Closing Cost; Title Insurance; Survey; Home Warranty; Special Assessments
Section (f) indicates the Seller’s obligation to pay the full amount of liens imposed by a public body with the exclusion of those imposed by a condominium or Homeowners association. It also indicates that the Seller must pay the amount of the public body’s most recent estimate or assessment of any improvement which is substantially complete at the Effective date but that has not resulted in a lien being imposed on the Property before Closing. The Buyer must then pay all of the remaining assessments. In the case where there are special assessments that need to be paid in installments, they can be disbursed using one of two options. Option one is the Seller can pay the installments due prior to Closing and the Buyer pay installments due after Closing. The installments prepaid or due for the year of Closing must be prorated. Option two is the Seller shall pay the assessments in full prior to the time of Closing. However, if neither option one or two is selected, the default will be option one. This paragraph does not apply to a special benefit tax lien imposed by the community development district.
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