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<br />S6
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<br />o
<br />
<br />(3)
<br />
<br />LN#
<br />
<br />in th ¡mate amount of
<br />9 principal, interest, 0 taxes
<br />
<br />$ currently payable at $
<br />and insurance and having a 0 fixed 0 Qther (describe)
<br />interest rate of % which 0 will LJ w· ate upon assumption. Any variance in the mortgage will
<br />be adjusted in the balance due at closi . adjustment to purchase price. Buyer will purchase Seller's escrow
<br />account dollar for dollar. I er disapproves Buyer, or the interest rate upon transfer exceeds % or the
<br />assumption. . ee exceeds $ , . ' either party may elect to pay the excess, failing which this
<br />
<br />CLOSING ~
<br />
<br />65 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and pos.e..ion delivered on or before
<br />66 ADril29.2005 . uFlless BHt8f1Baa 8) etfol8f rsI8.Î5ißI.J Dr U,ìa 85"tIßðt. If on
<br />67 Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension
<br />68 is lifted. If this transaction does not close for any reason, Buyer will immediately return all Seller-provided title evidence.
<br />69 surveys, association documents and other items.
<br />
<br />per mont .
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<br />70
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<br />5, CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be
<br />conducted by mail or electronic means. If bUe insurance insures Buyer for title defects arising between the title binder effective
<br />date and recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller (in local cashier's
<br />checks IT Seller requests in writing at least 5 days prior to ciosing) and brokerage fees to Broker as per Paragraph 17. In
<br />addition to other expenses provided in this Contract, Seller and Buyer will pay the costs indicated below.
<br />(a) Seller Costs: Seller will pay L..~~ ~.. U,~ ,:L~J _".::I recording fees for documents needed to cure title; dll", '""wk.....,,"'..... ,I,
<br />.....l"'l"'l:--...bl~ ....,.d...... J7 .........:::1.........1, ß~,
<br />Other: An Id r I tax II sessments. .. of the u hase rice for I estate te com Is I to ~ e Trlece Co. ,. ,
<br />(b) Buyer Costs: Buyer will pay taxes and recording fees on notes and mortgages and recording fees on the deed and
<br />financing statements; loan expenses; lender's title policy at the simultaneous issue rate; inspections; survey a
<br />insurance; .' ~ "( ,- (,)
<br />Other: UU\e.fL..$ +t't\... Fol.c .~ ~ See. II\r... ..;) (c..~"
<br />(c) Title Evidence and Insurance: Check (1) or (2):
<br />~ (1) The title evidence will be a Paragraph 8(a)(1) owner's title insurance commitment. 0 Seller ~ Buyer will
<br />select the title agent. 0 Seller ~ Buyer will pay for the owner's title policy, search, examination and related
<br />charges. Each party will pay its own closing fees.
<br />o ( .. .
<br />pay for the owners title policy and select the title agent. Seller es prior to closing, including
<br />tax search and lien sear y ees for title searches after closing (if any), title examination fees and
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<br />(d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate
<br />taxes, interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the
<br />current year cannot be determined, the previous year's rates will be used with adjustment for any exemptions.
<br />PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY
<br />TAXESASTHEAMOUNTOFPROPERTYTAXESTHATBUYER MAY BE OBLIGATED TO PAY IN THE YEAR
<br />SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS
<br />REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY
<br />QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR
<br />FURTHER INFORMATION.
<br />(e) Special Assessment by Public Body: Regarding special assessments imposed by " public body, Seller will pay (i)
<br />the full amount of liens that are certified, confirmed and ratified before closing and (Ii) the amount of the iast estimate of
<br />the assessment if an improvement is substantially completed as of Effective Date but has not resulted in a lien before
<br />closing, and Buyerwill pay all other amounts.
<br />(f) Tax Withholding: If Seller i. a"foreign pe,"on" a. defined by FIRPTA, Section 1445 of the Internal Revenue Code
<br />requires Buyerto withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the
<br />Internal Revenue Service (IRS) unless an exemption applies. The primary exemptions are (1) Seller provides Buyer with
<br />an affidavit that Seller is not ,,"foreign person", (2) Seller provides Buyer with a Withholding Certificate providing for
<br />reduced or eliminated withholding, or (3) the gross sales price is $300,000 or less, Buyer is an individual who purchases
<br />the Property to use as a residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property
<br />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.
<br />The IRS requires Buyer and Seller to have a U.S. federal taxpayer identification number ("TIN"). Buyer and Seller agree
<br />to execute and deliver as directed any instrument, affidavit or statement reasonably necessary to comply with F\RPTA
<br />requirements including applying for a TIN within 3 days from Effective Date and delivering their respective TIN or Social
<br />Security numbers to the Closing Agent. If Seller applies for a withholding certificate but the application is still pending as
<br />of closing, Buyerwíll place the 10% tax in escrow at Seller's expense to be disbursed in accordance with the final
<br />determination of the IRS, provided Seller so requests and gives Buyer notice of the pønding application in accordance
<br />with Section 1445. If Buyer does not pay sufficient cash at closing to meet the withholding requirement. Seller will deliver
<br />to Buyer at closing the additional cash necessary to satisfy the requirement. Buyer will timely disburse the funds to the
<br />IR~S and provide Seller with copies of the tax forms and receipts. ð'
<br />
<br />
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<br />Buyer ( ." ) and Seller (Ý ) ( ) acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages.
<br />VAC-8 Rev. 1 2004 Florida Association of Realtors®. All rights reserved. Licensed 10 AlIa Slar Software
<br />Software Added Formatting Copyright 2004 Alta Star Software, Inc. AU Rights Reserved. (305) 279·8898
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