05-1583 B Freeman Land Purchase - Laserfiche WebLink

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55 D 66 LN# in th mate amount of 57 $ currentiy payable at $ per mont' 9 principal, interest, 0 taxes 5B and insurance and having a 0 fixed D other (describe) 59 interest rate of % which D will D' ate upon assumption. Any variance in the mortgage will 60 be adjusted in the balance due at clos 0 adjustment to purchase price. Buyer will purchase Seller's escrow 61 account dollar for dollar er disapproves Buyer, or the interest rate upon transfer exceeds % or the 62 assurn Ii r ee exceeds $ , either party may elect to pay the excess, failing which this 63 64 CLOSING S5 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on or before 66 JulV 29, 2005 . unless extended by other provisions of this Contract. If on 67 Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension SB is lifted. If this transaction does not close for any reason. Buyer will immediately return all Seller-provided mle evidence, 69 surveys, association documents and other items. 70 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be 71 conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective 72 date and recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller Ii., 'nt'~1 ,..~C!hiA"'~ 73 .~r 111 "fr>.lhr n~ 1111 if fitiFl~ i.t Iii It i ~i~ f JHÎ1fh illliJ<1g) and brokerage fees to Broker as per Paragraph 17. In 74 addition to other expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 75 (a) Seller Costs: Seller will pay taxes on the deed and recording fees for documents needed to cure title; t:tI_ ..;"..... (if 76 a,..r-I"! LL,; JJ P:!. _!Lpl 9). 77 Other: Anv un/>aid real estate taxes and assessments. 2% brokeraQe commission to The Triece Comøanv. 7B (b) Buyer Costs: Buyer will pay !axe6 and recording fees on notes and mortgages and recording fees on the deed and 75 financing statements; loan expenses; lender's titie policy at the simultaneous issue rate; inspections; survey and sketch; 80 insurance; 61 Other: n/a ß2 (c) Title Evidence and Insurance: Check (1) or (2): B3 N (1) The title evidence will be a Paragraph 8(a)(1) owner's title insurance commitment D Seller N Buyer will B4 select the title agent D Seller J¡¡[ Buyer will pay for the owner's title policy. search, examination and related B5 charges. Each party will pay its own closing fees. 66 0 (2) Seller will provide an abstract as specified in Paragraph 8(a)(2) as tille evidence. D Seller 0 Buyer will B7 pay for the owner's title policy and select the title agent Seller will pay fees for title searches prior to closing, including B6 tax search and lien search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and B9 closing fees. 50 (d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate 91 taxes, interest. bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the 52 current year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. 93 PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY 54 TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR 95 SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS 56 REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY 97 QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR 96 FURTHER INFORMATION. 95 (e) Special Assessment by Pubtic Body: Regarding special assessments imposed by a public body, Seller will pay (i) 100 the full amount of liens that are certified, confirmed and ratified before closing and (ii) the amount of the last estimate of 101 the assessment if an improvement is substantially completed as of Effective Date but has not resulted in a lien before 102 closing, and Buyer will pay all other amounts. 10' (f) Tax Withholding: If Seller is a"foreign person" as defined by FIRPTA. Section 1445 of the Internal Revenue Code 104 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the 105 Internal Revenue Service (IRS) unless an exemption applies. The primal)' exemptions are (1) Seller provides Buyer with 106 an affidavit that Seller is not a"foreign person", (2) Seller provides Buyer with a Withholding Certificate providing for 107 reduced or eliminated withholding. or (3) the gross sales price is $300,000 or less, Buyer is an individual who purchases 10B the Property to use as a residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property 109 for at least 50% of the number of days the Property is in U6e during each of the first two 12 month periods after transfer. 110 The IRS requires Buyer and Seller to have a U.S. federal taxpayer identification number ("TIN"). Buyer and Seller agree 111 to execute and deliver as directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA 112 requirements including applying for a TIN within 3 days from Effective Date and delivering their respective TIN or Social "' Security numbers to the Closing Agent If Seller applies for a withhoiding certificate but the application is still pending as 114 of closing, Buyer will place the 10% tax in escrow at Seller's expense to be disbursed in accordance with the final 115 determination ofthe IRS, provided Seller so requests and gives Buyer notice of the pending application in accordance 1,. with Section 1445. If Buyer does not pay sufficient cash at closing to meet the withholding requirement, Seller will deliver 117 to Buyer at closing the additional cash necessal)' to satisfy the requirement Buyer will timely disburse the funds to the 116 IRS and provide Seller with copies of the tax forms and receipts. 119 l , and Seller acknowledge receipt of a copy of this page. which is Page 2 of 7 Pages. 2004 Florida Association of Reallo . I nghts reserved. licensed to Alia Star Software. Added Fonnatting Copyñght 2004 Alta Star Software, Inc. All Rights Reserved. (305) 279-8898