04-11-2018 Council Packet - Laserfiche WebLink

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5 7.8 FIRPTA Affidavit. A non-foreign affidavit, properly executed and in recordable form, containing such information as required by IRC Section 1445(b) (2) and its regulations. 7.9 Owner's Duplicate Certificates of Title. The owner's duplicate certificates of title regarding the Real Property, if any. 7.10 IRS Reporting Form. The appropriate Federal Income Tax reporting form, if any, as required. 7.11 Other Documents. All other documents reasonably determined by Buyer to be necessary to transfer the Property to Buyer free and clear of all encumbrances, except the Permitted Encumbrances. 8. Buyer's Closing Documents. On the Closing Date, Buyer will execute and/or deliver to Seller the following (collectively, "Buyer's Closing Documents"): 8.1 Purchase Price. The Purchase Price, by wire transfer of U.S. Federal Funds (or by certified check] to be received in Title's trust account (delivered to Seller] on or before 11:00 a.m. local time on the Closing Date. 8.2 Assumption Agreement. An Assumption Agreement in a form agreeable to Seller, pursuant to which Buyer will assume all obligations of Seller under the Contracts and the Permits that accrue after the Closing Date. 8.3 Title Documents. Such affidavits of Purchaser, Certificates of Value or other documents as may be reasonably required by title in order to record the Seller's Closing Documents and issue the Policy. 9. Prorations. Seller and Buyer agree to the following prorations and allocations of costs regarding this Agreement: 9.1 Title Insurance and Closing Fee. Seller will pay all costs of the title Evidence described in Section 10 of this Agreement and the fees charged by Title for any escrow required regarding Buyer's Objections. Buyer will pay the premium or cost of the Policy and all additional premiums required for the issuance of any mortgagee's title insurance policy required by Buyer. Seller and Buyer will each pay one-half of any reasonable and customary closing fee or charge imposed by any closing agent designated by Title. Owner’s premium and any mortgagee’s premium shall be paid by BuyerSeller’s costs for the closing fee shall be capped at $500. 9.2 Deed Tax. Seller shall pay all state deed tax regarding the Limited Warranty Deed to be delivered by Seller under this Agreement. Buyer shall pay all Mortgage Registry Tax. 9.3 Real Estate Taxes and Special Assessments. At Closing, the Purchase Price shall be adjusted as follows: 9.3.1 Current Year's Taxes. In lieu of the costs Buyer will incur to bring utility service to the Property, Seller will be responsible for the payment of all real property taxes which have become a lien on the Property ("Taxes") and which are due and payable prior to and during the year in which Closing occurs. Taxes payable in 2019 shall be the responsibility of Buyer, subject to Provision 6.