Fort Walton Beach Ordinance — 2042--100 Ready Avenue ‎(portion of)‎--Sale of Property — reading text

h., ,,, ertytagc e;11 be 61 dhrelr — ft iff- ••• 63 Ix 64 65 CLOSING 66 closed and the deed and possession delivered on December 18, 67 4. CLOSING DATE; OCCUPANCY: This Contract will be 68 2020 Closing Date"). Unless the Closing Date is specifically extended by the Buyer and Seller or by any other 69 provision in this Contract, the Closing Date shall prevail over all other time periods including, but not limited to, financing and 70 feasibility study periods. If on Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after 71 the insurance suspension is lifted. If this transaction does not close for any reason, Buyer will immediately return all Seller- 72 provided title evidence, surveys, association documents and other items. 73 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted 74 by mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and 75 recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller( in local cashier's checks if 76 Seller requests in writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17. In addition to other 77 expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 78 ( a) Seller Costs: 79 80 Recording fees for documents needed to cure title 81 Title evidence ( if applicable under Paragraph 8) 82 Other: 83 ( b) Buyer Costs: 84 Taxes and recording fees on notes and mortgages 85 Recording fees on the deed and financing statements 86 Loan expenses 87 Lender's title policy at the simultaneous issue rate 88 Inspections 89 Survey and sketch 90 Insurance Other Taxes on deed 91 92 ( c) Title Evidence and Insurance: Check ( 1) or( 2): 93 X (1) The title evidence will be a Paragraph 8(a)( 1) owner's title insurance commitment. X Seller title policy, search, Buyer will examination will select and select the the title related title charges or 94 agent and pay for the owner' s will Buyer will select the title agent examination and related charges or and for the owner' s title policy, search, 95 agent pay 96 and Seller will pay for the owner's title policy, search,Paragraph examination and related charges. 8( a)( 2) as title evidence. Seller Buyer will pay for the specified in 97 2) Seller will provide an abstract as 98 owner' s title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search 99 and lien search fees, and Buyer will pay fees for title searches after closing( if any), title examination fees and closing fees. 100 ( d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate taxes, 101 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current 102 year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 103 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER' S CURRENT PROPERTY TAXES AS THE 104 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO 105 PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 106 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 107 VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER' S OFFICE FOR FURTHER INFORMATION. 108 ( e) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay ( i) the 109 full . unt of liens that are certified, confirmed and ratified before closing and ( i ) the amount of the last estimate of the i acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages. 110 Buyer( 11 )(- 04- ) and Seller( r-nt71, )( Florida Association of REALTORS® All Rights Reserved VAC- 9 Rev. 4/ 07 © 2007 www. TrueForms. com B00- 499- 9612 Form generated by T rueForms- 111 assessment if an improvement is substantially completed as of Effective Date but has not resulted in a Seller( lien before closing, if left blank,Buyer 112 and Buyer will pay all other amounts. If special assessments may be paid in installments 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 has or less, Buyer is anto individual the definite whoProperty purchases plans for theleast reside at Property 50% to at of use as a residence, and Buyer or a member of Buyer' s family 120 121 the number of days the Property is in use during each of the first two TIN"). 12 month periods after transfer. The IRS requires Buyer Buyer and Seller agree to execute and deliver as Seller to have a U. S. federal taxpayer identification number (" 122 and 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 Buyer numbers to the Closing Agent. the 10% tax in will place application is still pending as of closing, 125 If Seller applies for a withholding certificate but the 126 escrow at Seller' s expense to be disbursed in accordance with the final determination of the IRS, provided Seller so