Tallahassee Board Of Realtors Contract Form PDF Details

The Tallahassee Board of Realtors Contract for Sale and Purchase form is a comprehensive document that outlines the agreements between the seller and the buyer for the sale of real estate property. It meticulously details the parties involved, the legal description and address of the property, terms of closing and possession, inclusions of personal property, and financial specifics such as the method of payment, initial deposit, and responsibilities for various expenses. Furthermore, it delves into protocols for handling expenses, methods of financing, and allocation of costs between buyer and seller, setting clear expectations for both parties. Other essential aspects covered include property conditions, necessary inspections, risk of loss, and maintenance up to the point of possession or closing. The form also addresses the importance of obtaining an appraisal, the implications of wood-destroying organisms inspections, and outlines procedures for addressing any defects found during property inspections. Ensuring the condition of the property is maintained and specifying how and when risk of loss is transferred are delineated to safeguard the interests of all involved. Title evidence, special assessment liens, and if applicable, leased property protocols, are meticulously laid out, providing a clear path forward for handling these critical elements. Overall, the contract serves as a binding agreement that meticulously details every facet of the sale and purchase process, aiming to minimize misunderstandings and provide a smooth transition of property ownership.

QuestionAnswer
Form NameTallahassee Board Of Realtors Contract Form
Form Length7 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 45 sec
Other namestallahassee board form, tallahassee board purchase, board contract sale, tallahassee board agree

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Tallahassee Board of REALTORS®, Inc.

CONTRACT FOR SALE AND PURCHASE

1PARTIES:__________________________________________________________________________________hereinafter called SELLER and

2________________________________________________________________________________ or assignees, hereinafter called BUYER,

3hereby agree that the SELLER shall sell and the BUYER shall buy the following property upon the terms and conditions hereinafter set forth.

41. LEGAL DESCRIPTION of real estate: Lot _______ Block ________ Subdivision _____________________________________________

5

Unit_________ located in _______________________________County, Florida.

̌

Metes and Bounds legal description attached.

62. PROPERTY ADDRESS (Include ZIP Code):__________________________________________________________________________

73. CLOSING AND POSSESSION: This contract shall be closed and the deed delivered on or before_____________________________ ,

8unless extended by other provisions of this contract. POSSESSION OF THE PROPERTY SHALL BE DELIVERED TO BUYER AT

9CLOSING. If occupancy is to be delivered prior to closing, BUYER shall:

10A. Be deemed to have accepted property in its existing condition as of occupancy unless addressed by other provisions of this contract

11B. Assume risk of loss for personal possessions

12C. Hold SELLER and Brokers harmless for any claims for injury to BUYER or any other person, and

13D. Be responsible for maintenance of property.

144. PERSONAL PROPERTY INCLUDED IN PURCHASE PRICE (adds no value for mortgage loan or appraisal purposes)

15All fixed equipment, fixtures, and the following non-fixed items on property on date of contract are included: ______________________

16______________________________________________________________________________________________________________

17______________________________________________________________________________________________________________

18______________________________________________________________________________________________________________

19______________________________________________________________________________________________________________

20______________________________________________________________________________________________________________

215. METHOD OF PAYMENT: Initial deposit in the amount of $______________________________ to be held in trust, along with any

22additional deposits, by: _____________________________________________________________________________________________

23

A.

Amount of initial deposit applicable to down payment

$_____________________

24

B.

An additional deposit in the amount of

$_____________________

25shall be due on or before the following date: _____________________________. If said sum is not

26timely received BUYER shall be in default. At time of closing deposit in excess of down payment

27will be applied to other costs of BUYER, or refunded if in excess of required down payment and costs.

28

C.

New third party financing (see Clause #8)

̌

Conventional

̌

FHA

̌

...............................................VA

$_____________________

29

D.

Assumption of mortgage (see Clause #8C) having an approximate principal balance of

$_____________________

30

E.

Purchase money note and mortgage from BUYER to SELLER (see Clause #8D)

$_____________________

31

F.

Other:

$_____________________

32

G.

Approximate balance of down payment to close (not including BUYER’s closing expenses)

$_____________________

33MONIES DUE AT CLOSING SHALL BE TENDERED IN CERTIFIED FUNDS

34

TOTAL PURCHASE PRICE

$ ________________________

 

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Initials: ______________

______________

 

 

______________

______________

356. EXPENSES: If SELLER has agreed to pay any of BUYER’s costs, BUYER agrees to pay advance costs and be reimbursed by SELLER

36at time of closing.

37

 

BUYER SHALL PAY FOR THE FOLLOWING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

̌

 

 

Owner’s Title Insurance (primary issue) plus Fees

 

̌

 

 

 

 

 

Any loan costs required by Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39

 

̌

 

 

Mortgagee’s Title Insurance (simultaneous issue) plus Endorsements

̌

 

 

 

 

 

Any loan costs in excess of SELLER’s contribution

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40

 

̌

 

One half of all Title Insurance Costs

 

̌

 

 

Prepaid Interest, Taxes, Hazard Insurance &

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

̌

 

 

Loan Origination Fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homeowner Dues

 

 

 

 

 

 

Loan Discount Points

 

 

 

 

 

 

̌

 

 

 

 

Prepaid Mortgage Insurance

42

 

̌

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible Tax on Mortgage(s)

 

 

 

 

 

 

̌

 

 

BUYER’s Attorney’s Fees (if any)

43

 

̌

 

 

 

 

 

44

 

̌

 

Documentary Stamps on Note(s)

 

̌

Home Warranty not to exceed $_______________.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Destroying Organisms Inspection(s)

45

 

̌

 

 

 

Recording Fees

 

 

 

 

 

 

̌

46

 

̌

 

 

 

Credit Report

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

not to exceed $_____________

47

 

̌

 

 

 

Appraisal Fee(s)

 

 

 

 

 

 

̌

 

 

___________________________________________

48

 

̌

Survey

 

 

 

 

 

 

̌

 

___________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49

 

̌

 

Flood Certification Letter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50

 

SELLER SHALL PAY FOR THE FOLLOWING:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage Fee

 

 

 

 

 

 

̌

 

 

FHA/VA costs required of SELLER

51

 

̌

 

 

 

 

 

 

 

 

̌

 

 

 

 

 

 

 

 

 

 

 

Allowable costs on behalf of BUYER not to exceed

52

 

Documentary Stamps on Deed

 

 

 

 

 

 

̌

 

 

 

 

 

Mortgage Satisfaction & Recording Fees

 

 

 

 

 

 

 

 

 

 

$__________________ to be applied in the following

53

 

̌

 

 

 

 

 

 

 

 

 

 

 

54

 

̌

 

Any Applicable Prepayment Penalty

 

 

 

 

 

 

 

 

 

 

order (to items checked) until funds expended:

55

 

̌

 

SELLER’s Attorney’s Fees (if any)

 

 

 

 

 

 

 

 

 

 

̌

 

 

FHA/VA Costs required of SELLER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56

 

̌

Wood Destroying Organisms Inspection(s) not to exceed

 

 

 

 

 

 

 

 

 

 

̌

 

Prepaids

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount Points

57

$___________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

̌

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Any other costs including those Buyer has agreed

58

 

̌

Wood Destroying Organisms Treatment/Repairs not to

 

 

 

 

 

 

 

 

 

 

̌

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59

 

 

 

 

 

exceed

̌

$________________

 

̌

see Clause #11

 

 

 

 

 

 

 

 

 

 

 

 

 

to pay for in Clause #6 above

 

 

 

 

 

 

 

 

 

 

Repairs & Replacements required by LENDER (not

60

 

̌

 

Owner’s Title Insurance (primary issue) plus Fees

 

̌

61

 

̌

 

Mortgagee’s Title Insurance (simultaneous issue)

 

 

 

 

 

 

 

 

 

 

including WDO treatment/repairs) not to exceed

62

 

 

 

 

 

plus Endorsements

 

 

 

 

 

$___________________

63

 

̌

One half of all Title Insurance Costs

 

̌

___________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

 

̌

Survey

 

 

 

 

 

 

̌

___________________________________________

 

 

 

 

 

Home Warranty not to exceed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65

 

̌

$__________________.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66

 

THE FOLLOWING TO BE ORDERED BY: BUYER

SELLER

67

 

 

 

 

 

Title Insurance

 

 

 

̌

̌

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68

 

 

 

 

 

Survey

 

 

 

̌

 

̌

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

WDO Inspection(s)

 

 

 

̌

̌

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

Home Warranty

 

 

 

̌

̌

 

 

 

 

 

 

 

 

 

717. PRORATIONS: All taxes for the current year, rents, interest and other income and expenses of property and homeowner’s association

72dues shall be prorated as of date of closing. As to prorations, the day of closing shall belong to BUYER. If information as to current

73year’s taxes is not available at the time of closing, taxes shall be prorated on the basis of the prior year’s gross taxes with regard to

74applicable exemptions, provided the proration shall be adjusted at the request of either party when the tax bill for the year of closing

75becomes available. All prorations shall be adjusted to the cash due at closing.

768. FINANCING:

77A. ̌ BUYER warrants to SELLER that BUYER has made loan application within the preceding 60 days and BUYER has a current

78mortgage loan approved for the amount stipulated in Clause #5C. This contract is not contingent upon financing, with the

79exception that any provision checked in Clause #9 pertaining to appraisal shall still be applicable. BUYER shall pay for and order

80appraisal within 10 days of contract.

81B. ̌ NEW THIRD PARTY FINANCING: BUYER shall have 10 days from date of contract to secure to BUYER’S satisfaction new

82third party financing as stipulated in clause #5C (plus any applicable FHA MIP or VA funding fees). Once the 10 day period passes,

83if BUYER has not notified SELLER of BUYER’S desire to void contract due to financing reasons, contract will no longer be

84contingent on financing, with the exception that any provision checked in Clause #9 pertaining to appraisal shall still be

85applicable. At any time within the 10 days BUYER may void contract and receive a full refund of deposit upon written notice to

86SELLER that BUYER can not obtain financing satisfactory to BUYER. If BUYER has not already made loan application prior to

87contract, BUYER will make complete loan application no later than 10 days from date of contract. FAILURE TO MAKE

88COMPLETE LOAN APPLICATION, WHICH INCLUDES PAYING FOR AND ORDERING OF APPRAISAL AND CREDIT

89REPORT, WITHIN TEN (10) DAYS SHALL CONSTITUTE DEFAULT BY BUYER.

90The following option applies:

91̌ BUYER has made loan application prior to contract and shall pay for and order appraisal within 10 days of date of contract.

92̌ BUYER has not yet made loan application but will do so per the terms stated above.

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Initials: ______________

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938. FINANCING: (Continued)

94C. ̌ ASSUMPTION OF MORTGAGE: ̌ with qualifying ̌ without qualifying... ̌ adjustable interest rate ̌ fixed interest rate,

95in favor of ___________________________ bearing interest at __________% per annum payable $____________ ̌PI or ̌ PITI

96per month. This contract ̌ is ̌ is not contingent upon release of liability of SELLER from all mortgages assumed. SELLER shall

97furnish a status letter from each mortgagee setting forth the principal balance, escrow balance, method of payment, and the

98standing of each mortgage within 5 days from date of contract. BUYER shall make application for assumption, if required by

99SELLER or lender, within 10 days from the date of this contract. On assumption, BUYER will pay any mortgage charge for change

100of ownership and purchase escrow account. If BUYER is denied credit commitment, BUYER must notify SELLER within 2 days

101of intent to void contract, provide lender documentation of credit commitment denial, and request a refund of deposit, unless

102provision to obtain credit commitment is extended in writing by BUYER and SELLER.

103THE SELLER ISADVISED TO SEEK LEGAL COUNSEL CONCERNING SELLER’S LEGAL LIABILITY UPON ASSUMPTION.

104D. ̌ SELLER FINANCING: Purchase money note and mortgage from BUYER to SELLER bearing interest at _____________% per

105annum for a term of ____________ years, payable $ _________________ PI, per ________________.

106̌ This is a balloon mortgage with final payment of remaining principal balance to be due with _______ payment. Purchase

107money mortgage and note to SELLER shall provide for the following: A) Insurance against loss by fire, with extended coverage,

108in an amount not less than the total amount of all mortgages or 80% of replacement value, whichever is greater. Mortgagee shall

109be named as loss payee; B) Acceleration, at the option of the holder, after 30 days default if a first mortgage and after 15 days

110default if a second mortgage; C) If a payment is received more than 15 days late, a late charge of 5% of the payment is applicable;

111D) The maintenance in good standing of all prior liens; E) The right of a mortgagor to prepay all or part of the principal at any time

112with interest to date of payment without penalty; F) Prior written consent of mortgagee to any additional advances from superior

113mortgage holders; G) All sums outstanding under the mortgage shall be due in full on resale of the property.

1149. APPRAISAL: BUYER IS ADVISED TO HAVE AN APPRAISAL ON ALL TRANSACTIONS.

115̌ FHA: It is expressly agreed that notwithstanding any other provisions of this contract, the BUYER shall not be obligated to

116complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise

117unless the BUYER has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing

118Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the property not less than

119$_______________________. The BUYER shall have the privilege and option of proceeding with consummation of the contract

120without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage

121the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the property. The

122BUYER should satisfy himself/herself that the price and condition of the property are acceptable.

123̌VA: It is expressly agreed that, notwithstanding any other provisions of this contract, the BUYER shall not incur any penalty by

124forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract to

125purchase price or costs exceeds the reasonable value of the property established by the Veterans Administration. The BUYER shall,

126however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of

127reasonable value established by the VA.

128̌CASH, SELLER FINANCING, OTHER NEW THIRD PARTY FINANCING:

129A. If cash or SELLER financing, BUYER shall select and order an appraisal by a State Licensed or State Certified Appraiser to be

130

ordered within 10 days from date of contract or by date of closing, whichever occurs first. If new third party financing, BUYER

 

131

shall provide for appraisal as per Clause #8.

 

132B. If appraisal sets forth the appraised value of less than purchase price, BUYER shall:

133

1.

Have the option of proceeding with consummation of the contract without regard to the amount of the appraised valuation; or

134

2.

Void contract if BUYER and SELLER cannot come to a mutually agreeable sales price by providing SELLER with written

135

 

notice of cancellation along with proof of under valuation within 3 days from receipt of appraisal at which time BUYER

136

 

shall receive a refund of all deposits.

137C. BUYER shall be deemed to have waived BUYER’s right under this clause if BUYER fails to have an appraisal, or provide

138

SELLER written notice of cancellation of contract due to appraised valuation being less than purchase price and provide proof

139

of under valuation within time requirement.

14010. SURVEY: BUYER IS ADVISED TO HAVE A SURVEY ON ALL TRANSACTIONS. If survey shows an encroachment or

141excroachment, it shall be treated as a title defect.

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Initials: ______________

______________

 

______________

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14211. WOOD DESTROYING ORGANISMS INSPECTION: A Wood Destroying Organism Inspection Report certified to BUYER and SELLER,

143will be performed within 30 days prior to closing by a state licensed pest control firm showing all buildings on the premises to be visibly free

144of infestation and/or damage by termites, any wood destroying insects and/or wood destroying organisms (sometimes referred to, but not

145limited to, wood rot).

146A. If report shows infestation and/or damage, SELLER shall treat the infestation and/or repair the damage up to the amount provided

147in Clause #6, or if none stipulated, up to 2% of purchase price; or

148B. If the amount required for treatment and/or repairs is in excess of amount provided in Clause #6, and SELLER agrees to remedy

149and/or repair, BUYER agrees to complete purchase. However, if the amount required for treatment and/or repairs is in excess of 3%

150of purchase price, and even if SELLER is willing to make necessary treatment and/or repairs, BUYER may terminate contract with

151written notice to SELLER within 5 days of receipt of WDO report and repair estimate if damage exists, and receive a refund of

152deposit; or

153C. If the amount required for treatment and/or repairs is in excess of the amount provided and SELLER will not remedy and/or repair,

154BUYER shall have the right to accept the property without regard to infestation and/or damage with SELLER paying toward

155treatment and/or repairs up to amount provided in Clause #6; or BUYER may terminate this contract and receive a refund of deposit.

15612. CONDITION OF PROPERTY; INSPECTIONS: BUYER ACKNOWLEDGES THAT BUYER HAS NOT RELIED UPON ANY

157REPRESENTATIONS MADE BY BROKER(S) AS TO THE CONDITION OF THE PROPERTY. SELLER acknowledges that any known

158facts concerning the condition of the property have been disclosed to the BUYER and Brokers. SELLER agrees to provide immediate access

159and all utilities for BUYER’S inspections. If BUYER fails to make inspections, or deliver timely written notice within 10 days from

160date of contract, BUYER shall be deemed to have waived all rights to do so and agrees to accept the property in its current condition,

161except that SELLER is required to maintain property in the same condition as at time of contract and if ‘A’ below is checked, warrant

162that heating, cooling, electrical, plumbing, appliances, well, septic tank and systems, sprinkler systems, owned or leased security

163system, pool and spa will be in proper working condition on the day of closing or possession, whichever occurs first, unless otherwise

164agreed upon by other provisions of this contract or addenda. At time of closing, SELLER agrees to provide copies of invoices of all

165repairs made to property by third party persons within 90 days preceding closing date. BUYER and SELLER agree to the following if checked:

166A. ̌ Within 10 days from the date of contract, or 10 days prior to closing of houses under construction, BUYER a) Is responsible

167

for having the property inspected by a state or county licensed person(s) dealing in repair, construction, or inspection, to

168

determine if there are defects; b) Shall have the right to have a radon test performed by a licensed tester. Acceptable results

169

of such test will be deemed to be less than 4.0 pica-curies per liter as suggested by the Environmental Protection Agency;

170

c) Shall have the right to determine if there are any hazardous materials in, on, or about the property. Hazardous materials

171

may include but shall not be limited to: lead based paint, asbestos materials, or buried oil, fuel or other storage tanks, and,

172

d) Shall have the right to obtain a Flood Certification Letter to verify property is not located in a Special Flood Hazard Area

173

requiring flood insurance. Cost of said inspections to be paid by BUYER. If inspection(s) reveal any defects unacceptable to

174

BUYER, BUYER shall provide SELLER written notice on the Tallahassee Board of REALTORS “Inspection Addendum”

175

form, hereinafter referred to as Inspection Addendum, within 10 days from date of contract, advising SELLER what action

176

BUYER desires to take per following options and include copy of report(s) from persons licensed in repair or inspection of

177

those items. SELLER is not required to repair cosmetic conditions or imperfections that do not affect the working condition

178

of the item, unless the cosmetic condition resulted from a defect in a warranted item. SELLER is not obligated to bring any

179

item into compliance with current building code regulations unless necessary to repair a warranted item.

 

180

1. WARRANTED ITEMS: SELLER agrees to have in proper working condition on the day of closing or possession, whichever

181

occurs first, the heating, cooling, electrical, plumbing, appliances, well, septic tank and systems, sprinkler systems,

182

owned or leased security system, pool, and spa.

 

 

183

2. NON-WARRANTED ITEMS: (All items other than those addressed in Clauses #11 and #12.A.1 above)

 

184

a. In the event there are defects in non-warranted items, BUYER shall have the option of one of the following:

185

1. Accept property in current condition and proceed to closing; or

 

186

2. Terminate contract by notifying SELLER in writing within 10 days from date of contract on Inspection Addendum

187

and receive a refund of deposit; or

 

 

188

3. Request repairs/remedies in writing on Inspection Addendum.

 

189

b. Upon receipt of Inspection Addendum, SELLER shall respond in writing with one of the following:

 

190

1. Agree to repair/remedy as per BUYER’s written request; or

 

191

2. Reject BUYER’s request to repair/remedy non-warranted items by responding in writing on Inspection Addendum; or

192

3. Respond to BUYER in writing on Inspection Addendum which repairs/remedies SELLER is willing to make on non-

193

warranted items.

 

 

194

Should SELLER fail to make written response within

5 days after receipt of BUYER’s request, SELLER shall be

195

deemed to have agreed to make all repairs requested by BUYER.

 

196

c. BUYER shall have the option of one of the following if SELLER does not agree to repairs as requested:

197

1. Accept SELLER’s proposal; or

 

 

198

2. Notify SELLER of intent to terminate contract on Inspection Addendum and receive a refund of deposit; or

199

3. Make a counter proposal on Inspection Addendum, which reverts parties to Clause #12.A.2.b until agreement, or

200

contract can be terminated by either party, in writing, in which case BUYER will receive a refund of deposit.

201

Should BUYER fail to make a written response within 5 days from SELLER’s written response, BUYER shall be

202

deemed to have accepted proposal.

 

 

 

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Initials: ______________

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20312. CONDITION OF PROPERTY; INSPECTIONS (Continued)

204

BUYER reserves the right to do a final walk through inspection prior to BUYER’s possession or closing, whichever occurs first,

205

to verify SELLER has made repairs required and has met the maintenance requirement. If BUYER fails to do final walk

206

through, or notify SELLER in writing of any items not maintained or repaired as required, BUYER agrees to accept property in

207

current condition. If contract fails to close BUYER will repair all damages to the Property resulting from BUYER’s inspections,

208

other than Wood Destroying Organism Inspection, and return the Property to its pre-inspection condition.

209B. ̌ SELLER agrees to deliver the property in its present “as is” condition

210

1.

̌

with the exception of Wood Destroying Organism letter as per Clause #11.

 

 

 

 

 

211

2

̌

 

BUYER may have Property inspected by a state or county licensed person(s) dealing in repair, construction, or inspection

212

 

 

 

to determine if there are any defects. If results are unacceptable to BUYER, BUYER must notify SELLER in writing

213

 

 

 

within 10 days from date of contract advising of termination of contract, include copy of report(s), and receive a refund

214

 

 

 

of deposit.

 

3.

 

BUYER acknowledges that BUYER has inspected the property prior to signing this contract and waives the right to do

215

̌

 

216

 

 

 

any further inspections.

217

BUYER reserves the right to do a final walk through inspection prior to BUYER’s possession or closing, whichever occurs first,

218

to verify SELLER has made repairs required and has met the maintenance requirement. If contract fails to close, BUYER will

219

repair all damages to the Property resulting from BUYER’S inspections, other than Wood Destroying Organism Inspection, and

220

return the Property to its pre-inspection condition.

22113. MAINTENANCE: SELLER shall maintain property, including items repaired/remedied, lawn, shrubbery, pool, and other improvements,

222if any, until BUYER’s possession or closing, whichever occurs first, in the same condition as at time of contract, ordinary wear and tear

223excepted unless otherwise agreed to by other provisions of this contract.

22414. RISK OF LOSS: The risk of loss or damage to the property is assumed by SELLER until closing. If property is damaged in excess of

2253% of purchase price, BUYER shall have the option to void this contract and receive a refund of deposit. If property is damaged less

226than 3% of purchase price, SELLER shall restore property within 15 days to original condition as of the date of the contract and

227proceed to closing. SELLER will notify BUYER, in writing, if property cannot be restored within 15 days. BUYER will then notify

228SELLER, in writing, of intent to terminate contract unless BUYER and SELLER agree to extend this provision in writing.

22915. EVIDENCE OF TITLE; DOCUMENTS; RESTRICTIONS; EASEMENTS: Per Clause #6, party ordering title insurance shall order

230from a Florida licensed title insurer, for delivery to the proposed title insured, a title binder to be followed by a title insurance policy

231upon recording of conveyance. Said policy(s) to insure the title to that real property, subject only to liens, encumbrances, exceptions

232or qualifications set forth in this contract and those which shall be discharged at or before closing. If a defect in title is discovered,

233SELLER shall have 15 days from receipt of notice of said defect within which to clear same at SELLER’s expense. If any such title

234defect cannot be cured within the 15 days, BUYER shall have the option of accepting the title as is or receiving a refund of deposit.

235BUYER IS ADVISED TO HAVE OWNER’S TITLE INSURANCE ON ALL TRANSACTIONS. Title to real property shall be

236conveyed by WARRANTY DEED unless otherwise agreed in writing. SELLER represents that SELLER has legal authority and

237capacity to convey title to the property with all improvements. SELLER shall furnish to BUYER a SELLER’s lien affidavit that there

238have been no improvements to subject property for 90 days preceding date of closing for which a lien could be filed. If subject property

239has been repaired within 90 days preceding closing date, the SELLER shall deliver SELLER’s lien affidavit indicating payment of all

240sums owed. If closing company charges for preparation of deed and/or lien affidavit, cost of preparation shall be paid for by party

241choosing closing company. Upon request, copies of all documents shall be furnished at least 24 hours prior to closing. BUYER agrees

242to take title to the property subject to any assumed mortgage(s), purchase money mortgage(s), taxes for the current and subsequent

243years, special assessments and those accruing hereafter, zoning and other governmental restrictions, plat restrictions and qualifications,

244public utility easements, and restrictive covenants of record.

24516. SPECIAL ASSESSMENT LIENS: Special assessment liens as of the date of closing are to be paid by SELLER. Pending assessment(s)

246as of date of closing shall be assumed by BUYER, provided, however, that where the improvement has been substantially completed

247as of date of the contract, such pending assessment(s) shall be considered a lien and SELLER shall be charged at closing an amount

248equal to the last estimate of the improvement assessment. Any pending assessment lien not disclosed to BUYER in writing prior to final

249execution of contract shall permit BUYER to void this contract and receive a refund of deposit, unless paid by SELLER in full prior to or

250at time of closing.

25117. ̌ LEASED PROPERTY: SELLER shall furnish to BUYER copies of all written leases, or estoppel letters from any persons without

252written occupancy agreements, within 5 days from date of contract. Estoppel letters shall specify the nature and duration of occupancy,

253and verify all rents and rental deposit monies. If leases or estoppel letters are not received, or are unacceptable, BUYER may terminate

254contract by notifying SELLER in writing within 10 days from date of contract and receive a refund of deposit. All rental deposit

255monies and advance rents shall be transferred to BUYER at closing.

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Initials: ______________

______________

 

______________

______________

25618. HOMEOWNERS’ASSOCIATION/COMMUNITY DISCLOSURE: IF THE DISCLOSURE SUMMARY REQUIRED BY FLORIDA

257STATUTES HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT

258FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER’S AGENT WRITTEN

259NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY

260OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS

261NO EFFECT. BUYER’S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING.

262̌ BUYER has been provided above referenced disclosure

263̌ See contingency in Buyer’s Disclosures attached.

26419. FAILURE OF PERFORMANCE: If BUYER fails to perform this contract within the time specified (including payment of all deposits)

265the deposit paid by BUYER may be retained by or for the account of SELLER as agreed upon liquidated damages, consideration for

266the execution of this contract and in full settlement of any claims; whereupon BUYER and SELLER shall be relieved of all obligations

267under contract; OR SELLER at SELLER’s option, may proceed to enforce SELLER’s rights by seeking specific performance. If, for

268any reason other than failure of SELLER to make SELLER’s title marketable after diligent effort, SELLER fails, neglects or refuses to

269perform this contract, the BUYER may seek specific performance or elect to receive the return of BUYER’s deposits without thereby

270waiving any action for damages resulting from SELLER’s breach.

27120. ATTORNEY FEES AND COSTS: In connection with any litigation, including appeals, arising out of this contract, the prevailing

272party shall be entitled to recover all costs incurred, including reasonable attorney fees.

27321. ADDENDUM attached, which upon execution by both parties are made an integral part of this Contract for Sale and Purchase:

274T Buyer’s Disclosures which BUYER acknowledges signing prior to contract execution.

275̌ Tallahassee Board of Realtor’s Special Clause Addendum

276̌ Insulation Rider (new residence only)

277̌ Lead Base Paint Disclosure (if built prior to 1978)

278̌ FHA Inspection Rider

279̌ Condominium Riders

280̌ #_______ Additional Riders described as follows:

281_______________________________________________________________

282_______________________________________________________________

28322. SPECIAL CLAUSES: ___________________________________________________________________________________________

284______________________________________________________________________________________________________________

285______________________________________________________________________________________________________________

286______________________________________________________________________________________________________________

287______________________________________________________________________________________________________________

288______________________________________________________________________________________________________________

289______________________________________________________________________________________________________________

290______________________________________________________________________________________________________________

291______________________________________________________________________________________________________________

292______________________________________________________________________________________________________________

293______________________________________________________________________________________________________________

294______________________________________________________________________________________________________________

295______________________________________________________________________________________________________________

296______________________________________________________________________________________________________________

297______________________________________________________________________________________________________________

298______________________________________________________________________________________________________________

299______________________________________________________________________________________________________________

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Initials: ______________

______________

 

______________

______________

30023. TYPEWRITTEN; WRITTEN; OTHER AGREEMENTS; FACSIMILE:All parties of this contract, and Brokers and Sales Associates, by

301signatures below, do hereby certify that the terms stated in this agreement are true to the best of their knowledge and belief. Upon

302final execution by all parties, this contract constitutes the sole and entire agreement between the parties hereto and no other

303agreement exists except those in writing, signed, or initialed and dated by all parties. Typed or written provisions inserted in this

304contract, or amended by attached addenda, shall control all printed provisions in conflict, and the placement of “X” or “R” within a

305box shall make the provision applicable. If communication is transmitted by facsimile (FAX), execution shall be considered

306binding by parties for the purpose of this contract, any addendum, and any future addenda to this contract.

30724. THIS IS A LEGALLY BINDING CONTRACT. IF YOU DO NOT FULLY UNDERSTAND IT, SEEK THE ADVICE OF A REAL ESTATE

308ATTORNEY PRIOR TO SIGNING. THIS CONTRACT SHALL NOT BE RECORDED.

30925. TIME FOR ACCEPTANCE; DATE OF CONTRACT: If this agreement is not executed by SELLER and BUYER prior to

310(__________ M) on __________________________, the deposit shall be returned to BUYER and this offer shall be null and void.

311The date of this contract shall be the date when the last party dated and signed or dated and initialed acceptance of the final offer,

312either by fax or original.If final faxed copy and original contract have different dates, the earliest date shall be the date of the contract.

31326. TIME IS OF THE ESSENCE IN THIS AGREEMENT. ALL REFERENCES TO TIME FRAMES SHALL BE CALENDAR DAYS

314INCLUDING WEEKENDS AND HOLIDAYS.

315_____________________________________________________ ____________________________________________________

 

BUYER

SELLER

316

_____________________________________________________

____________________________________________________

 

DATE

DATE

317

Social Security or Tax I.D. # __________________________________

Social Security or Tax I.D. #__________________________________

318

_____________________________________________________

____________________________________________________

 

BUYER

SELLER

319

_____________________________________________________

____________________________________________________

 

DATE

DATE

320

Social Security or Tax I.D. # __________________________________

Social Security or Tax I.D. #__________________________________

321By signature below Selling Sales Associate acknowledges receipt of initial deposit of $______________________ (if check, subject to

322clearance). It shall be held in trust pending disbursement according to terms hereof, together with all additional deposits held in trust by

323terms of this contract. Failure of clearance of deposits shall not excuse performance by BUYER. If disbursement instructions from

324BUYER and SELLER are in conflict, Broker is obligated to seek remedy as per F.S. 475.25 for funds held in Broker’s Trust Account.

325_________________________________________________ For:_____________________________________ _______________________________

SELLING SALES ASSOCIATE (PRINT NAME)

COMPANY (PRINT)

PHONE

326_________________________________________________________________________________________ ______________________________

SELLING SALES ASSOCIATE SIGNATURE

DATE

327________________________________________________ For:____________________________________ ______________________________

LISTING SALES ASSOCIATE (PRINT NAME)

COMPANY (PRINT)

PHONE

328_________________________________________________________________________________________ ______________________________

LISTING SALES ASSOCIATE SIGNATURE

DATE

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©1997, Tallahassee Board of REALTORS® , Inc . Rev. 06-04-5 [20]

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