Fort Walton Beach Ordinance — 2039--100 Ready Avenue--Sale of Property — reading text

PAY IN THE YEAR SUBSEQUENT TO 05 PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 06 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 07 VALUATION. CONTACT THE COUNTY PROPERTY APPRAISER' S OFFICE FOR FURTHER INFORMATION. 08 ( e) • p• ial Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay (i) the 09 full a unt of liens that are certified, confirmed and ratified before closing and ( i ) the amount of the last estimate of the 10 Buyer 1 A )( _ Seller(.. 1 and acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages. no: )( Florida Association of REALTORS® All Rights Reserved VAC- 9 Rev. 4/ 07 © 2007 gormgenerated true Forms www. TrueForms. com 800- 499- 9612 by ' 111 assessment if an improvement is substantially completed as of Effective Dateinstallments but has not resulted Buyer in a Seller( lien before closing, if left blank, 112 and Buyer will pay all other amounts. If special assessments may be paid in 113 Buyer) shall pay installments due after closing. If Seller is checked, Seller will pay the assessment in full prior to or at the 114 time of closing_ Public body does not include a Homeowner Association or Condominium Association. 115 ( f) Tax Withholding: If Seller is a " foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code 116 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the 117 Internal Revenue Service ( IRS) unless an exemption applies. The primary exemptions are ( 1) Seller provides Buyer with an 118 affidavit that Seller is not a" foreign person", ( 2) Seller provides Buyer with a Withholding Certificate providing for reduced or 119 eliminated withholding, or( 3) the gross sales price is $ 300, 000 or less, Buyer is anto individual the Buyer' family has definite whoProperty purchases plans for the Property 50% to reside at at least of 120 use as a residence, and Buyer or a member of s 121 the number of days the Property is in use during each of the first two TIN"). 12 month taxpayer identification periods after transfer. The IRS requires Buyer Buyer and Seller agree to execute and deliver as number (" 12.2 and Seller have to U. S. federal a 123 directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements including applying 124 for a TIN within 3 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing 10%Agent. tax in Buyer will place the 125 If Seller applies for a withholding certificate is but the application closing, still pending as of 126 escrow at Seller's expense to be disbursed in accordance with the final determination of the IRS, provided Seller so requests 127 and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at 128 closing to meet the withholding requirement, Seller will deliver to Buyer at dosing the additional cash necessary to satisfy 129 the requirement. Buyer will timely disburse the funds to the IRS and provide Seller with copies of the tax forms and receipts 130 131 ( g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like- after) under Section 1031 of the kind otherexchange( either simultaneously party will cooperate the Internal Revenue Code (" Exchange"), with closing in all reasonable or respects 132 to effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability 133 or cost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange. PROPERTY CONDITION 134 135 6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present " as is" condition, with conditions 136 resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and grounds in a 137 comparable condition and will not engage in or permit any activity that would materially alter the Property's condition without the 138 Buyer' s prior written consent. 139 ( a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which flood 140 zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and 141 rebuilding in the event of casualty. 142 ( b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which affect 143 Buyer' s intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study Period has 144 expired or if Buyer has checked choice( c)( 2) below. Inspections: ( check( 1) or( 2) below) 145 ( c) at Buyer' s expense and within 15 days from Effective Date (" Feasibility Study Feasibility Study: Buyer will, 146 X( 1) 147 Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for manufacturing/ indu 148 strial use. During the Feasibility Study Period, Buyer may conduct a Phase I Inspections") that Buyer deems investigations (" surveys and any other tests, analyses, 149 environmental assessment and 150 necessary to determine to Buyer's satisfaction the Property's engineering, architectural and environmental properties; 151 zoning and zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other 152 utilities; consistency with local, state and regional growth management plans; availability of permits, government approvals, 153 and licenses; and other Inspections that Buyer deems appropriate to determine the Property's suitability for the Buyer's 154 intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate government agencies. 155 Seller will sign all documents Buyer is required to file in connection with development or rezoning approvals. 156 Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility 157 ' Study assignsPeriod for Property enter the the purpose of conducting and conduct Inspections;