01-10-2024 Council Packet - Laserfiche WebLink

Home Browse Search

4 permitted encumbrances. (b) Sellers’s Affidavit. An affidavit of title by Sellers indicating that on the Closing Date there are no outstanding, unsatisfied judgments, tax liens, or bankruptcies against or involving Sellers or the Property; that there has been no labor or material furnished to the Property for which payment has not been made or for which mechanic’s liens could be filed; and that there are no other unrecorded interests in the Property, together with whatever standard owner’s affidavit and/or indemnity (ALTA Form) which may be required by Title to issue an Owner’s Policy of Title Insurance with the standard exceptions other than survey waived. (c) FIRPTA Affidavit. A non-foreign affidavit, properly executed and in recordable form, containing such information as is required by IRC Section 144(b)(2) and its regulations. (d) 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 shall execute, deliver, and/or cause to be delivered to Sellers the following (collectively “Buyer’s Closing Documents”): (a) Earnest Money. The Earnest Money, deposited by the Buyer with Kelly & Lemmons IOLTA, in accordance with the terms of this Agreement. Deposit of Earnest Money shall occur within ten (10) days of the Effective Date. (b) Purchase Price. The unpaid balance of the Purchase Price, by cash, or by funds and a form of satisfactory to Title, to be deposited in Title’s trust account delivered to Sellers. (c) Title Documents. Such affidavits of Buyer, certificates of value or other documents as may be reasonably required by Title in order to record the Sellers’s Closing Documents and issue the Title Insurance Policy required by this Agreement. 9. Prorations. Sellers and Buyer agree to the following prorations and allocation of costs regarding this Agreement: (a) Deed Tax. Sellers shall pay all state deed tax regarding the warranty deed to be delivered by Sellers under this Agreement. (b) Real Estate Taxes and Special Assessments. On the Closing Date, Sellers shall pay all real estate taxes due and payable in years prior to the year of Closing, Seller shall also pay all installments of special assessments levied certified for payment with current years real estate taxes. Real estate taxes payable in the year of Closing shall be prorated by Sellers and Buyer as of the Closing Date based upon a calendar fiscal year. The language set forth in this paragraph represents the Sellers entire