|
A TRUE COPY
<br />CERTIFICATION ON LAST PAGE
<br />RYAN L. BUTLER, CLERK
<br />ten dollars ($10.00) or less shall be applied to offset additional post closing administrative costs created by
<br />the overpayment and remain the property of the Closing Agent.
<br />6. Correction of Errors/Omissions: If for any reason sufficient funds are not collected at closing by the
<br />Closing Agent to pay all persons and entities entitled to payment (including, but not limited to, the proration
<br />or collection of real estate taxes; any collection of payoffs for outstanding mortgages, impact fees, utilities
<br />or assessment liens; any charge for recording or re-recording fees, documentary and/or intangible tax charge
<br />or other governmental charge; any charge for payment of insurance premiums; any charge for payment of
<br />repairs, or inspections), the person or entity responsible for such payment shall forthwith pay the additional
<br />funds to Closing Agent. Closing Agent may file suit against the undersigned in the applicable County or
<br />Circuit Court to collect the funds, in which event, the undersigned will pay all costs and expenses incurred
<br />in such suit, including a reasonable attorney's fees. Seller and Buyer agree to cooperate with the Closing
<br />Agent to correct any technical errors or deficiencies in the drafting or execution of any document executed
<br />at closing.
<br />Net Proceeds: Seller(s) hereby acknowledge and understand that in the event the collected funds required
<br />by the Buyer, and Buyer's loan proceeds, if any, are not received by this office by 11:00 a.m. E.S.T. on the
<br />day of closing, the Closing Agent cannot guarantee available funds on that day to Seller. Although all best
<br />efforts will be made to accommodate the parties, Closing Agent may not be able to initiate wire transfers
<br />of Seller's proceeds on the closing date if Buyer's funds are received by Closing Agent after 11:00 a.m.
<br />E,S.T. Due to the complicated nature of wire transfers, Buyer acknowledges that in order to positively
<br />assure wired funds will be credited to Closing Agent's Trust Account on the day of closing, wire transfers
<br />by Buyer transmitting required funds for closing must be initiated at least one business day prior to closing.
<br />Real Estate Agents/Brokers: Buyer and Seller warrant and represent that there are no real estate brokers
<br />involved in this transaction other than those addressed on the Closing/Settlement Statement, and will
<br />indemnify and hold harmless each other and Closing Agent for claims for compensation, and any disputes
<br />by any other person or reahor relating to, or arising from, the above -referenced transaction.
<br />9. Real Estate Tax Calculations on Settlement Statement: Buyer and Seller understand that 2024 Real
<br />Estate Taxes were prorated based upon the 2023 Gross Real Estate Tax figure, allowing the standard
<br />November discount of 4%. Should either of the parties desire to re -prorate the 2024 Real Estate Taxes at
<br />such time as the actual 2024 tax information is available (November, 2024, or subsequently), each party
<br />hereby consents to such proration and agrees to look to the other party and to save and hold harmless the
<br />Closing Agent. The parties further agree that if the difference is less than $100.00, or if demand for re -
<br />proration is made later than April l of the year following closing, in either event, the agreement to re -prorate
<br />is null and void.
<br />10. Real Estate Tax Re -Assessment: Buyer should not rely on the amount utilized by Closing Agent in
<br />determining the real estate tax proration as the tax amount Buyer will be obligated to pay in future years.
<br />A change in ownership may trigger reassessment of the Property to market value.
<br />H. Suitability of Property and Improvements: In light of the limited role of this Firm, as Closing Agent in
<br />this transaction, to administer the closing and facilitate the issuance of title insurance, this Firm has not
<br />made and does not make any inquiries, investigations or representations as to the (i) physical condition,
<br />quality of construction of any improvements or the quality of materials to be or already incorporated into
<br />any improvements; (ii) expenses, operation, maintenance, profit, rents, loss or use to which the property or
<br />any part thereof may be or has been utilized; (iii) merchantability and fitness of the improvements ,
<br />buildings or personal property contained therein and included in this conveyance; (iv) condition of the
<br />property, which includes, but not limited to, latent and patent conditions, the presence or release of
<br />hazardous or toxic wastes, substance and materials on or from the property or any adjoining property;
<br />subsoil conditions; or storm water drainage conditions; (v) existence or condition of utilities, if any, at the
<br />property; (vi) suitability of the property and improvements thereon for the extended use and/or development
<br />Page 2 of 3
<br />
|