Fort Walton Beach Ordinance — 2076--232 and 234 Combs Maor Court ‎(Sale of Property)‎ — reading text

Ix6« wE. prp' o Re p Customer No: 535983 f Farlerk« T2 mm: lh,'TIIN pre r a 3err1<n wOIUS, Kp. PO #: THIS IS NOT AN INVOICE! Please do not use thisfarm far payment remittance. SARAH BERTELSEN Notary Public State of Wisconsin Page 1 of 1  Vacant Land Contract FLORIDA ASSOCIATION OF REALTORS 1 PARTIES AND DESCRIPTION OF PROPERTY ' W 2 1. SALE AND PURCHASE: City of Fort Walton Beach a Florida Municipal Corporation (" Seller") 3 and Barry Gray (" Buyer") 45 Address: agree to sell and buy on the terms and conditions specified below the property ("Property") described as: 6 7 8 9 10 11 12 13 including all improvements and the following additional property: NIA 14 15 PRICE AND FINANCING 16 2. PURCHASE PRICE: 14. 000. 00 payable by Buyer in U. S. funds as follows: 17 ( 1. 000. 00 a) $. Deposit received (checks are subject to clearance) on , by 18 19 for delivery to Realty House Commercial Properties Inc. (" Escrow Agent") Signature Name of Company 20 Address of Escrow Agent) 11 Racetrack Road, NE Suite H- 1 Ft Walton Beach FL 32547 21 Phone # of Escrow Agent) g5p_2gq. g117 22 23 Additional deposit to be delivered to Escrow Agent by or _ days from Effective Date. ( 10 days if left blank). 24 c) Total financing (see Paragraph 3 below) (express as a dollar amount or percentage) 25 d) $ Other: 26 e) $ 13. 000.00 27 Balance to close ( not Including Buyer's dosing costs, prepaid items and prorations). All funds paid at closing must be paid by locally drawn cashier's check, official check, or wired funds. 2.8 29 Mr - 4 eroroNne 30 31 32 33 34 3. 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 60 Buyer p) x and Seller (. irD )(_) acknowledge receipt of a copy of this page, which is Page 1 of 7 Pages. VAC -9 Rev. 4/ 07 ® 2007 Florida Association of REALTORS® All Rights Reserved Form 9erxmted by: True.Forms" w Tr" Forms.com 8004199$ 1512  51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 CLOSING 67 4. CLOSING 68 DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on May 28, 2021 (" or before 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 Dale 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 76 ( expenses provided in this Contract, Seller and Buyer will pay the costs Indicated below. a) Seller Costs: 79 4exeson the deed 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 91 Other: Taxes on the Deed and Title Insurance and related charoes 92 ( c) Title Evidence and Insurance: Check ( 1) or (2): 93 94 19 ( 1) The title evidence will be a Paragraph 8( a)( 1) owner's title insurance commitment.® Seller will select the title agent 95 Buyer will select the title 96 agent and pay for the owner's title policy, search, examination and related charges or Buyer will select the title agent 97 ( and Seller will pay for the owner's title policy, search, examination and related charges. 98 2) Seller will provide an abstract as specified in Paragraph 8( a)( 2) as tftle evidence. Seller Buyer will pay for the 99 owner's title policy and select the title agent. Seller will pay fees for title searches prior to closing, Including lax search 100 ( and lien search fees, and Buyer will payfees for title searches after closing (if any), title examination fees and closing fees. 101 d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate taxes, 102 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current 103 year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 104 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER' S CURRENT PROPERTY TAXES AS THE 105 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO 106 PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 107 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 108 ( VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER' S OFFICE FOR FURTHER INFORMATION. 109 e) special Assessment by Public Body: Regarding special assessments Imposed by a public body, Seller will pay (i) the full arr unt of liens that are certified, confirmed and ratified before closing and ( ii) the amount of the lest estimate of the 110 Buyer)(_) and Seller (_)() acknowledge receipt of a copy of this page, which Is Page 2 of 7 Pages. VAC -9 Rev. 4/ 07 02007 Florida Association of REALTORS® All Rights Reserved Form 9mnawd by: Trueiorms" vmw.TrueForms. com 800.499- 6612  III 112 assessment If an improvement Is substantially completed as of Effective Date but has not resulted in a lien before closing, 113 and Buyer will pay all other amounts. If special assessments may be paid in installments Buyer Seller (if left blank, 114 Buyer) shall pay Installments due after closing. If Seller is checked, Seller will pay the assessment in full prior to or at the time of closing. Public body does not include a Homeowner Association or Condominium Association. 115 ( 116 f) Tax Withholding: If Seller is a " foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code 117 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the 118 Internal Revenue Service ( IRS) unless an exemption applies. The primary exemptions are ( 1) Seller provides Buyer with an 119 affidavit that Seller is not a' foreign person", (2) Seller provides Buyer with a Withholding Certificate providing for reduced or 120 eliminated withholding, or (3) the gross sales price is $ 300,000 or less, Buyer is an individual who purchases the Property to 121 use as a residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property for at least 50% of the number of days the Property is in use during each of the first two 12 month periods after transfer. The IRS requires Buyer 122 and Seller to have a U.S. federal taxpayer identification number (' TIN"). Buyer and Seller agree to execute and deliver as 123 124 directed any instrument, affidavit or statement reasonably necessary to comply with FIRM requirements including applying 125 for a TIN within 3 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing Agent. 126 If Seller applies for a withholding certificate but the application is still pending as of closing, Buyer will place the 10% tax in escrow at Seller's expense to be disbursed In accordance with the final determination of the IRS, provided Seller so requests 127 128 and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at 129 closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary