
the Florida Division of Real Estate. In either event, BUYER and SELLER agree to be bound thereby, 278
and shall indemnify and hold harmless the holder of the binder deposit(s) from all costs, attorney’s fees 279
and damages upon disbursement in accordance therewith. 280
(B) All controversies and claims between BUYER, SELLER or Broker, directly or indirectly, arising out of or281
relating to this Agreement or this transaction will be determined by non-jury trial. BUYER, SELLER and282
Broker, jointly and severally, knowingly, voluntarily and intentionally waive any and all rights to a trial by283
PASA Page 6 of 10 11/17r2
jury in any litigation, action or proceeding involving BUYER, SELLER or Broker, whether arising directly 284
or indirectly from this Agreement or this transaction or relating thereto. Each party will be liable for their 285
own costs and attorney’s fees except for interpleader’s attorney’s fees and costs, which shall be payable 286
as set forth in paragraph 12(A). 287
13. PROPERTY DISCLOSURE: SELLER does hereby represent that SELLER has the legal authority and 288
capacity to convey the Property, and that no other person or entity has an ownership interest in the Property. 289
SELLER represents that SELLER has no knowledge of facts materially affecting the value of the Property 290
other than those which BUYER can readily observe except: _____________________________________ 291
_____________________________________________________________________________________ 292
SELLER further represents that the Property is not now and will not be prior to the date of closing subject to 293
a municipal or county code enforcement proceeding and that no citation has been issued except: 294
_____________________________________________________________________________________ 295
If the Property is or becomes subject to such a proceeding prior to the date of closing, SELLER shall 296
comply with Florida Statutes 125.69 and 162.06; notwithstanding anything contained within said Statutes, 297
SELLER shall be responsible for compliance with applicable code and all orders issued in such proceeding 298
unless otherwise agreed herein. SELLER has received no written or verbal notice from any governmental 299
entity as to uncorrected building, environmental or safety code violations, and SELLER has no knowledge of 300
any repairs or improvements made to the Property not then in compliance with governmental 301
regulations/permitting except: _____________________________________________________________ 302
(A) Energy Efficiency: In accordance with Florida Statute 553.996, notice is hereby given that the BUYER 303
of real property with a building for occupancy located thereon may have the building's energy-efficiency 304
rating determined. BUYER acknowledges receipt of the Florida energy efficiency rating information 305
brochure prepared by the State of Florida at the time of or prior to BUYER signing this Agreement.
306
(B) Radon Gas Disclosure: Radon gas is a naturally occurring radioactive gas that, when it has 307
accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to 308
it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in 309
Florida. Additional information regarding radon testing may be obtained from your county health unit. 310
(C) Flood Zone: BUYER is advised to verify with the lender and appropriate government agencies whether 311
flood insurance is required and what restrictions apply to improving the Property and rebuilding in the 312
event of casualty. 313
(D) Community Development District: The Property may be in a Community Development District (CDD). 314
See Community Development District Disclosure for further information. 315
(E) Mold Disclosure: Mold is naturally occurring. The presence of mold in a home or building may cause 316
health problems and damage to the Property. 317
(F) Defective Drywall: The presence of defective drywall in a home may cause health problems and damage 318
to the Property. 319
(G) Airport Notice Zones: If the Property is in Noise Zones A, B and/or an Airport Notice Zone, BUYER 320
and SELLER agree to comply with the City of Jacksonville Ordinance Code Section 656.1010. 321
(H) Historic Districts: BUYER is advised to verify with appropriate government agencies whether the 322
Property is in an historic district; if so, the Property is subject to additional guidelines and restrictions. See 323
Historic District Disclosure for further information. 324
(I) Other: BUYER should exercise due diligence with respect to information regarding neighborhood 325
crimes, sexual offenders/predators and any other matters BUYER deems relevant to the purchase of the 326
Property. 327
14. MAINTENANCE, INSPECTION AND REPAIR: SELLER will maintain the Property in its present condition until 328
closing, except for normal wear and tear and any agreed upon repairs/replacements/treatments. If BUYER 329
elects not to have inspections and investigations performed, or fails to make a timely request for 330
repairs/replacements/treatments as set forth in this paragraph 14, BUYER accepts the Property in its “AS IS” 331
condition as of the date of acceptance of this Agreement. BUYER will be responsible for repair of all 332
damages to the Property resulting from inspections and investigations, and BUYER will return the Property to 333
its pre-inspection condition
. These obligations shall survive termination of this Agreement. 334
(A) Access and Utilities: SELLER will make the Property available for inspections and investigations during 335
the time provided for inspections and investigations in this paragraph and, if not, the time for inspections 336
and investigations will be extended by the time access was denied. If utilities are not active at the time the 337
inspections, investigations or appraisal are to be made, SELLER will pay to have the utilities (including, 338
but not limited to, electricity, fuel/gas and water) activated for these purposes. 339
PASA Page 7 of 10 11/17r2
Within ______ days (10 days if left blank) after the date of acceptance of this Agreement (“Inspection 340
Period”), BUYER may have the Property inspected and investigated by appropriately licensed inspectors 341
or persons/entities holding a Florida license to build, repair or maintain the items inspected. BUYER and 342
BUYER’S Broker have the right to be present during all inspections and investigations. The inspections 343
and investigations include, but are not limited to: 344
(1) testing and inspecting all major appliances, heating, cooling, mechanical, electrical and plumbing 345
systems, well and septic (including drain field systems), saltwater and freshwater ground permeation 346
and intrusion, the roof, pool and pool equipment, defective drywall, defective flooring, mold, 347
asbestos, lead-based paint, drainage, radon gas and environmental and sinkhole conditions; 348
(2) inspecting for active infestation and/or damage from termites and other wood-destroying organisms; 349
and 350
(3) verifying the cost and availability of insurance, that condominium/homeowner’s association insurance 351
is satisfactory to BUYER’s lender, verifying square footage measurements, and reviewing applicable 352
zoning and historic classifications, covenants, restrictions, easements, rules, and other governing 353
documents affecting the Property. 354
If BUYER determines, in BUYER’s sole discretion, that the Property is not acceptable to BUYER, 355
BUYER may prior to the expiration of the Inspection Period: 356
• terminate this Agreement by delivering written notice of termination to SELLER together with a copy of 357
all written reports, if any, of inspections and investigations if such reports are requested by SELLER 358
(delivery of the NEFAR Release of Deposit and Mutual Agreement to Cancel Purchase and Sale 359
Agreement is not sufficient as a written notice of termination); or 360
• submit BUYER’s written request to SELLER for repairs/replacements/treatments, together with a copy 361
of all written reports, if any, of inspections and investigations. BUYER and SELLER shall have 7 days 362
from SELLER’s receipt of such request within which to enter into a written agreement for 363
repairs/replacements/treatments. If BUYER and SELLER have not entered into such written 364
agreement within the 7 days, then BUYER may terminate this Agreement by giving written 365
notice of termination to SELLER within 3 days after the 7 days, or be deemed to have accepted 366
the Property without repairs/replacements/treatments except as may otherwise be provided in 367
this Agreement. BUYER'S request for repairs/replacements/treatments or written agreement 368
between BUYER and SELLER as to same shall not eliminate BUYER's right to terminate this 369
Agreement at any time within the Inspection Period. 370
If this Agreement is terminated as provided in this paragraph, BUYER and SELLER shall be released 371
from all further obligations under this Agreement except as otherwise provided in this paragraph 14. 372
Prior to the binder deposit(s) being delivered to BUYER, BUYER shall provide SELLER with paid 373
receipts for all investigations and inspections, if any. 374
BUYER shall be responsible for prompt payment for all of BUYER’s inspections and investigations. 375
BUYER agrees to indemnify and hold SELLER harmless from all losses, damages, claims, suits, and 376
costs which may arise out of any contract, agreement, or injury to any person or property as a result of 377
any activities of BUYER and BUYER’s agents and representatives relating to inspections and 378
investigations except for any losses, damages, claims, suits, or costs arising out of pre-existing 379
conditions of the Property or out of SELLER’s negligence, willful acts or omissions. 380
SELLER shall have any agreed upon repairs/replacements/treatments completed by appropriately 381
licensed persons within 10 days after entering into a written agreement for such with BUYER and receipt 382
by SELLER of written notice of BUYER’s loan approval, if applicable. SELLER shall notify BUYER in 383
writing upon completion of all agreed upon repairs/replacements/treatments and provide BUYER with 384
copies of all receipts for same at that time. BUYER may, within 3 days after receipt of SELLER’s written 385
notice and delivery of such receipts, reinspect the Property solely to verify that SELLER has completed 386
the agreed upon repairs/replacements/treatments. No other repair/replacement/treatment issues may be 387
raised as a result of this reinspection. 388
Walk-Through: Prior to closing, BUYER may walk through the Property solely to verify that SELLER has 389
maintained the Property in the condition required in this Agreement. 390
(B) Broker's Notice: BUYER and SELLER acknowledge and agree that neither the Listing Broker nor Selling 391
Broker warrants the condition, size or square footage of the Property, and neither is liable to BUYER or 392
SELLER in any manner whatsoever for any losses, damages, claims, suits, and costs regarding same. 393
BUYER and SELLER hereby release and hold harmless said Brokers and their licensees from any 394
losses, damages, claims, suits, and costs arising out of or occurring with respect to the condition, size or 395
square footage of the Property. Brokers shall not be liable for the performance by any provider of 396
services or products recommended by Brokers. Such recommendations are made as a courtesy. BUYER 397
and SELLER may select their own providers of services or products. 398
PASA Page 8 of 10 11/17r2
(C) BUYER's Responsibility: Repairs, replacements and treatments to the Property after date of closing or 399
BUYER’s possession, whichever occurs first, will be BUYER's responsibility unless otherwise agreed in 400
writing. 401
15. POSSESSION: 402
BUYER will be given possession at closing; 403
or 404
BUYER will be given possession within _____ days after closing at no rental cost to SELLER or as 405
otherwise set forth in paragraph 17 hereof. 406
If neither box is marked then BUYER will be given possession at closing. 407
If possession is to be delivered before or after closing, the BUYER and SELLER shall execute a 408
separate possession agreement prepared by legal counsel at possessor’s expense at least 5 days 409
before closing.
410
SELLER shall sweep the Property clean and remove all personal property not included in sale by time of 411
BUYER's possession. 412
SELLER represents that there are no parties in possession other than SELLER, or that any parties in 413
possession other than SELLER shall vacate the Property before the date of closing; 414
or 415
BUYER understands that the Property is available for rent or rented and the tenant may continue in 416
possession following closing unless otherwise agreed in writing between the landlord and tenant. Within 5 417
days after date of acceptance of this Agreement, SELLER shall provide BUYER with a copy of all current 418
leases and rent rolls for the Property and deliver to BUYER originals of same at closing. At closing, all tenant 419
deposits will be transferred from SELLER to BUYER, and any leases shall be deemed to have been 420
assigned by SELLER to BUYER. This Agreement shall be deemed an assignment of any leases upon 421
closing, and the obligations thereunder assumed by BUYER. 422
16. PERSONAL PROPERTY: The following items, if owned by SELLER and existing on the Property on the 423
date of the initial offer, are included in the Purchase Price: range/oven, cooktop, dishwasher, disposal, 424
ceiling fans, intercom, audio/visual system wiring, solar panels, light fixtures and bulbs, smoke detector(s), 425
bathroom mirrors, drapery hardware, all window treatments, garage door opener and controls, security gate 426
and other access devices, mailbox and mailbox key, if applicable fence, plants and shrubbery as now 427
installed on the Property, and those additional items checked below (to which no value has been assigned). 428
Refrigerator(s) Microwave Oven Pool fence/barrier Mounted/installed speakers 429
Washer Window/wall a/c Pool Sweep Water softener/treatment system 430
Dryer Built-in Generator Above Ground Pool Storm shutters and panels 431
Gas logs Wine cooler Storage Shed Spa or hot tub with heater 432
Trash Compactor 433
Other (specify): ____________________________________________________________________ 434
___________________________________________________________________________________ 435
Items specifically excluded from this Agreement: 436
___________________________________________________________________________________ 437
___________________________________________________________________________________ 438
17. ADDENDA/RIDERS/DISCLOSURES: 439
If marked the following are attached hereto and made a part of this Agreement: 440
Condominium Rider 441
Homeowners’ Association/Community Disclosure Addendum 442
Lead-Based Paint Disclosure For Residential Sales Addendum (required for pre-1978 homes) 443
Continued Marketing Addendum 444
Coastal Construction Control Line Disclosure Addendum 445
Short Sale Addendum 446
USDA Financing Addendum 447
For Your Protection: Get a Home Inspection (for FHA Financing) 448
Counter Offer Addendum (To accept a counter offer, BUYER and SELLER must sign both this Agreement 449
and the Counter Offer Addendum.) 450
Energy-Related Improvement Assessment Addendum (affects only properties that have PACE financing) 451
Other (Specify here) _________________________________________________________________ 452
ADDITIONAL TERMS AND CONDITIONS: _________________________________________________ 453
____________________________________________________________________________________ 454
____________________________________________________________________________________ 455
PASA Page 9 of 10 11/17r2
____________________________________________________________________________________ 456
____________________________________________________________________________________ 457
____________________________________________________________________________________ 458
____________________________________________________________________________________ 459
18. COMPLETE AGREEMENT AND MISCELLANEOUS PROVISIONS: BUYER and SELLER acknowledge 460
receipt of a copy of this Agreement. Except for brokerage agreements, BUYER, SELLER and Broker agree 461
that the terms of this Agreement constitute the entire agreement between them and that they have not 462
received or relied on any representations by Brokers or any material regarding the Property including, but not 463
limited to, listing information, that are not expressed in this Agreement. No prior or present agreements or 464
representations will bind BUYER, SELLER or Brokers unless incorporated into this Agreement. Modifications 465
of this Agreement will not be binding unless in writing, signed and delivered by the party to be bound. This 466
Agreement and any modifications to this Agreement may be signed in counterparts and may be executed 467
and/or transmitted by electronic media, including facsimile and email. Headings are for reference only and 468
shall not be deemed to control interpretations. If any provision of this Agreement is or becomes invalid or 469
unenforceable, all remaining provisions will continue to be fully effective. Neither this Agreement nor any 470
memorandum hereof will be recorded in any public records. For emphasis, some provisions have been 471
bolded and or capitalized, but every provision in this Agreement is significant and should be reviewed and 472
understood. No provision should be ignored or disregarded because it is not in bold or otherwise emphasized 473
in some manner. 474
In the performance of the terms and conditions of this Agreement each party will deal fairly and in good faith with 475
the other. Written notice to the Broker for a party shall be deemed notice to that party. All assignable repair and 476
treatment contracts and warranties are deemed assigned by SELLER to BUYER at closing unless otherwise 477
stated herein. SELLER agrees to sign all documents necessary to accomplish same, at BUYER’s expense, if any. 478
19. TIME IS OF THE ESSENCE IN THIS AGREEMENT. As used in this Agreement, “days” means calendar 479
days. Any time periods herein, other than the time of acceptance, which end on a Saturday, Sunday or 480
federal holiday shall extend to the next day which is not a Saturday, Sunday or federal holiday. All references 481
to a date other than the date of acceptance shall end at 7:00 p.m. Eastern Time. 482
20. BUYER'S AND SELLER'S NOTICES: BUYER and SELLER represent that they have not entered into any 483
other agreements with real estate brokers other than those named below with regard to the Property. 484
BUYER and SELLER give the Brokers authorization to advise surrounding neighbors who will be the new 485
owner of the Property. "Broker", as used in this Agreement, is deemed to include all of Broker’s licensees 486
licensed to sell real property in the State of Florida. 487
21. ESCROW DISCLOSURE: BUYER and SELLER agree that Broker may place escrow funds in an interest-488
bearing account pursuant to the rules and regulations of the Florida Real Estate Commission and retain any 489
interest earned as the cost associated with maintenance of said escrow. 490
22. SOCIAL SECURITY OR TAX I.D. NUMBER: BUYER and SELLER agree to provide their respective Social 491
Security or Tax I.D. number to closing attorney/settlement agent upon request. 492
23. 1031 EXCHANGE: BUYER or SELLER may elect to effect a tax-deferred exchange under Internal Revenue 493
Service Code Section 1031(which shall not delay the closing), in which event BUYER and SELLER agree to 494
sign documents required to effect the exchange, provided the non-exchanging party shall not incur any 495
costs, fees or liability as a result of or in connection with the exchange. 496
24. PAYOFF AUTHORIZATION: SELLER hereby authorizes the closing attorney/settlement agent to obtain 497
mortgage payoff letters (including from foreclosure attorneys) and homeowner’s and condominium 498
association estoppel letters on behalf of SELLER. 499
25. FIRPTA TAX WITHHOLDING: If any SELLER is a “foreign person” as defined by the Foreign Investment in 500
Real Property Tax Act, the BUYER and SELLER shall comply with the Act, which may require SELLER to 501
provide additional funds at closing. SELLER agrees to disclose to the closing attorney/settlement agent 502
at least 10 days before closing if any SELLER is not a U.S. citizen or resident alien. 503
26. TIME OF ACCEPTANCE: IF THIS OFFER IS NOT SIGNED BY BUYER AND SELLER AND DELIVERED 504
TO BUYER AND SELLER OR THEIR RESPECTIVE BROKER (INCLUDING ELECTRONICALLY OR BY 505
FAX) ON OR BEFORE ________:01
A.M. P.M. ________________ (DATE), THIS OFFER WILL BE 506
DEEMED WITHDRAWN. 507
THE TIME FOR ACCEPTANCE OF ANY COUNTER OFFER SHALL BE ____________HOURS (24 508
HOURS IF LEFT BLANK) FROM THE TIME THE COUNTER OFFER IS DELIVERED. 509
27. DATE OF ACCEPTANCE: The date of acceptance of this Agreement shall be the date on which this 510
Agreement is last executed by BUYER and SELLER and a fully executed copy has been delivered to 511
BUYER and SELLER. 512
PASA Page 10 of 10 11/17r2
If this Agreement is not understood, BUYER and SELLER should seek competent legal advice. 513
WIRE FRAUD ALERT. Criminals are hacking email accounts of real estate agents, title companies, 514
settlement attorneys and others, resulting in fraudulent wire instructions being used to divert funds to
515
the account of the criminal. The emails look legitimate, but they are not. BUYER and SELLER are
516
advised not to wire any funds without personally speaking with the intended recipient of the wire to
517
confirm the routing number and the account number. BUYER and SELLER should not send personal
518
information such as social security numbers, bank account numbers and credit card numbers except
519
through secured email or personal delivery to the intended recipient. BUYER and SELLER agree to
520
indemnify and hold harmless all brokers from all losses, liabilities, charges and costs they may incur
521
due to any and all wire transfers or wire instructions relating to the transfer or issuance of funds.
522
____________________________ _____________ ____________________________ ____________ 523
BUYER DATE SELLER DATE 524
Marital Status: ________________________________ Marital Status: ______________________________ 525
____________________________ _____________ ____________________________ ____________ 526
BUYER DATE SELLER DATE 527
Marital Status: ________________________________ Marital Status: ______________________________ 528
____________________________ _____________ ____________________________ ____________ 529
BUYER DATE SELLER DATE 530
Marital Status: ________________________________ Marital Status: ______________________________ 531
____________________________ _____________ ____________________________ ____________ 532
BUYER DATE SELLER DATE 533
Marital Status: ________________________________ Marital Status: ______________________________ 534
Mark if any SELLER is not a U.S. Citizen or resident alien. 535
Broker, by signature below, acknowledges receipt of $ _____________________ cash check as the binder 536
deposit specified in paragraph 1(A) of this Agreement. It will be deposited and held in escrow pending 537
disbursement according to the terms hereof, together with any additional binder deposit(s) escrowed by the terms 538
of this Agreement. 539
___________________________________ _____________________________ ____________________ 540
Company By Title 541
END OF PURCHASE AND SALE AGREEMENT
Broker joins in this Agreement to evidence Broker's consent to be bound by the provisions of paragraph 542
12 and 18 above. This Agreement shall not be used to modify any multiple listing service or other offer of 543
compensation made by Listing Broker or SELLER to Selling Broker. 544
__________________________________________ _________________________________________ 545
Firm Name of Selling Broker Firm Name of Listing Broker 546
__________________________________________ _________________________________________ 547
Broker’s State License ID (BK Real Estate Number) Broker’s State License ID (BK Real Estate Number) 548
__________________________________________ _________________________________________ 549
Phone for Selling Broker Phone for Listing Broker 550
__________________________________________ _________________________________________ 551
Selling Broker Office Address Listing Broker Office Address 552
__________________________________________ _________________________________________ 553
Selling Broker City, State, Zip Code Listing Broker City, State, Zip Code 554
By: ______________________________________ By: ______________________________________ 555
Authorized Licensee Signature Authorized Licensee Signature
556
______________________________________ ______________________________________ 557
Printed Name of Licensee Printed Name of Licensee 558
______________________________________ ______________________________________ 559
Email Address Email Address 560
______________________________________ ______________________________________ 561
Phone for Selling Licensee Phone for Listing Licensee 562
______________________________________ ______________________________________ 563
Licensee’s State License ID Licensee’s State License ID 564
(BK or SL Real Estate Number) (BK or SL Real Estate Number) 565
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RCHASE AND SALE AGREEMENT PROPERTY DESCRIPTION: 10 conditions, (Northeast Florida Association of Realtors)

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Completed 24 May 2021

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