|
STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUE]
<br />ass N. 1031 EXCHANGE: If either Seiler or Buyer wish to enter into a tike -kind exchange (either simultaneously with
<br />455 Closing or deferred) under Section 1031 of the Internal Ravenue Code (`Exchange"), the other party shall cooperate in
<br />467 all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, cooperating
<br />46e patty shall incur no liability or expense related to the Exchange, and Closing shall not be contingent upon, nor extended
<br />ass or delayed by, such Exchange.
<br />470 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE DELNERY; COPIES; CONTRACT
<br />471 EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall be
<br />472 binding on, and inure to the benefit of, the parties and their respective heirs or successors h interest Whenever the
<br />473 context perfriits, singular shall include plural and one gender shall Include all. No'&ce and delivery given by or to the
<br />474 attorney or broker (including such broker's real estate licensee) representing any party shall be as effective as if given
<br />cis by or to that party. All notices must be in writing and may be made by mail, personal delivery or• electronic (including
<br />ere 'pdr') media. A facsimile or electronic (including "pdf`) copy of this Contract and any signatures hereon shall be
<br />an considered for ail purposes as en original. This Contract may be executed by use of eiectronic signatures, as
<br />478 determined by Florida's Electronic Signature Act and other applicable laws.
<br />475 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement of
<br />Oat? Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or
<br />481 representations shall be binding upon Buyer or Seiler unless included in this Contract. No modification to or change in
<br />482 this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended to be
<br />ass bound by it_
<br />ase Q. W.PJVER: Failure of Buyer ar Seller to insist on compliance with, or strict performance of, any provision orf this
<br />4e5 Contract, or to take advantage of any right under ties Contract, shah not conseute a waiver of other provisions or rights.
<br />488 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten ar
<br />Oat handwrftten prorvlalons shall control all printed provisions of this Contract in conflict meth them.
<br />466 S. COLL.ECTiON or COLLEC fete "COLLECTION" or "COLLECTEfl" means any checks tendered or received,
<br />me inducting Deposits, have become actually and finally collected and deposited in the account of Escrow Agent
<br />Oso or Closing Agent. Closing and disbursement of funds and delivery of closing documents may he delayed by
<br />491 Closing Agent unfit such amounts have been COLLECTED In Closing Agent's accounts.
<br />4e2 T. LOAN COMMrTMENi': `Loan Commitment" means a statement bythe lender setting forth the terms and conditions
<br />40 upon which the lender is wiling to make a particular mortgage loan to a particular borrower. Neither a preepprovat
<br />4e4 letter nor a prequalifioatien fetter shall be deemed a Loan Commitment for purposes cells Contract.
<br />495 U. APPLICABLE LAW AND VENUE This Contract shall be construed In accordance with the laws of the State of
<br />406 Florida and venue for resolution of all disputes, whether by medialSon, arbitration or etigefion, stall tie in the county
<br />497' where the Real Property is located.
<br />ase V. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"); if a seller ce U.S. real property is a "foreign
<br />nes person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires the buyer of the real property IO
<br />goo withhold 10%s of the amount realized by the sailer on the transfer and remit the withheld amount to the Internal Revenue
<br />soy Sendee (IRS) unless an exemption to the waked wlthholdjng. Applies or rile sailer has obtained_ a lnlitlt lPidrtrg
<br />532 Certificate from the IRS authorizing a reduced amount of wlthhording. Due to the complexity and potential risks of
<br />5113 FIRPTA, Buyer and Seller should seek legal and tax advice regarding crxnplianee, particularly if an "exemption" is
<br />repo claimed on the sale of residential property for $300,000 or less.
<br />ao5 (i) No withholding is recpered under Sedan 1445 lithe Seller Is not a "foreign person,* provided Buyer aodacpts proof
<br />598 al' same from Seller, which may include Buyer's receipt of certifrrcatioon of non -foreign status from Seiler, signed under
<br />oar penalties of perjury, stating that Seller is not a foreign person and containing Seller's name, U.S. taxpayer idenfification
<br />sos number and home address (or office address, in the case of art entity), as provided for in 28 CFR 1.1445-2(b).
<br />599 Otherwise, Buyer shall withhold 10s%o of the amount rearmed by Seller on the transfer and timely remit said funds to the
<br />510 IRS.
<br />511 (ti) if Seller has received a Withholding CerSloate from the IRS whirls provides for reduced or eliminated withhotdrng in
<br />512 this transaction and provides same to Buyer by Closing, then Buyer shall wierhole The reduced sum, if any required, and
<br />613 Timely remb said funds to the IRS.
<br />ala (1fr) If prior to Closing Saler has submitted a completed application to the IRS for a Withholding Certificate and has
<br />515 provided to Buyer the notice required by 26 CFR 1.1446-1(c) (2)(1)(B) but no Withholding Certificate has been received
<br />516 as of Closing, Buyer shall, et Closing, withhold 10% of the amount realized by Seller on the transfer and, at Buyer's
<br />617 option, either (a) tlmefy remittive withheld funds to the DRS or (b) place the fiords in escrow, at Sebes expense, with an
<br />618 escrow agent selected by Buyer and pursuant to terms negotiated by the parties, to be subsequently disbursed in
<br />519 accordance with the Withholding Certificate Issued by the IRS or remitted directly to the IRS if the Seller's application is
<br />trio rejected or upon terms set forth In the escrow agreement
<br />611 (iv) in the event the not proceeds due Sexier are not sufficient to meet the withholding requtreme» t(s) in this transaction,
<br />822 Seller shall deriver to Buyer, at Closing, the addUiorsal COLLEL i et) funds necessary lo satisfy the applicable
<br />523 requirement and thereafter Buyer shall tirnely remit said eunds to the IRS or escrow the fonds or disbursement in
<br />e24 accordance wrUti tele final determination of the IRS, as applicable.
<br />Buyer's Initleds L-+ v� ,... Page 9 of 11 Selleds initials
<br />FlorideRealtorSlFbedaBer-ASIS-2 Rev.8/13 0 2013 Florida Rrabors'artd The Florida Bar, All rights resecyed. L J
<br />er att +xaaa rartassosrser — formsirplicity
<br />38
<br />
|