Residential Sale and Purchase Contract: Comprehensive Addendum
FLORIDA ASSOCIATION OF REALTORS®
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The clauses below will be incorporated into the Contract between __________________________________________ (Seller) |
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and ____________________________________________ (Buyer) concerning the Property described as __________________ |
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___________________________________________________________________________________ only if initialed by all parties: |
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ASSOCIATION DISCLOSURES |
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(_____) (_____) - (_____)(_____) A. Condominium Association: The Property is a condominium which is subject to the rules |
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and regulations of a condominium association (“Association”). If the condominium property is subject to a master |
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Homeowner’s Association, also attach Homeowner’s Association addendum B. Seller’s warranty under Paragraph 8 of the |
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Contract and risk of loss under Paragraph 9 of the Contract or Paragraph H of the Comprehensive Addendum (if applicable) |
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extend to the unit and limited common elements appurtenant to the Property and not to any common elements or any other |
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property. |
11(1) Documents: Seller will, at Seller’s expense, deliver to Buyer the current and complete condominium documents (including question
12and answer sheet, current year-end financial information and any recorded amendments) referenced in subparagraph (9) below no later
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than 3 days from Effective Date (if Buyer has already received the required documents, indicate receipt by initialing here (_____) (_____) |
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Date received __________________, ______). If this Contract does not close, Buyer will immediately return the documents to Seller, failing |
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which Buyer authorizes Escrow Agent to reimburse Seller $__________ from the deposit for the cost of the documents. |
16(2) Association Approval: If the condominium declaration or bylaws give the Association the right to approve Buyer as a
17* purchaser, this Contract is contingent on such approval by the Association. Buyer will apply for approval within _______ days from
18Effective Date and use diligent effort to obtain approval, including making personal appearances and paying related fees if
19required. Buyer and Seller will sign and deliver any documents required by the Association to complete the transfer. If Buyer is
20not approved, this Contract will terminate and Seller will return Buyer’s deposit unless this Contract provides otherwise.
21(3) Right of First Refusal: If the Association has a right of first refusal to buy the Property, this Contract is contingent on the Association
22deciding not to exercise such right. Seller will, within 3 days from receipt of the Association’s decision, give Buyer written notice of the
23decision. If the Association exercises its right of first refusal, this Contract will terminate, Buyer’s deposit will be refunded unless this
24Contract provides otherwise and Seller will pay Broker’s full commission at closing in recognition that Broker procured the sale.
25(4) Application/Transfer Fees: Buyer will pay any application and/or transfer fees charged by the Association.
26* (5) Parking/Boat Slip/Storage Unit: Seller will assign to Buyer at closing parking space(s) #___________; boat slip(s)
27* #___________; and storage unit(s) #___________.
28(6) Fees: Seller will pay all fines imposed against the Unit as of Closing Date and any fees the Association charges to provide information
29about its fees or the Property, and will bring maintenance and similar periodic fees and rents on any recreational areas current as of
30Closing Date. If, after the Effective Date, the Association imposes a special assessment for improvements, work or services, Seller will
31pay all amounts due before Closing Date and Buyer will pay all amounts due after Closing Date. If special assessments may be paid in
32* installments ❏ Buyer ❏ Seller (if left blank, Buyer) shall pay installments due after Closing Date. If Seller is checked, Seller will pay the
33assessment in full prior to or at the time of closing. Seller represents that he/she is not aware of any pending special or other
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assessment that the Association is considering except as follows: _________________________________________________________ |
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___________________________________________________________________________________________________________ |
36Seller represents that he/she is not aware of pending or anticipated litigation affecting the Property or the common elements,
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if any, except as follows: ______________________________________________________________________________________ |
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___________________________________________________________________________________________________________ |
39Seller represents that the current assessments, maintenance, and/or association fees are:
40* $________________ per _________________________ to __________________________________________________________
41* $________________ per _________________________ to __________________________________________________________
42* $________________ per _________________________ to __________________________________________________________
43* and that there ❏ is ❏ is not a recreation or land lease with the Property. If there is a recreation or land lease, the current 44* payment is $_______________ per month.
45(7) Damage to Common Elements: If any portion of the common element is damaged due to fire, hurricane or other casualty before
46closing, either party may cancel the Contract and Buyer’s deposit shall be refunded if (a) as a result of damage to the common
47elements, the Property appraises below the purchase price and either the parties cannot agree on a new purchase price or Buyer
48elects not to proceed, or (b) the Association cannot determine the assessment attributable to the Property for the damage at least 5
49days prior to Closing Date, or (c) the assessment determined or imposed by the Association attributable to the Property for the
50* damage to the common element is greater than $ _____ or % _____ of the purchase price (1.5% if left blank).
51(8) Sprinkler System: IF THE UNIT OWNERS VOTED TO FOREGO RETROFITTING EACH UNIT WITH A FIRE SPRINKLER
52OR OTHER ENGINEERED LIFE SAFETY SYSTEM, SELLER SHALL PROVIDE THE BUYER, BEFORE CLOSING, A COPY
53OF THE CONDOMINIUM ASSOCIATION’S NOTICE OF THE VOTE TO FOREGO RETROFITTING.
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(See Continuation) |
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Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page. |
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FARA-10compressed 1/09 © 2009 Florida Association of REALTORS® All Rights Reserved |
Page _____of Addendum No._____ |
58* (_____) (_____) - (_____)(_____) B. Homeowners’ Association (CONTINUATION)
59SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS
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$_________________ PER _______________. |
61(4) YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR
62SPECIAL DISTRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE.
63(5) YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS’
64ASSOCIATION COULD RESULT IN A LIEN ON YOUR PROPERTY.
65(6) THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY
66USED FACILITIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS’ ASSOCIATION. IF APPLICABLE, THE
67* CURRENT AMOUNT IS $_________________ PER _____________.
68(7) THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL
69OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS.
70(8) THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A
71PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING
72DOCUMENTS BEFORE PURCHASING PROPERTY.
73(9) THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD
74OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED
75FROM THE DEVELOPER.
76Buyer acknowledges receipt of this summary before signing this Contract.
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BUYER |
Date |
BUYER |
Date |
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Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page. |
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FARA-10compressed 1/09 © 2009 Florida Association of REALTORS® All Rights Reserved |
Page _____of Addendum No._____ |
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The clauses below will be incorporated into the Contract between ____________________________________________ (Seller) |
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and ____________________________________________ (Buyer) concerning the Property described as __________________ |
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_________________________________________________________________________________ only if initialed by all parties: |
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PROPERTY |
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(_____) (_____) - (_____)(_____) H. As Is With Right to Inspect: This clause replaces Paragraphs 6 and 8 of the Contract but |
6does not modify or replace Paragraph 9. Paragraph 5(a) Repair, WDO and Permit Limits are 0%. Seller makes no warranties
7 other than marketability of title. Seller will keep the Property in the same condition from Effective Date until closing, except for
8 normal wear and tear (“Maintenance Requirement”), and will convey the Property in its “as is” condition with no obligation to 9* make any repairs. Buyer may, at Buyer’s expense, by ______________________, _______ (“Inspection Period”) (within 10 days 10 from Effective Date if left blank) make any and all inspections of the Property. The inspection(s) will be by a person who 11 specializes in and holds an occupational license (if required by law) to conduct home inspections or who holds a Florida license 12* to repair and maintain the items inspected. Buyer may cancel this Contract by delivering written notice to Seller within ____ days 13 (within 5 days if left blank) from the end of the Inspection Period if the cost of treatment and repairs estimated by Buyer’s 14* inspector(s) is greater than $_______________ ($250.00 if left blank) or if Buyer’s inspection(s) reveal open permits or that 15 improvements have been made to the Property without required permits. For the cancellation to be effective, Buyer must include 16 in the written notice a copy of the portions of the inspector’s written report dealing with the items to be repaired, and treatment 17 and repair estimates from the inspector or person(s) holding an appropriate Florida license to repair the items inspected or any 18 written documentation of open permit(s) or permit(s) that have not been obtained if a permit is required. Any conditions not 19 reported in a timely manner will be deemed acceptable to Buyer. If Buyer fails to timely conduct any inspection which Buyer is 20 entitled to make under this paragraph, Buyer waives the right to the inspection and accepts the Property “as is.” Seller will 21 provide access and utilities for Buyer’s inspections. Buyer will repair all damages to the Property resulting from the inspections 22 and return the Property to its pre-inspection condition. Buyer and/or Buyer’s representative may, on the day before Closing Date 23 or any other time agreeable to the parties, walk through the Property solely to verify that Seller has fulfilled the Maintenance 24 Requirement and the contractual obligations.
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(_____) (_____) - (_____)(_____) I. Inspections (check as applicable) |
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❏ (1) Self-Inspection: Buyer and Seller agree that unlicensed persons, including the parties themselves, may conduct |
27the inspections (except for Buyer’s wood-destroying organism inspection) permitted in Paragraph 8 of the Contract or
28Paragraph H of this Addendum. However, if the inspection findings differ and the parties cannot resolve the differences,
29Buyer and Seller together will choose, and will equally split the cost of, a professional inspector as defined in Paragraph 8
30of the Contract whose report will be binding on the parties.
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❏ (2) Right to Cancel Based on Inspection Results: Within the Inspection Period provided in Paragraph 6 of the |
32Contract, Buyer will, at Buyer’s sole expense, complete any desired inspections of the Property in addition to those
33referenced in Paragraphs 7 and 8(a)(2). If Buyer is for any reason unhappy with a condition of the Property noted in the
34inspection results, Buyer may cancel the Contract by delivering written notice to Seller along with a copy of the
35inspection results within 2 days from the end of the Inspection Period, and Buyer will, at Buyer’s sole expense,
36immediately repair all damage resulting from Buyer’s inspections and restore the Property to its pre-inspection condition;
37this obligation will survive termination of the Contract. If the Contract is not cancelled, the parties’ obligations remain as
38specified in the Contract. This Paragraph does not modify or replace the rights and obligations of the parties under
39Paragraph 9 of the Contract.
40* (_____) (_____) - (_____)(_____) J. Insulation Disclosure (New Homes Only): Insulation has been or will be installed in the new
41residence as follows:
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Location |
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Manufacturer R-Value |
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Interior Walls |
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Flat Ceiling Area |
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Sloped Ceiling Area |
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Common Walls Between House & Garage |
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Exterior Walls |
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Other ___________________________ |
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Buyer (_____) (_____) and Seller (_____) (_____) acknowledge receipt of a copy of this page. |
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FARA-10compressed 1/09 © 2009 Florida Association of REALTORS® All Rights Reserved |
Page _____of Addendum No._____ |