EXHIBIT 10.16
VACANT LAND CONTRACT
FLORIDA ASSOCIATION OF REALTORS(R)
LOT 311
PARTIES AND DESCRIPTION OF PROPERTY
1. SALE AND PURCHASE: ▇▇▇▇▇▇ ▇▇▇▇▇ ("Seller") and ▇▇▇▇▇▇▇ ▇▇▇ ("Buyer")
agree to sell and buy on the terms and conditions specified below the
property ("Property") described as:
Address: SUN GLADES LOT 311 - 73414432000003110
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Legal Description: SUN GLADES LOT 311 - 73414432000003110
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including all improvements and the following additional property:
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PRICE AND FINANCING
2. PURCHASE PRICE: $70,000. payable by ▇▇▇▇▇ in U.S. funds as follows:
(a) $ 500. Deposit received (checks are subject to clearance)
ILLUSTRATED PROPERTIES by
---------
for ("Escrow Agent")
------------ ------------------
SIGNATURE NAME OF COMPANY
(b) $ Additional deposit to be made by _________ , _______
or ____ days from Effective Date.
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(c) 52,500. Total Financing (see Paragraph 3 below) (express
--------- as a dollar amount or percentage)
(d) $ Other: _________________________________________
---------
(e) $ 17,000 Balance to close (not including Buyer's closing
--------- costs, prepaid items and prorations). All funds paid
at closing must be paid by locally drawn cashier's
check, official check or wired funds.
[ ] (f) (complete only if purchase price will be determined based on a
per unit cost instead of a fixed price). The unit used to determine the
purchase price is [ ] lot [ ] acre [ ] square foot [ ] other (specify:
_____________________) prorating areas of less than a full unit. The
purchase price will be $____________ per unit based on a calculation of
total area of the Property as certified to Buyer and Seller by a
Florida-licensed surveyor in accordance with Paragraph 8(c) of this
Contract. The following rights of way and other areas will be
excluded from the calculation: _______________________________________
______________________________________________________________________
3. CASH/FINANCING: (Check as applicable) [ ] (a) Buyer will pay cash for
the Property with no financing contingency. [X] (b) This Contract is
contingent on Buyer qualifying and obtaining the commitment(s) or
approval(s) specified below (the "Financing") within 30 days from
Effective Date (if left blank then Closing Date or 30 days from
Effective Date, whichever occurs first) (the "Financing Period"). Buyer
will apply for Financing within 5 days from Effective Date (5 days if
left blank) and will timely provide any and all credit, employment,
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 1 of 8 Pages.
financial, and other information required by the lender. If Buyer,
after using diligence and good faith, cannot obtain the Financing,
within the Financing Period, either party may cancel this Contract.
Upon cancellation, ▇▇▇▇▇ will return to Seller all title evidence,
surveys and association documents provided by Seller, and ▇▇▇▇▇'s
deposit(s) will be returned after Escrow Agent receives proper
authorization from all interested parties. Buyer will pay all loan
expenses, including the lender's title insurance policy.
[X] (1) NEW FINANCING: Buyer will secure a commitment for new
third party financing for $52,500. or ______% of the purchase
price at the prevailing interest rate and loan costs. Buyer
will keep Seller and ▇▇▇▇▇▇ fully informed of the loan
application status and progress and authorizes the lender or
mortgage broker to disclose all such information to Seller and
Broker.
[ ] (2) SELLER FINANCING: Buyer will execute a [ ] first [ ]
second purchase money note and mortgage to Seller in the
amount of $_______________, bearing annual interest at _____%
and payable as follows: ____________________________________
____________________________________________________________.
The mortgage, note, and any security agreement will be in a
form acceptable to Seller and will follow forms generally
accepted in the county where the Property is located; will
provide for a late payment fee and acceleration at the
mortgagee's option if Buyer defaults; will give Buyer the
right to prepay without penalty all or part of the principal
at any time(s) with interest only to date of payment; will be
due on conveyance or sale, will provide for release of
contiguous parcels, if applicable; and will require Buyer to
keep liability insurance on the Property, with Seller as
additional named insured. ▇▇▇▇▇ authorizes Seller to obtain
credit, employment and other necessary information to
determine creditworthiness for the financing. Seller will,
within 10 days from Effective Date, give Buyer written notice
of whether or not Seller will make the loan.
[ ] (3) MORTGAGE ASSUMPTION: Buyer will take title subject to
and assume and pay existing first mortgage to _______________
LN# ________________________________ in the approximate amount
of $_______________ currently payable at $________________ per
month including principal, interest, [ ] taxes and insurance
and have a [ ] fixed [ ] other (describe)
________________________ interest rate of ________% which [ ]
will [ ] will not escalate upon assumption. Any variance in
the mortgage will be adjusted in the balance due at closing
with no adjustment to purchase price. Buyer will purchase
Seller's escrow account dollar for dollar. If the lender
disapproves Buyer, or the interest rate upon transfer exceeds
____% or the assumption/transfer fee exceeds $___________,
either party may elect to pay the excess, failing which this
agreement will terminate and ▇▇▇▇▇'s deposit(s) will be
returned.
CLOSING
4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and
possession delivered on or before 2/28 , 2002 unless extended by other
provisions of this Contract. If on Closing Date insurance underwriting
is suspended, Buyer may postpone closing up to 5 days after the
insurance suspension is lifted.
5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where
the Property is located and may be conducted by electronic means. If
title insurance insures Buyer for title defects arising between the
title binder effective date and recording of ▇▇▇▇▇'s deed, closing
agent will disburse at closing the net sale proceeds to Seller and
brokerage fees to Broker as per Paragraph 17. In addition to other
expenses provided in this Contract, Seller and Buyer will pay the costs
indicated below.
(a) SELLER COSTS: Seller will pay taxes on the deed and
recording fees for documents needed to cure title; certified,
confirmed and ratified special assessment liens; title
evidence (if applicable under Paragraph 8); Other
___________________________________________________________
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 2 of 8 Pages.
(b) BUYER COSTS: Buyer will pay taxes and recording fees on notes
and mortgages and recording fees on the deed and financing
statements; loan expenses; pending special assessment liens;
lender's title policy at the simultaneous issue rate;
inspections; survey and sketch; insurance; Other:
(c) TITLE EVIDENCE AND INSURANCE: CHECK (1) OR (2):
[X] (1) Seller will provide a Paragraph 8(a)(1) owner's title
insurance commitment as title evidence. [X]Seller [ ] Buyer
will select the title agent. [X] Seller [ ] Buyer will pay for
the owner's title policy, search, examination and related
charges. Each party will pay its own closing fees.
[ ] (2) Seller will provide title evidence as specified in
Paragraph 8(a)(2). [ ] Seller [ ] Buyer will pay for the
owner's title policy and select the title agent. Seller will
pay fees for title searches prior to closing, including tax
search and lien search fees, and Buyer will pay fees for title
searches after closing (if any), title examination fees and
closing fees.
(d) PRORATIONS: The following items will be made current and
prorated as of the day before Closing Date: real estate taxes,
interest, bonds, assessments, leases and other Property expenses
and revenues. If taxes and assessments for the current year
cannot be determined, the previous year's rates will be used
with adjustment for any exemptions.
(e) TAX WITHHOLDING: Buyer and Seller will 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.
PROPERTY CONDITION
6. LAND USE: Seller will deliver the Property to Buyer at the time agreed
in its present "as is" condition, with conditions resulting from
▇▇▇▇▇'s inspections and casualty damage, if any, excepted. Seller will
maintain the landscaping and grounds in a comparable condition and will
not engage in or permit any activity that would materially alter the
Property's condition without the Buyer's prior written consent.
(a) FLOOD ZONE: Buyer is advised to verify by survey, with the
lender and with appropriate government agencies which flood zone
the Property is in, whether flood insurance is required and what
restrictions apply to improving the Property and rebuilding in
the event of casualty.
(b) GOVERNMENT REGULATION: Buyer is advised that changes in
government regulations and levels of service which affect
Buyer's intended use of the Property will not be grounds for
canceling this Contract if the Feasibility Study Period has
expired or if Buyer has checked choice (c)(2) below.
(c) INSPECTIONS: (CHECK (1) OR (2) BELOW)
[ ] (1) FEASIBILITY STUDY: Buyer will, at Buyer's expense and
within ____ days from Effective Date ("Feasibility Study
Period"), determine whether the Property is suitable, in
▇▇▇▇▇'s sole and absolute discretion, for ___________________
use. During the Feasibility Study Period, Buyer may conduct a
Phase I environmental assessment and any other tests,
analyses, surveys and investigations ("Inspections") that
Buyer deems necessary to determine to Buyer's satisfaction the
Property's engineering, architectural and environmental
properties; zoning and zoning restrictions; subdivision
statutes; soil and grade; availability of access public roads,
water, and other utilities; consistency with local, state and
regional growth management plans, availability of permits,
government approvals, and licenses; and other inspections that
Buyer deems appropriate to determine the Property's
suitability for the Buyer's intended use. If the Property must
be rezoned, ▇▇▇▇▇ will obtain the rezoning from the
appropriate government agencies. Seller will sign all
documents Buyer is required to file in connection with
development or rezoning approvals. Seller gives Buyer, its
agents, contractors and assigns, the right to enter the
Property at any time during the Feasibility Study Period for
the purpose of conducting inspections; provided, however, that
Buyer, its agents, contractors and assigns enter the Property
and conduct inspections at their own risk. ▇▇▇▇▇ will
indemnify and hold Seller harmless from losses, damages,
costs, claims and expenses of any nature, including attorney's
fees, expenses and liability incurred in application for
rezoning or related proceedings, and from liability to any
person, arising from the conduct of any and all inspections of
any work authorized by ▇▇▇▇▇. Buyer will not engage in any
activity that could result in a construction lien being filed
against the Property without Seller's prior written consent.
If this transaction does not close, Buyer will, at ▇▇▇▇▇'s
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 3 of 8 Pages.
expense, (1) repair all damages to the Property resulting from
the Inspections and return the Property to the condition it
was in prior to conduct of the Inspections, and (2) release to
Seller all reports and other work generated as a result of the
Inspections.
▇▇▇▇▇ will deliver written notice to Seller prior to the
expiration of the Feasibility Study Period of ▇▇▇▇▇'s
determination of whether or not the Property is acceptable.
▇▇▇▇▇'s failure to comply with this notice requirement will
constitute acceptance of the Property as suitable for Buyer's
intended use in its "as is" condition. If the Property is
unacceptable to Buyer and written notice of this fact is
timely delivered to Seller, this Contract will be deemed
terminated as of the day after the Feasibility Study period
ends and ▇▇▇▇▇'s deposit(s) will be returned after Escrow
Agent receives proper authorization form all interested
parties.
[X] (2) NO FEASIBILITY STUDY: Buyer is satisfied that the
Property is suitable for Buyer's purposes, including being
satisfied that either public sewerage and water are available
to the Property or the Property will be approved for the
installation of a well and/or private sewerage disposal system
and that existing zoning and other pertinent regulations and
restrictions, such as subdivision or deed restrictions,
concurrency, growth management and environmental conditions,
are acceptable to Buyer. This Contract is not contingent on
Buyer conducting any further investigations.
(d) SUBDIVIDED LANDS: If this Contract is for the purchase of
subdivided lands, defined by Florida Law as "(a) Any contiguous
land which is divided or is proposed to be divided for the
purpose of disposition into 50 or more lots, parcels, units, or
interests; or (b) Any land, whether contiguous or not, which is
divided or proposed to be divided into 50 or more lots, parcels,
units, or interests which are offered as a part of a common
promotional plan." Buyer may cancel this Contract for any reason
whatsoever for a period of 7 business days from the date on
which ▇▇▇▇▇ executes this Contract. If Buyer elects to cancel
within the period provided, all funds or other property paid by
▇▇▇▇▇ will be refunded without penalty or obligation within 20
days of the receipt of the notice of cancellation by the
developer.
7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is
materially damaged by casualty before closing, or Seller negotiates
with a governmental authority to transfer all or part of the Property
in lieu of eminent domain proceedings, or if an eminent domain
proceeding is initiated, Seller will promptly inform ▇▇▇▇▇. Either
party may cancel this Contract by written notice to the other within 10
days from ▇▇▇▇▇'s receipt of Seller's notification, failing which Buyer
will close in accordance with this Contract and receive all payments
made by the government authority or insurance company, if any.
TITLE
8. TITLE: Seller will convey marketable title to the Property by statutory
warranty deed or trustee, personal representative or guardian deed as
appropriate to Seller's status.
(a) TITLE EVIDENCE: 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
▇▇▇▇▇'s intended use of the Property as ______________________:
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 ▇▇▇▇▇ will assume; and encumbrances that
Seller will discharge at or before closing. Seller will, prior
to closing, deliver to Buyer Seller's choice of one of the
following types of title evidence, which must be generally
accepted in the county where the Property is located (specify in
Paragraph 5(c) the selected type). Seller will use option (1) in
Palm Beach County and option (2) in Miami-Dade County.
(1) A TITLE INSURANCE COMMITMENT issued by a Florida-licensed
title insurer in the amount of the purchase price and subject
only to title exceptions set forth in this Contract.
(2) AN EXISTING ABSTRACT OF THE TITLE from a reputable and
existing abstract firm (if firm is not existing, then abstract
must be certified as correct by an existing firm) purporting
to be an accurate synopsis of the instruments affecting title
to the Property recorded in the public records of the county
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 4 of 8 Pages.
where the Property is located and certified to Effective Date.
However, if such an abstract is not available to Seller, then
a prior owner's title policy acceptable to the proposed
insurer as a base for reissuance of coverage. Seller will pay
for copies of all policy exceptions and an update in a format
acceptable to ▇▇▇▇▇'s closing agent from the policy effective
date and certified to Buyer or ▇▇▇▇▇'s closing agent together
with copies of all documents recited in the prior policy and
in the update. If a prior policy is not available to Seller
then (1) above will be the title evidence. Title evidence will
be delivered no later than 10 days before Closing Date.
(b) TITLE EXAMINATION: ▇▇▇▇▇ will examine the title evidence and
deliver written notice to Seller, within 5 days from receipt of
title evidence but no later than closing, of any defects that
make the title unmarketable. Seller will have 30 days from
receipt of ▇▇▇▇▇'s notice of defects ("Curative Period") to cure
the defects at Seller's expense. If Seller cures the defects
within the Curative Period, Seller will deliver written notice
to Buyer and the parties will close the transaction on Closing
Date or within 10 days from ▇▇▇▇▇'s receipt of Seller's notice
if Closing Date has passed. If Seller is unable to cure the
defects within the Curative Period, Seller will deliver written
notice to ▇▇▇▇▇ and Buyer will, within 10 days from receipt of
Seller's notice, either cancel this Contract or accept title
with existing defects and close the transaction.
(c) SURVEY: Buyer may, prior to Closing Date and at ▇▇▇▇▇'s expense,
have the Property surveyed and deliver written notice to Seller,
within 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 ▇▇▇▇▇'s and
Seller's obligations will be determined in accordance with
subparagraph (b) above. If any part of the Property lies seaward
of the coastal construction control line, Seller will provide
Buyer with an affidavit or survey as required by law delineating
the line's location on the property, unless Buyer waives this
requirement in writing.
MISCELLANEOUS
9. EFFECTIVE DATE; TIME: The "Effective Date" of this Contract is the date
on which the last of the parties initials or signs the latest offer.
TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. All time
periods expressed as days will be computed in business days (a
"business day" is every calendar day except Saturday, Sunday and
national legal holidays), except for time periods greater than 60 days,
which will be computed in calendar days. If any deadline falls on a
Saturday, Sunday or national legal holiday, performance will be due the
next business day. All time periods will end at 5:00 p.m. local time
(meaning in the county where the Property is located) of the
appropriate day.
10. NOTICES: All notices will be made to the parties and Broker by mail,
personal delivery or electronic media. ▇▇▇▇▇'s failure to deliver
timely written notice to Seller, when such notice is required by this
Contract, regarding any contingencies will render that contingency null
and void and the Contract will be construed as if the contingency did
not exist.
11. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer
and Seller. Except for brokerage agreements, no prior or present
agreements will bind Buyer, Seller or Broker unless incorporated into
this Contract. Modifications of this Contract will not be binding
unless in writing, signed and delivered by the party to be bound.
Signatures, initials, documents referenced in this Contract,
counterparts and written modifications communicated electronically or
on paper will be acceptable for all purposes, including delivery, and
will be binding. Handwritten or typewritten terms inserted in or
attached to this Contract prevail over preprinted terms. If any
provision of this Contract is or becomes invalid or unenforceable, all
remaining provisions will continue to be fully effective. This Contract
will not be recorded in any public records.
12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract
without Seller's written consent. The terms "Buyer," "Seller," and
"Broker" may be singular or plural. This Contract is binding on the
heirs, administrators, executors, personal representatives and assigns
(if permitted) of Buyer, Seller and Broker.
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 5 of 8 Pages.
DEFAULT AND DISPUTE RESOLUTION
13. DEFAULT: (a) SELLER DEFAULT: If for any reason other than failure of
Seller to make Seller's title marketable after diligent effort, Seller
fails, refuses or neglects to perform this Contract, ▇▇▇▇▇ may choose
to receive a return of Buyer's deposit without waiving the right to
seek damages or to seek specific performance as per Paragraph 16.
Seller will also be liable to Broker for the full amount of the
brokerage fee. (b) BUYER DEFAULT: If Buyer fails to perform this
Contract within the time specified, including timely payment of all
deposits, Seller may choose to retain and collect all deposits paid and
agreed to be paid as liquidated damages or to seek specific performance
as per Paragraph 16; and Broker will, upon demand, receive 50% of all
deposits paid and agreed to be paid (to be split equally among
cooperating brokers) up to the full amount of the brokerage fee.
14. DISPUTE RESOLUTION: This Contract will be construed under Florida law.
All controversies, claims, and other matters in question arising out of
or relating to this transaction or this Contract or its breach will be
settled as follows:
(a) DISPUTES CONCERNING ENTITLEMENT TO DEPOSITS MADE AND AGREED TO
BE MADE: ▇▇▇▇▇ and Seller will have 30 days from the date
conflicting demands are made to attempt to resolve the dispute
through mediation. If that fails, ▇▇▇▇▇▇ Agent will submit the
dispute, if so required by Florida law, to Escrow Agent's choice
of arbitration, a Florida court or the Florida Real Estate
Commission. Buyer and Seller will be bound by any resulting
settlement or order.
(b) ALL OTHER DISPUTES: ▇▇▇▇▇ and Seller will have 30 days from the
date a dispute arises between them to attempt to resolve the
matter through mediation, failing which the parties will resolve
the dispute through neutral binding arbitration in the county
where the Property is located. The arbitrator may not alter the
Contract terms or award any remedy not provided for in this
Contract. The award will be based on the greater weight of the
evidence and will state findings of fact and the contractual
authority on which it is based. If the parties agree to use
discovery, it will be in accordance with the Florida Rules of
Civil Procedure and the arbitrator will resolve all
discovery-related disputes. Any disputes with a real estate
licensee named in Paragraph 17 will be submitted to arbitration
only if the licensee's broker consents in writing to become a
party to the proceeding. This clause will survive closing.
(c) MEDIATION AND ARBITRATION; EXPENSES: "Mediation" is a process in
which parties attempt to resolve a dispute by submitting it to
an impartial mediator who facilitates the resolution of the
dispute but who is not empowered to impose a settlement on the
parties. Mediation will be in accordance with the rules of the
American Arbitration Association ("AAA") or other mediator
agreed on by the parties. The parties will equally divide the
mediation fee, if any. "Arbitration" is a process in which the
parties resolve a dispute by a hearing before a neutral person
who decides the matter and whose decision is binding on the
parties. Arbitration will be in accordance with the rules of the
AAA or other arbitrator agreed on by the parties. Each party to
any arbitration will pay its own fees, costs and expenses,
including attorneys' fees, and will equally split the
arbitrator's fees and administrative fees of arbitration. In a
civil action to enforce an arbitration award, the prevailing
party to the arbitration shall be entitled to recover from the
nonprevailing party reasonable attorneys' fees, costs and
expenses.
ESCROW AGENT AND BROKER
15. ESCROW AGENT: ▇▇▇▇▇ and Seller authorize Escrow Agent to receive,
deposit and hold funds and other items in escrow and, subject to
clearance, disburse them upon proper authorization and in accordance
with the terms of this Contract, including disbursing brokerage fees.
The parties agree that Escrow Agent will not be liable to any person
for misdelivery of escrowed items to Buyer or Seller, unless the
misdelivery is due to Escrow Agent's willful breach of this Contract or
gross negligence. If Escrow Agent interpleads the subject matter of the
escrow, Escrow Agent will pay the filing fees and costs from the
deposit and will recover reasonable attorneys' fees and costs to be
paid from the escrowed funds or equivalent and charged and awarded as
court costs in favor of the prevailing party. All claims against ▇▇▇▇▇▇
Agent will be arbitrated, so long as Escrow Agent consents to
arbitrate.
16. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises ▇▇▇▇▇ and Seller
to verify all facts and representations that are important to them and
to consult an appropriate professional for legal advice (for example,
interpreting contracts, determining the effect of laws on the Property
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 6 of 8 Pages.
and transaction, status of title, foreign investor reporting
requirements, etc.) and for tax, property condition, environmental and
other specialized advice. ▇▇▇▇▇ acknowledges that ▇▇▇▇▇▇ does not
reside in the Property and that all representations (oral, written or
otherwise) by Broker are based on Seller representations or public
records unless Broker indicates personal verification of the
representation. ▇▇▇▇▇ agrees to rely solely on Seller, professional
inspectors and governmental agencies for verification of the Property
condition and facts that materially affect Property value. Buyer and
▇▇▇▇▇▇ respectively will pay all costs and expenses, including
reasonable attorneys' fees at all levels, incurred by ▇▇▇▇▇▇ and
▇▇▇▇▇▇'s officers, directors, agents and employees in connection with
or arising from Buyer's or Seller's misstatement or failure to perform
contractual obligations. Buyer and Seller hold harmless and release
Broker and ▇▇▇▇▇▇'s officers, directors, agents and employees from all
liability for loss or damage based on (1) Buyer's or Seller's
misstatement or failure to perform contractual obligations; (2)
Broker's performance, at Buyer's and/or Seller's request, of any task
beyond the scope of services regulated by Chapter 475, F.S., as
amended, including Broker's referral, recommendation or retention of
any vendor; (3) products or services provided by any vendor; and (4)
expenses incurred by any vendor. ▇▇▇▇▇ and Seller each assume full
responsibility for selecting and compensating their respective vendors.
This paragraph will not relieve Broker of statutory obligations. For
purposes of this paragraph, ▇▇▇▇▇▇ will be treated as a party to this
Contract. This paragraph will survive closing.
17. BROKERS: The licensee(s) and brokerage(s) named below are collectively
referred to as "Broker." ▇▇▇▇▇▇ and ▇▇▇▇▇ acknowledge that the
brokerage(s) named below are the procuring cause of this transaction.
INSTRUCTION TO CLOSING AGENT: Seller and ▇▇▇▇▇ direct closing agent to
disburse at closing the full amount of the brokerage fees as specified
in separate brokerage agreements with the parties and cooperative
agreements between the brokers, unless Broker has retained such fees
from the escrowed funds. In the absence of such brokerage agreements,
closing agent will disburse brokerage fees as indicated below.
RE/MAX REALTY WELLINGTON/▇▇▇▇ ▇▇▇▇▇▇▇▇ ILLUSTRATED PROPERTIES/▇▇▇▇ ▇▇▇▇▇▇
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Real Estate Licensee Real Estate Licensee
40430434 40462547
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Broker/Brokerage fee: ($ or % of Purchase Price) 4% Broker/Brokerage fee:($ or % of Purchase Price) 4%
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ADDITIONAL TERMS
18. ADDITIONAL TERMS:
1. SUBJECT TO SATISFIED SURVEY
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Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 7 of 8 Pages.
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This is intended to be a legally binding contract. If not fully understood, seek
the advice of an attorney prior to signing.
OFFER AND ACCEPTANCE
(Check if applicable: [ ] ▇▇▇▇▇ received a written real property disclosure
statement from Seller before making this Offer. Buyer offers to purchase the
Property on the above terms and conditions. Unless this Contract is signed by
Seller and a copy delivered to Buyer no later than ___ [ ] a.m. [ ] p.m. on
_______________________, this offer will be revoked and ▇▇▇▇▇'s deposit refunded
subject to clearance of funds.
Date:12/23/2001 Buyer: /s/ ▇▇▇▇▇▇▇ ▇▇▇ Tax ID/SSN:
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Date: Buyer: Tax ID/SSN:
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Phone: Address:
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Fax:
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Date: 12-26-01 Seller: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Tax ID/SSN:
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Phone: Address:
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Date: Seller: Tax ID/SSN:
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[ ] Seller counters Buyer's offer (to accept the counter offer, Buyer must sign
or initial the counter offered terms and deliver copy of the acceptance to
Seller by 5:00 p.m. on _________________). [ ] Seller rejects ▇▇▇▇▇'s offer.
Effective Date: ___________________ (The date on which the last party signed or
initialed acceptance of the final offer).
The Florida Association of REALTORS(R) and local Board/Association of
REALTORS(R) make no representation as to the legal validity or adequacy of any
provision of this form in any specific transaction. This standardized form
should not be used in complex transactions or with extensive riders or
additions. This form is available for use by the entire real estate industry and
is not intended to identify the user as a REALTOR(R). REALTOR(R) is a registered
collective membership mark that may be used on the real estate licensees who are
members of the National Association of REALTORS(R) and who subscribe to its Code
of Ethics.
Buyer ( /SL/ )(_____) and Seller ( /RHI/ )(_____) acknowledge receipt of a copy
of this page, which is Page 8 of 8 Pages.
ESTIMATED NET PROCEEDS
ESTIMATED SALE PRICE $ 70,000
COSTS RELATED TO SALE OF HOME
Dock Stamps $ 490.00
Commission: 8.000% of sales price $ 5,600.00
This does not include Mortgage or Taxes $ 0.00
Title ins: 1.298% of sales price $ 908.60
Fed Ex & Misc $ 100.00
Mineral Rights $ 0.00
Transaction Fee $ 200.00
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Total Estimated Expenditures $ 7,298.60
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ESTIMATED NET PROCEEDS $62,701.40
Prepared for: Mr.▇▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇ Prepared by: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
This is an estimate only and the information herein is deemed to be accurate but
not guaranteed. All estimates are subject to change.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Owner
DISCLOSURE OF AFFILIATED BUSINESS ARRANGEMENT
Ref: Sale on lot in Sun Glades
Dear Owner:
This is to give you notice that your RE/MAX agent has a business
relationship with Professional Advantage Title, Ltd. and because of this
relationship, this referral may provide a financial or other benefit to the
Agent.
You are NOT required to use Professional Advantage Title, Ltd. on the
sale or purchase of the subject property. THERE ARE FREQUENTLY OTHER SETTLEMENT
SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICE. YOU ARE FREE TO SHOP AROUND TO
DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATES FOR THESE
SERVICES.
The range of fees charged for services rendered by the title agency
have been disclosed to the parties.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 12-26-01
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Seller Approval to use PAT date Seller Approval to use PAT date
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇., PA
BROKER/ASSOC., CRS,
RE/MAX WELLINGTON
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Web Site ▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇
