Florida Real Estate Purchase and Sale Agreement

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Florida Real Estate Purchase and Sale Agreement Powered By Docstoc
					                REAL ESTATE PURCHASE AND SALE AGREEMENT
                                               (FLORIDA)
THIS AGREEMENT made effective as of the ________ day of _________________________, __________.

1.       Parties

         [NAME OF SELLER(S)] (the “Seller”)
         [address of seller(s)]

         and:

         [NAME OF PURCHASER(S)] (the “Purchaser”)
         [address of purchaser(s)]

2.       Description of Property

Seller agrees to sell and Purchaser agrees to buy, upon the terms and conditions hereinafter set forth,

(check only one)

_____ all

_____ a portion of the property in Deed Reference: Book No. ______, Page No ______, __________ County

of the following described property (the “Property”):

         [legal description of property]

         [street address of property]

located in the City of __________________, County of __________________, State of Florida.

3.       Buildings, Structures, Improvements & Fixtures

The sale of the Property shall include any and all buildings, structures and improvements now situate
thereon, and all fixtures belonging to Seller, which are free of liens and used in connection therewith,
including (if any) wall-to-wall carpeting, drapery rods, window shades, venetian blinds, storm windows
and doors, window screens, screen doors, shutters, awnings, furnaces, boilers, heaters, heating
equipment, fuel and fuel tanks, air conditioning equipment (if built in), water softeners, automatic garage
door openers, plumbing, bathroom fixtures, garbage disposal units, stoves, ranges, oil and/or gas
burners and fixtures appurtenant thereto, electrical fixtures, lighting fixtures, fireplaces, hearths and
mantels, burglar/fire/smoke alarms, storage sheds, mailbox, exterior television antennae, satellite dishes
and receivers, pool and spa equipment, solar energy systems, gates, fencing, trees, shrubs, plants,
landscaping, and, only if built in, refrigerators, dishwashers, washing machines, dryers and ventilators,
and any other items attached or affixed to the Property EXCEPT the following:

[list]

4.       Personal Property

The following personal property is included in the purchase of the Property:
                                                                               Purchaser Initials _________

                                                                                    Seller Initials _________
                                                     -2-



[list]

5.       Title Deed

The title shall be conveyed at Closing by a warranty deed running to the Purchaser, or to such nominee as
Purchaser may designate by written notice to Seller at least seven (7) days before the warranty deed is to
be delivered as provided herein, and said title shall be fee simple marketable and insurable thereto.

(a)      Title evidence will show legal access to the Property and marketable title of record in Seller in
         accordance with current title standards adopted by the Florida Bar, subject only to the following
         title exceptions, none of which prevent residential use of the Property: covenants, easements and
         restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and
         mineral rights of record if there is no right of entry; current taxes; mortgages that Purchaser will
         assume; and encumbrances that Seller will discharge at or before Closing. Seller shall provide to
         Purchaser at Closing, either a title insurance commitment or an existing abstract of title,
         whichever is acceptable in the county in which the Property is located.

(b)      Purchaser will examine the title evidence and deliver written notice to Seller within five (5) days
         from receipt of title evidence, but no later than Closing, of any defects that make the title
         unmarketable. Seller will have thirty (30) days from receipt of Purchaser’s notice of defects
         (“Curative Period”) to cure such defects at Seller’s expense. If Seller cures such defects within the
         Curative Period, Seller will deliver written notice to Purchaser and the parties will close the
         transaction on the Closing Date or within ten (10) days from Purchaser’s receipt of Sellers notice
         if the Closing Date has passed. If Seller is unable to cure such defects within the Curative Period,
         Seller will deliver written notice to Purchaser and Purchaser will, within ten (10) days from
         receipt of such notice, either terminate this Agreement, or accept title with the existing defects
         and close the transaction.

(c)      Purchaser may, prior to the Closing Date and at Purchaser’s expense, have the Property surveyed
         and deliver written notice to Seller, within five (5) days from receipt of survey but no later than
         Closing, of any encroachments on the Property, encroachments by the Property’s improvements
         on other lands, or deed restriction or zoning violations. Any such encroachment or violation will
         be treated in the same manner as a title defect and Purchaser’s and Seller’s obligations will be
         determined in accordance with Section 5.2. If any part of the Property lies seaward of the coastal
         construction control line, Seller will provide Purchaser with an affidavit or survey as required by
         law delineating the line’s location on the Property, unless such requirement is waived by
         Purchaser in writing.

6.       Purchase Price

The parties agree that the purchase price for the Property is _________________________ dollars
($_______________), to be paid by Purchaser in U.S. currency as follows:

         Earnest money deposit, to be paid upon signing this Agreement          $##,###.##

         Amount of new loan (if any)                                          $###,###.##

         Amount of loan assumption (if any)                                   $###,###.##

         Amount of Seller financing (if any)                                  $###,###.##


                                                                                Purchaser Initials _________

                                                                                     Seller Initials _________
                                                      -3-


         Balance to be paid at the time of delivery of the warranty deed
         in cash or by certified, cashier’s, bank or attorney’s trust check
         (subject to adjustment at Closing)                                   $###,###.##

                  TOTAL PURCHASE PRICE:                                       $###,###.##

7.       Earnest Money Deposit

All earnest money deposits made hereunder shall be held in escrow by _______________________ [name of
escrow agent] (the “Escrow Agent”), subject to the terms of this Agreement and shall be duly accounted for
at the time for performance of this Agreement. In the event of any disagreement between the parties, the
Escrow Agent shall retain all deposits made under this Agreement pending instructions mutually given
in writing by the parties hereto.

8.       Financing

[check as applicable]

_____    Cash Sale: this Agreement is not subject to financing.

_____    Seller Financing: in accordance with Seller Financing Addendum to be attached. If Purchaser
         provides Seller with a Promissory Note as part of the security for Seller financing, Seller shall
         evaluate Purchaser’s creditworthiness and financial ability to service said financing. To facilitate
         Seller’s evaluation, Purchaser agrees to provide Seller with current documentation and reports of
         Purchaser’s credit, employment, and financial conditions. Purchaser consents and authorizes
         Seller to verify and substantiate said documentation and reports. If, in Seller’s sole and absolute
         discretion, Purchaser is unable to service such financing, Seller may either waive said evaluation
         or terminate this Agreement.

_____    Loan Assumption: in accordance with Loan Assumption Addendum to be attached. If the loan
         assumption is not to be released by Closing, Seller shall provide Purchaser with copies of ALL
         loan documentation within ______________________ (___________) [insert the number of days in
         both words and numerals] calendar days after this Agreement is executed by all parties. Purchaser
         is deemed to have reviewed and obtained required approvals for the provisions of the loan
         assumption unless written objection is given to Seller within _________________________
         (___________) [insert the number of days in both words and numerals] calendar days of Purchaser’s
         receipt of the loan documentation. If written objection is given to Seller by Purchaser, this
         Agreement shall be terminated. Seller [shall/shall not] be released from liability of the loan
         assumption. If Seller is to be released and release approval is not obtained, Seller may, at Seller’s
         sole discretion, either proceed to Closing or terminate this Agreement.

_____    New Loan: the new loan shall be of the following type [check as applicable]:

         _____    FHA: Notwithstanding any other terms or conditions of this Agreement, Purchaser shall
                  not be obliged to complete the purchase of the Property, nor incur any forfeiture of any
                  earnest money deposits unless Purchaser has been given (in accordance with the
                  Department of Housing and Urban Development (HUD)/FHA/Veterans Administration
                  (VA) requirements) a written statement from the Federal Housing Commissioner, VA, or
                  Direct Endorsement lender stating that the appraised value of the Property is not less
                  than _______________ dollars ($_____________). Said appraised Property value is used to
                  determine the maximum value HUD will insure. HUD does not warrant the condition or
                  value of the Property, and Purchaser should ensure that the condition and purchase price
                                                                                Purchaser Initials _________

                                                                                        Seller Initials _________
                                                    -4-


                  of the Property are acceptable. Purchaser has the option of proceeding with the purchase
                  of the Property regardless of the stated appraised Property value. FHA/VA Financing
                  Addendum to be attached.

        _____     VA: Notwithstanding any other terms or conditions of this Agreement, if Purchaser
                  finances the purchase price of the Property with a new VA loan, Purchaser shall not be
                  obliged to complete the purchase of the Property, nor incur any forfeiture of any earnest
                  money deposits if the purchase price exceeds the appraised value of the Property as set
                  forth by the VA. Purchaser has the option of proceeding with the purchase of the
                  Property regardless of the stated appraised Property value. FHA/VA Financing
                  Addendum to be attached.

        _____     Conventional: As soon as is reasonably possible after the signing of this Agreement by
                  all parties, Seller may request in writing from Purchaser a copy of the loan commitment
                  letter issued to Purchaser confirming financing for the purchase of the Property.

        _____     Other: [provide details]

Purchaser shall apply for financing within __________________ (__________) [insert the number of days in
both words and numerals] days from the Effective Date and will provide, in a timely fashion, any and all
credit, employment, financial, and other information lender may require.

Either party may cancel this Agreement if: (i) Purchaser, after using diligence and good faith, cannot
obtain the financing within the financing period or cannot meet the terms of the commitment by the
Closing Date, or (ii) the financing is denied because the Property appraises below the purchase price and
either Purchaser elects not to proceed or the parties are unable to negotiate the purchase price. Upon
termination of this Agreement, Purchaser shall return all Seller-provided title evidence, surveys and
association documents and Purchaser’s deposit shall be returned after Escrow Agent receives proper
authorization from all interested parties.

9.      Deliverables

Seller agrees to deliver to Purchaser, as soon as is reasonably possible after the signing of this Agreement
by all parties, copies of all title information in possession of, or available to, Seller including, but not
limited to:

(a)     Title insurance policy(ies);

(b)     Attorney’s opinions on title;

(c)     Surveys, covenants, deeds, notes, and deeds of trust;

(d)     Easements relating to the Property.

Seller authorizes any past or present attorney representing Seller and the Property’s title insurer, or its
agent, to release and disclose any of the information in (a), (b), (c), or (d) above to Purchaser and to both
Seller’s and Purchaser’s agents and attorneys.

10.     Closing

The Closing of the sale shall be on the __________ day of _______________________, _________ (the
“Closing Date”) unless extended as listed below:
                                                                                Purchaser Initials _________

                                                                                    Seller Initials _________
                                                      -5-



(a)     the Closing Date may be extended by _________________ (__________) [insert the number of days in
        both words and numerals] days after objection of matters disclosed in the title abstract, certificate, or
        survey are settled.

(b)     the Closing Date may be extended by _________________ (_________) [insert the number of days in
        both words and numerals] days, if required, to comply with the lender’s closing requirements for
        financing or the purchase of the Property.

(c)     if on the Closing Date, insurance underwriting is suspended, the Closing Date may be postponed
        by _________________ (_________) [insert the number of days in both words and numerals] days after
        the insurance suspension is lifted.

(d)     the Closing Date may be extended by written agreement of the parties.

The Closing of the sale shall take place in the county where the Property is located and may be conducted
by electronic means. All parties shall agree to execute any and all documentation and papers required in
connection with the Closing and transfer of title on or before the Closing Date. The parties agree that time
is of the essence in this Agreement. If title insurance insures Purchaser for defects arising between the title
binder effective date and recording of Purchaser’s deed, Closing agent will disburse at Closing the net
sale proceeds to Seller and brokerage fees to Broker.

11.     Closing Expenses

In addition to other expenses provided for in this Agreement, Seller and Purchaser shall pay the expenses
listed below:

(a)     Seller’s Expenses: Seller shall pay (i) any and all taxes and surtaxes on the deed, plus any
        recording fees for documents needed to cure title; (ii) certified, confirmed and ratified special
        assessment liens and, if an improvement is substantially completed as of Effective Date, an
        amount equal to the last estimate of the assessment; (iii) up to _______________ percent
        (_______%) of the purchase price for repairs to warranted items; (iv) up to _____________ percent
        (_____%) of the purchase price for wood-destroying organism treatment and repairs; and (v)
        Other: ________________________________________________.

(b)     Purchaser’s Expenses: Purchaser shall pay (i) any and all taxes and recording fees on notes and
        mortgages; (ii) recording fees on the deed and financing statements; (iii) loan statements; (iv)
        pending special assessment liens; (v) lender’s title policy; (vi) inspections and surveys; (vii) flood
        insurance; and (viii) Other: ____________________________________________________.

(c)     Title Evidence and Insurance [check the appropriate option]

        _____    Seller shall provide an owner’s title insurance commitment as title evidence.
                 [Seller/Purchaser] shall select the title agent. [Seller/Purchaser] shall pay for the owner’s
                 title policy, search, examination and related charges. Each party shall pay its own closing
                 fees.

        _____    Seller shall provide an existing abstract of title from a reputable and existing abstract
                 firm. [Seller/Purchaser] shall pay for the owner’s title policy and select the title agent.
                 Seller shall pay fees for title searches prior to Closing, including tax search and lien
                 search fees, and Purchaser shall pay fees for any title searches after Closing, title
                 examination fees, and Closing fees.
                                                                                  Purchaser Initials _________

                                                                                       Seller Initials _________
                                                    -6-



(d)     Prorations: The following items will be made current (if applicable) and prorated as of the day
        before the Closing Date: real estate taxes, interest, bonds, assessments, association fees, insurance,
        rents and other current expenses and revenues of the Property. If taxes and assessments for the
        current year cannot be determined, the previous year’s rates shall be used with adjustment for
        any exemptions and improvements. Purchaser is responsible for any property tax increases due
        to change in ownership.

(e)     Tax Withholding: Purchaser and Seller shall comply with the Foreign Investment in Real
        Property Tax Act, which may require Seller to provide additional cash at Closing if Seller is a
        “foreign person” as defined by Federal Law.

(f)     Home Warranty: [Purchaser/Seller] shall pay for a home warranty plan issued by
        _________________________ at a cost not to exceed _____________ dollars ($_____________). Such
        home warranty plan will provide for repair or replacement of many of the Property’s mechanical
        systems and major built-in appliances in the event of a breakdown due to normal wear and tear
        during the Agreement period.

12.     Real Property Disclosure

Seller represents that Seller does not know of any facts that materially affect the value of the Property,
including violations of governmental laws, rules and regulations, other than those that Purchaser can
readily observe or that are known by or have been disclosed to Purchaser.

(a)     Energy Efficiency: Purchaser acknowledges receipt of the Florida Building Energy-Efficiency
        Rating System brochure. If this is a new home, the builder’s FL-EPL card is attached as an
        addendum.

(b)     Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a
        building in sufficient quantities, may present health risks to persons who are exposed to it over
        time. Levels of radon that exceed federal and state guidelines have been found in buildings in
        Florida. Additional information regarding radon and radon testing may be obtained from your
        county public health unit. Purchaser may, within the Inspection Period, have an appropriately
        licensed person test the Property for radon. If the radon level exceeds acceptable EPA standards,
        Seller may choose to reduce the radon level to an acceptable EPA level, failing which, eithe
				
DOCUMENT INFO
Description: Sell a residential property in Florida with this Real Estate Purchase and Sale Agreement. - Marketable Title. The seller must provide marketable and insurable title to the purchaser at closing. - Title Defects. The purchaser will have an opportunity to examine the title evidence, and must notify the seller prior to closing of any title defects. - Types of Financing. The Purchase and Sale Agreement can be used for a cash sale, seller financing, a mortgage loan assumption, or for a purchase under a new mortgage loan. If new loan financing is involved, the sale is contingent upon the purchaser obtaining the financing. - Seller Documents. The seller will provide title insurance, an attorney's opinion on title, any surveys, deeds of trust, easements or other documents related to the property. - Disclosure. The Agreement contains the real property disclosures required by Florida law. This Florida Real Estate Purchase and Sale Agreement form is provided in MS Word format, and is easy to use and understand.
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