Author Archives: Tanishia Stokes

Property Inspection and Repair

Section (a) contains the Inspection Period information. Here, Buyer may conduct “General”, “WDO”, and “Permit” Inspections at the earlier of the following occurrences: 15 days after the Effective Date or 5 days prior to Closing. If Buyer fails to timely deliver Seller with written notice or report required to conduct these inspections, then Buyer would be deemed to have waived Seller’s obligations to repair, replace, treat or remedy the matters not inspected and timely reported. If Contract does not close, Buyer must repair all damage to Property resulting from Buyer’s inspections. Buyers also must return the Property back to the condition it was in prior to the inspection and provide the Seller with the paid receipts for the work done on the Property when it is completed.

Property Maintenance

Section 11 contains the Maintenance requirement which states that the Seller is required to maintain the Property in the condition that it was in as of the Effective Date. This includes but is not limited to keeping up the lawn, shrubbery, and pool. However, this does not include ordinary wear and tear and Casualty loss, and repairs, replacements or treatments required under the Contract.

Disclosures

Section (j) contains the Seller’s Disclosure. Here, Seller is making an affirmative statement that the Seller knows of no facts that materially affect the property that are not readily visible and that have not already been disclosed to the Buyer.

Disclosures

Section (i) contains the FIRPTA Tax Withholding Disclosure. This disclosure requires the Seller to inform the Buyer in writing if the Seller is a foreign person within the meaning of the Foreign Investment in Real Property Tax Act (FIRPTA). Both Buyer and Seller are required to comply with FIRPTA. Seller may be required to provide additional cash at Closing in order to be in compliance with FIRPTA. However, if Seller is not a foreign person within the meaning of FIRPTA, Seller can provide a certification of non-foreign status, under penalties of perjury, to Buyer and Closing Agent that no withholding is required. Additional information regarding this can be found in the STANDARD V section of the Contract. Buyer and Seller are also advised to seek legal advice and to consult a tax professional in order to fully understand their rights and obligations under FIRPTA.

Disclosures

Section (h) contains the Property Tax Disclosure. This disclosure cautions the Buyer not to rely on the property tax amount the Seller is currently paying as it is subject to change. Change can occur based on the new ownership and other occurrences such as property improvements. Buyer is encouraged to contact the county property appraiser’s office if they have questions or require additional information.

Disclosures

Section (g) contains the Homeowner’s Association/ Community Disclosure. The Buyer must not sign the contract until the Buyer has received and read the Homeowner’s Association/Community Disclosure.

Disclosures

Section (f) contains the lead-based paint disclosure. Here, if the property is considered pre-1978 residential housing, it is mandatory that a lead-based paint disclosure is made.

Disclosures

Section (e) contains the Energy Brochure disclosure. Here, the Buyer acknowledges that they have received the Florida Energy Efficiency Rating Information Brochure that is required by Section 553.996 of the Florida Statutes.

Disclosures

Section (d) contains the flood zone and elevation certification disclosure. In this disclosure, the Buyer is advised to use the elevation certificate to identify which flood zone the property is in, whether the Buyer will be required to have flood insurance, and what restrictions apply to improvements on the property and rebuilding in the event of damage. If the property falls under the category of a “Special Flood Hazard Area” or “Coastal Barrier Resource Act”, is protected by the U.S. Fish and Wildlife Service and has the lowest floor elevation for the buildings or is ineligible for flood insurance, Buyer can terminate the Contract. The Contract can be terminated by delivering written notice to Seller in a time agreed upon by the Buyer and Seller or 20 days after the Effective Date, if no specific time period is indicated. Buyer should then be refunded the Deposit and Buyer and Seller will be released from the Contract. If the Buyer does not terminate the Contract, then Buyer will be deemed to have accepted the existing elevation of the buildings and the flood zone designation of the property.

Disclosures

Section (c) contains the mold disclosure. Because mold is a naturally occurring condition, the Buyer is encouraged to contact a professional that specializes in mold if they have any concerns or would like additional information.