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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED <br />556 (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding Certificate <br />557 from the IRS authorizing a reduced amount of withholding. <br />558 (i) No withholding is required under Section 1445 of the Code if the Seller is not a "foreign person". Seller can <br />559 provide proof of non -foreign status to Buyer by delivery of written certification signed under penalties of perjury, <br />560 stating that Seller is not a foreign person and containing Seller's name, U.S. taxpayer identification number and <br />561 home address (or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b). Otherwise, Buyer <br />562 shall withhold the applicable percentage of the amount realized by Seller on the transfer and timely remit said funds <br />563 to the IRS. <br />564 (ii) If Seller is a foreign person and has received a Withholding Certificate from the IRS which provides for reduced <br />565 or eliminated withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the <br />566 reduced sum required, if any, and timely remit said funds to the IRS. <br />567 (iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and has <br />568 provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been <br />569 received as of Closing, Buyer shall, at Closing, withhold the applicable percentage of the amount realized by Seller <br />570 on the transfer and, at Buyer's option, either (a) timely remit the withheld funds to the IRS or (b) place the funds in <br />571 escrow, at Seller's expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the <br />572 parties, to be subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted <br />573 directly to the IRS if the Seller's application is rejected or upon terms set forth in the escrow agreement. <br />574 (iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this <br />575 transaction, Seller shall deliver to Buyer, at Closing, the additional Collected funds necessary to satisfy the <br />576 applicable requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for <br />577 disbursement in accordance with the final determination of the IRS, as applicable. <br />578 (v) Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms <br />579 8288 and 8288-A, as filed. <br />580 W. RESERVED <br />581 X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller <br />582 and against any real estate licensee involved in the negotiation of this Contract for any damage or defects <br />583 pertaining to the physical condition of the Property that may exist at Closing of this Contract and be <br />584 subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. This <br />585 provision does not relieve Seller's obligation to comply with Paragraph 10Q1. This Standard X shall survive <br />586 Closing. <br />587 <br />ADDENDA AND ADDITIONAL TERMS <br />588* 19. ADDENDA: The following additional <br />terms are included in the attached addenda or <br />riders and incorporated into this <br />589 Contract (Check if applicable): <br />❑ A. <br />Condominium Rider <br />❑ M. <br />Defective Drywall <br />❑ X. <br />Kick -out Clause <br />❑ B. <br />Homeowners' Assn. <br />❑ N. <br />Coastal Construction Control <br />❑ Y. <br />Seller's Attorney Approval <br />❑ C. <br />Seller Financing <br />Line <br />❑ Z. <br />Buyer's Attorney Approval <br />❑ D. <br />Mortgage Assumption <br />❑ O. <br />Insulation Disclosure <br />❑ AA. <br />Licensee Property Interest <br />❑ E. <br />FHA/VA Financing <br />® P. <br />Lead Paint Disclosure (Pre -1978) <br />❑ BB. <br />Binding Arbitration <br />® F. <br />Appraisal Contingency <br />❑ Q. <br />Housing for Older Persons <br />❑ CC. <br />Miami -Dade County <br />❑ G. <br />Short Sale <br />❑ R. <br />Rezoning <br />Special Taxing District <br />❑ H. <br />Homeowners/Flood Ins. <br />❑ S. <br />Lease Purchase/ Lease Option <br />Disclosure <br />❑ I. <br />RESERVED <br />❑ T. <br />Pre -Closing Occupancy <br />❑ DD. <br />Seasonal/Vacation Rentals <br />❑ J. <br />Interest -Bearing Acct <br />❑ U. <br />Post -Closing Occupancy <br />❑ EE. <br />PACE Disclosure <br />❑ K. <br />RESERVED <br />❑ V. <br />Sale of Buyer's Property <br />❑ Other: <br />❑ L. <br />RESERVED <br />❑ W. <br />Back-up Contract <br />Buyer's I/ials Page 11 of13 Seller's InitialsFloridaRFlorid Baf-ASIS-6x Rev.7/23 © 2023 Florida Realtors® and The Florida Bar. All rights reserved. <br />This software is licensed to [Ms. Nancy Groves - YELLOW DOOR REALTY LLC] www. transact iondesk. com. TRANSACTIONS <br />