EFTA00305920.pdf

ese ‘tei Ftutestes 1• 1. SALE AND PURCHASE: ("Seller") -• 2' and TiV44--(4173 ("Buyer) a agree to se 4' Address: 6' County: At-AN ‘asenier- 8 Legal Description: 7' Tatag 8 together with all existing improvements and attached items, including fixtures, (wilt-In e map( app lances i but not imited to range(S). refrigeratorfe), dishwasher(s), washer(s), and dryer(s), (e) ceiling fans (if left blank, all ceiling fans), to fight extures, attached wee-to-wall carpeting, lode, draperies and other window treatments as of Effective Date. The only other items included in the purchase are: Pric /41lrki4 I fa Meta& AT h-LOO 1V1,9 VeD fadaii S tr PUSS fl 6- Mat. 13' 14' The following attached Items are excluded from the purchase: 16" 16 The real and personal property described abate es indicted in the purchase is referred to as the 'Property" Personal property fisted 17 in th Contract is Included In the purchase price, has no contributory value and Is being left for Seller's convenience. 18 PRICE AND FINANCING 19' 2. PURCHASE PRICE: S q .10O 7 8 -67) . x is- payable by Buyer In U.S. currency as follows: 2' (a) $ (7)7) . Dews*jeceived (checks are subject to clearance) on In 1 is,)n 14/ 21' by &PS ,S.1O1.OSS for delivery to (Escrow Agent, 22 Sena are NamedComm?" 23' 24' (ACtifESS of Esacw Agent) ratiatly) iffs..4) Ago ,» 14M-249-1-0n.I (Ftione # of Esaowken° hZaf e 2,1 — ;ta, I 25' 03) $ 44 "/ b132). Additional deposit to be delivered to Escrow Agent byRuani 26' or _days from Effective Date. (10 days if left blank) 27' (c) 84c; to • "' Total foaming (see Paragraph 3 below) (express as a dollar amount or percentage) eat Other. 2,:r so $ oil mn g)t- Balance to close (not including Buyer's dosing costs, prepaid items and prorations). AI funds pad at dosing must be paid by locally drawn cad-rer's check, official bank check, or wired funds. ar 3.111eANCING: (Ched< as met LI (a) Buyer will pay cash for the Property with no financrig contingency az. X(b) Buyer wil apply for new nventional O FHA O VA financhg specified in paragraph 2(c) at the prevaling Interest rate and ss• loan costs based on Buyer's crecitworthIness (the 'inancing')) within days from Effective Date (5 days If left blare) and 34 provide Seller with either a written Financing commitment or approval letter ('Commitment') or written notice that Buyer's unable to w obtain a Commitment within days from Effective Date (the sailer of 30 days alter the Effective Date or 5 days prior to Closing 36 Date if left blank) ("Commitment Period"). Buyer wit keep Seller and Broker fully intoned about loan application status, progress 37 and Commitment Issues and authorizes the mortgage broker and lender to disclose all such information to Seller and Broker. If, 39 after using diligence and good faith, Buyer Is unable to provide the Commitment and provides Seller with written notice that Buyer is re unable to obtain a Commitment Wallin the Commitment Period, either party may cancel this Contract and Buyer's deposit will be 40 refunded. Buyer's faiure to provide Seiler with written notice that Buyer is unable to obtain a Commitment within the Continent 41 Period will resat in forfeiture of Buyer's deposit(s). Once Buyer provides the Commitment to Seller, the financing contingency is 42 waived and Seller wit be entitled to retain the deposits if the transaction does not dose by the Closing Date unless (1) the Property 43 appraises below the Puithase price and either the pates cannot agree on a new purchase price or Buyer elects not to proceed, (2) 44 the property related °mations of the Commitment have not been met (except when such conditions we waived by other provisions 45 of this Contract), or (3) another provision of this Contract provides for cancellation. 46 CLOSING 47 4. CLOSING DATE; OCCUPANCY: Unless the Closing Date is specific* extended by the Buyer and Seder or by any other provision in 48 this Corned, the Closing Date shed preval over all other tine periods inducing, but not lintel to, inspection and tinnily periods, lit 49' Contract will be closed on IS SEW (DO II ("Closing Date) at the time estate:shed by the dosing agent, by with tine Seller so we (a) have removed al personal items and trash from the Property and swept the Property clean end (b) delver the deed, occupancy St and possession, along with all keys, garage door openers and access codes, to Buyer. If on Goring Date ersuranoe undenvitieg is 62 suspended, Buyer may postpone dosing up after the Insurance suspension Is lifted. If this transaction does not close for any 53 reason, Buyer will immediately return al eklence, surveys, assodation documents and other items. 5it Buyer OVA ( ) and Seller ( I acknowledge receipt of a copy of this page, which is Page 1 of 8 Pages. FAR-9 4107 0 2037 Florida Assocle5on of N Rights Roseved This software la licensed to (Joanne S Roalty Assoc. Luxury Partners) 'CZ* • EFTA00305920  55 S. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted by 56 mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and recording 57 of Buyer's deed, dosing agent will disburse at closing the net sale proceeds to Seller and brokerage fees to Broker as per 58 Paragraph 19. In addition to other expenses provided in this Contract, Seller end Buyer will pay the costs indicated below. 59 (a) Seller Costs: so Taxes and surtaxes on the deed 61 Recording fees for documents needed to cure title 62* Other. • Seller will pay up to $ or % (1.5% If left blank) of the purchase price for repairs to warranted items ("Repair • Limit"); and up to $ or % (1.5% if loft blank) of the purchase price for wood-destroying organism treatment 85* and repairs ("WOO Repair Limit"); and up to $ or % (1.5% if left blank) of the purchase price for costs se associated with dosing out open permits and obtaining required permits for unpermitted existing improvements ("Permit Limit"). 67 (b) Buyer Costs: es Taxes and recording fees on notes and mortgages 69 Recording fees on the deed and financing statements 70 Loan expenses 71 Lender's title policy 72 Inspections 73 Survey 74 Flood insurance, homeowner insurance, hazard insurance 75' Other 76 (c Tide Evidence and Insurance: Check (1) or (2): 77' (1) The title evidence will be a Paragraph 10(aX1) owner's title insurance commitment. Seller will select the title agent 78' and will pay for the owner's title policy, search, examination and related charges or O Buyer will select the title agent and pay 79' for the owner's title policy, search, examination and related charges or O Buyer will select the title agent and Seller will pay 80 for the owner's title policy, search, examination and related charges. 81' El (2) Seller will provide an abstract as specified in Paragraph 10(a)(2) as title evidence. O Seller O Buyer will pay for the 82 owner's title policy, and select the title agent. Seller will pay fees for title searches prior to dosing, including tax search and 83 lien search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing 84 fees. (d) Prorations: The following items will be made current (if applicable) and prorated as of the day before 85 Closing Date: real estate taxes, interest, bonds, assessments, association fees, insurance, rents and other current expenses and revenues of the 86 Property. If taxes, and assessments for the current year cannot be determined. taxes shall be prorated on the basis of taxes for 87 the preceding year as of the day before Closing Date and shall be computed and readjusted when the current taxes are 88 determined with adjustment for exemptions and improvements. If there are completed improvements on the Property by so January 1 of the year of the Closing Date, which improvements were not in existence on January 1 of the prior year, taxes shall 90 be prorated based on the prior year's mintage and at an equitable assessment to be agreed upon by the parties prior to Closing at Date, falling which, request will be made to the County Properly Appraiser for an Informal assessment taking into consideration 92 available exemptions. If the County Property Appraiser is unable or unwilling to perform an informal assessment 03 prior to Closing Date, Buyer and Seller will split the cost of a private appraiser to perform an assessment prior to Closing Date. Nothing in this 94 paragraph shall act to extend the Closing Date. This provision shall survive dosing. es (e) Special Assesment by Public Body: Regarding special assessments imposed by a public body, Seller will pay () the full 06 amount of liens that are certified, confirmed and ratified before dosing and (ii) the amount of the last estimate 87 if an improvement is substantially completed as of Effective Date but has not resulted in a of the assessment lien before dosing, and Buyer will pay oir all other amounts. If special assessments may be paid in installments O Buyer likg Seller (if left is blank, Buyer) shall pay installments due after dosing. If Seller is checked, Seller will pay the assessment in full prior to or at the time of closing, Public too body does not include a Homeowner Association or Condominium Association. lot (f)Tax Withholding: Buyer and Seller will comply with the Foreign Investment in Real Property 102 Tax Act, which may require Seller to provide additional cash at dosing if Seller is a -foreign person* as defined by federal law. 103' (g) Homo Warranty: O Buyer O Seller ag N/A will pay for a home warranty plan issued by at toe cost not to exceed $ . A home warranty plan provides for repair or replacement of many of a home's mechanical um systems and major built-in appliances in the event of breakdown due to normal wear and tear during the agreement period. toe PROPERTY CONDITION 6. 107' INSPECTION PERIODS: Buyer will complete the inspections referenced in Paragraphs 7 and 8(a)(2) by toe' (the earlier of 10 days after the Effective Date or five days prior to Closing Date ifleft blank) ('Inspection Period'); ter the wood-destroying organism inspection by (at least five days prior to dosing, if left 110 blank); and the walk-through Inspection on the day before Closing Date or any other time agreeable to the parties; and the tt r survey referenced in Paragraph 10(c) by (atiearfivedays prior to closing If left blank). 112' Buyer (VI) ( ) and Seller) ( ) acknowledge receipt of a copy of this page, which is Page 2 of 8 Pages. FAROS Revelf07 02007 Florida Associate ACTORS" Al Rights Reserved et fnmiginuilirtitv EFTA00305921  113 7. REAL PROPERTY DISCLOSURES: Seller represents that Seller does not know of any facts that materially affect the value 114 of the Property, including but not limited to violations of governmental laws, rules and regulations, other than those that Buyer 115 can readily observe or that are known by or have been disclosed to Buyer. 116 (a) Energy Efficiency: Buyer acknowledges receipt of the energy- efficiency information brochure required by Section 117 553.996, Florida Statutes. tie (b) Radon Gas: Radon is a naturally occurring radioactive gas that, when It has accumulated in a building In sufficient tta quantities. may present health risks to persons who are exposed to it overtime. Levels of radon that exceed federal and 120 state guidelines have been found in buildings In Florida. Additional Information regarding radon and radon testing 121 may be obtained from your county public health unit. Buyer may, within the Inspection Period, have an appropriately 122 licensed person test the Property for radon. II the radon level exceeds acceptable EPA standards. Seller may choose to reduce the radon in level to an acceptable EPA level, failing which either party may cancel this Contract. 124 (e) Flood Zone: Buyer is advised to verity by survey, with the lender and with appropriate government agencies which flood 125 zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and rebuilding 128 in the event of casualty. If the Property is in a Special Flood Hazard Area or Coastal High Hazard Area and the buildings are built 127 below the minimum flood elevation, Buyer may cancel this Contract by delivering written notice to Seller within 20 days from 128 Effective Date, falling which Buyer accepts the existing elevation of the buildings and zone designation of the Property. 129 (d) Homeowners' Association: If membership in a homeowners' association Is mandatory, an association 190 disclosure summary is attached and incorporated into this Contract. 131 BUYER SHOULD NOT SIGN THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE DISCLOSUR 132 E SUMMARY. (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURENT PROPERTY 133 TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT 194 TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSM ENTS OF THE 135 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS 136 CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATIO N. 137 (1) Mold: Moll is part of the natural environment that, when accumulated In sufficient quantities, may present health risks 138 susceptible persons. For more infomiation, contact the county indoor air quality specialist or other appropriate professional. isre (g) Coastal Construction Control Line: If any part of the Property lies seaward of the coastal construction 140 control line as defined in Section 161.053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as required by law 141 delineating the line's location on the Property, unless Buyer waives this requirement in writing. The Property being purchased 142 may be subject to coastal erosion and to federal, state, or local regulations that govern coastal properly, 143 of the coastal construction control line, rigid coastal protection structures, beach nourishment, including delineation and the protection of marine 144 turtles. Additional information can be obtained from the Florida Department of Environmental Protection, 145 there are significant erosion conditions associated with the shoreline of the Property being including whether purchased. 145' ❑ Buyer waives the right to receive a CCCL affidavit or survey. 147 8. MAINTENANCE, INSPECTIONS AND REPAIR: Seller will keep the Property in the same condition 148 closing, except for normal wear and tear ('Maintenance Requirement') and repairs required from Effective Date until by this Contract. Seller will provide 149 access and utilities for Buyer's inspections. Buyer will repair all damages to the Property resulting from the inspections, 150 return the Property to its pre-inspection condition and provide Seller with paid receipts for all work done on Property upon Its 151 completion. If Seller is unable to complete required repairs or treatments or meet the Maintenance Requirement prior to 162 closing, Seller will give Buyer a credit at closing for the cost of the repairs and maintenance Seller was obligated to perform. At 153 closing, Seller wil assign all assignable repair and treatment contracts to Buyer and provide Buyer with paid receipts for all 164 work done on the Property pursuant to the terms of this Contract.. At dosing, Seller will provide Buyer with any written 155 documentation that all open permits have been closed out and that Seller has obtained required permits for improvements to 150 the Property. 157 (a) Warranty, Inspections and Repair: 158 (1) Warranty: Seller warrants that non-leased major appliances and heating, cooling, mechanical, electrical, security, 169 sprinkler, septic, plumbing systems, seawall, dock and pool equipment, if any, are and will be maintained In working 180 condition until dosing; that the structures (including roofs, doors and windows) lot and pool, if any, are structurally sound and watertight; and that torn or missing screens and missing roof tiles wit be repaired or replaced. Seller warrants that 162 all open permits will be dosed out and that Seller will obtain any required permits prior to Closing Date. Seller does not warrant and is not required to repair for improvements to the Property tea cosmetic conditions, unless the cosmetic 164 condition resulted from a defect in a warranted item. Seller is not obligated to bring any item into compliance with 165 existing building code regulations unless necessary to repair a warranted Item. 'Working 1es condition' means operating In the manner in which the item was designed to operate and 'cosmetic conditions" means aesthetic imperfections that 107 do not affect the working condition of the item, Including pitted marcite; tears, worn spots and discoloration of floor 108 coverings/wallpapers/window treatments: nail holes, scratches, dents, scrapes, 169 chips, and caulking in bathroom ceilingAvallstflooring/tilefixtures/mirrors: cracked roof tiles; curling or worn shingles; and minor cracks in floor 170 files/windows/driveways/sidewalks/pool decks/garage and patio floors. 171 (2) Professional Inspection: Buyer may, at Buyer's expense, have warranted items 172 inspected by a person who specializes in and holds an occupational license (if required by law) to conduct home inspections 173 or who holds a Florida license to repair and maintain the items inspected ('professional inspector"). Buyer must, within five days from the end of the 174 Inspection Period, deliver written notice of any items that are not in the condition warranted and a copy of the portion of in* Buyer ( ) and Seller ) ) acknowledge receipt of a copy of Uils page, whidt Is Page 3 of 8 Pages. FAR-9 Rev.4r07 C 2007 Freida AsseeraSo ALTORS. All Rights Reserved ft fnrmslirrinlinitv EFTA00305922  176 inspectors written report dealing with such items to Seller. If Buyer fails to dancer timely written notice, Buyer waives 177 Seller's warranty and accepts the items listed in subparagraph (a) in their as is conditions, except that Seller must meet 178 the maintenance requirement 179 (3) Repair: Seller will obtain repair estimates and is obligated only to make repairs necessary to bring warranted items 180 into the condition warranted, up to the Repair Limit. Seller may, within five days from receipt of Buyer's notice of items ter that are not in the condition warranted, have a second inspection made by a professional Inspector and will report 182 repair estimates to Buyer. If the first and second inspection reports differ and the parties cannot resolve the differences, 183 Buyer and Seller together will choose, and equally split the cost of, a third inspector, whose written report will be 184 binding on the parties. If the cost to repair warranted items equals or is less than the Repair Limit, Seller will have the 185 repairs made in a workmanlike manner by an appropriately licensed person. If the cost to repair warranted items 186 exceeds the Repair Limit, either party may cancel this Contract unless either party pays the excess ter or Buyer designates which repairs to make at a total cost to Seller not exceeding the Repair Limit and accepts the balance of 188 the Property in its "as is' condition. 189 (4) Permits: Seller shall dose out any open permits and remedy any violation of any governmental entity, including 190 but not limited to, obtaining any required permits for improvements to the Property, up to the Permit Limit, and with final 191 inspections completed no later than five days prior to Closing Date. If final inspections cannot be performed due to delays 192 by the governmental entity, Closing Date shall be extended for up to ten days to complete such final inspections, failing 103 which, either party may cancel this Contract and Buyer's deposit shall be refunded. If the cost to dose out open 194 permits or to remedy any violation of any governmental entity exceeds the Permit Limit, either party may cancel the 195 Contract unless either party pays the excess or Buyer accepts the Property in its as is' condition and Seller credits 196 Buyer at dosing the amount of the Permit Limit. 197 (b) Wood-Destroying Organisms: "Wood-destroying organism' means arthropod or plant life, including termites, powder-post 108 beetles, oldhouse borers and wood-decaying fungi, that damages or infests seasoned wood in a structure, exduding fences. 199 Buyer may, Buyer's expense, have the Property inspected by a Florida-licensed pest control business to determine the 200 existence of past or present wood-destroying organism infestation and damage caused by Infestation. If the Inspector finds 201 evidence of infestation or damage. Buyer will deliver a copy of the inspectors written report to Seller within five days from the date 202 of the inspection. If Seller previously treated the Properly for the type of wood-destroying organisms found, Seller does not have 203 to treat the Property again if Ii) there is no visible live infestation, and (ii) Seller transfers to Buyer at closing a anent full treatment 204 warranty for the type of wood-destroying organisms found. Otherwise, Seller will have five days from receipt of the Inspector's 205 report to have reported damage estimated by a licensed building or general contractor and corrective treatment estimated by a 208 licensed pest control business. Seller will have treatments and repairs made by an appropriately licensed person at Seller's 207 expense up to the WDO Repair Limit. If the cost to treat and repair the Property exceeds the WDO Repair Limit, either party may 208 pay the excess, failing which either party may cancel this Contract by written notice to the other. If Buyer (ails to timely deliver the 209 inspector's written report Buyer accepts the Property as is with regard to wood-destroying organism infestation and damage, 210 subject to the maintenance requirement. 211 (c)Walk-through InspectIon/Reinspection: Buyer, and/or Buyer's representative, may walk through the Property solely 212 to verify that Seller has made repairs required by this Contract, has met the Maintenance Requirement and has met 213 contractual obligations. If Buyer, and/or Buyer's representative, fails to conduct this inspection, Seller's repair 214 and Maintenance Requirement will be deemed 11.116060. obligations 215 9. RISK OF LOSS: If any portion of the Property is damaged by fire or other casualty before closing and can be restored by the 216 Closing Date or within 45 days after the Closing Date to substantially the same condition as it was on Effective Date, Seller, 217 will, at Seller's expense, restore the Property and deliver written notice to Buyer that Seller has completed the restoration, and 218 the parties will dose the transaction on the later of: (1) Closing Date; or, (2) 10 days after Buyer's receipt of Seller's notice. 219 Seller will not be obligated to replace trees. If the restoration cannot be completed in time, Buyer may cancel this Contract 220 and Buyer's deposit shall be refunded, or Buyer may accept the Property "as is', and Seller will credit the deductible and 221 assign the insurance proceeds, if any, to Buyer at dosing in such amounts as are @attributable 222 expended In restoring the Property to the same condition as it was on Effective Date. to the Property and (ii) not yet 223 TITLE 224 10. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative or 225 guardian deed as appropriate to Seller's status. 226 (a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in accordance with 227 current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of which prevent residential 228 use of the Property: covenants, easements and restrictions of record: matters of plat existing zoning and government regulations; 229 oil, gas and mineral rights of record if there is no right of entry; current taxes: mortgages that Buyer will assume, and 230 encumbrances that Seller will discharge at or before dosing. Seller will, at least two days prior to dosing, deliver to Buyer Seller's 231 choice of one of the following types of title evidence, which must be generally accepted in the county where the Property is located 232 (specify in Paragraph 5(c) the selected type). Seller will use option (1) in Palm Beach County and option (2) in Miami-Dade County. 233 (1) A title Insurance commitment Issued by a Florida-licensed title insurer in the amount 234 of the purchase price and subject only to title exceptions set forth in this Contract. 235 (2) An existing abstract of title from a reputable and existing abstract firm (if firm Is not existing, then abstract must be 238 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 237' Buyer (1BIV ) ( ) and Seller ( ) acknowledge receipt of a copy of this page, which is Page 4 of 8 Pages. FAR-9 Rev /07 O2007 Florin Assoclato LTORse MRights Resolved form cirrinlirilv EFTA00305923  23e Property recorded in the public records of the county where the Property is located and certified to Effective Date. 23P However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 240 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 241 acceptable to Buyer's dosing agent from the policy effective date and certified to Buyer or Buyer's dosing agent, 242 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to 243 Seller then (1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 244 (b) Title Examination: Buyer will examine the title evidence and deliver written evidence to Seller, within five days from receipt 245 title evidence but no later than Closing Date, of any defects that make the title unmarketable. Seller will have of 30 days from 248 receipt of Buyer's notice of defects ('Curative Period') to cure the defects at Seller's expense. If Seller cures the defects 247 within the Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on Closing 248 Date or within 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the 240 defects within the Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of 250 Seller's notice, either cancel this Contract or accept title with existing defects and dose the transaction. 251 (c) Survey: Buyer may, al Buyer's expense, have the Property surveyed and deliver written notice to Seller, within five days from 252 receipt of survey but no later than dosing, of any encroachments on the Property, encroachments by the Property's 253 improvements on other lands or deed restriction or zoning violations. Any such encroachment or violation will be treated