Is this a SAFE / VALID wholesale contract for FL?

[Raul Otano]

Standard Purchase and Sale Agreement

This agreement is made this ________day of _____________________, 20______ between Seller(s)_______________________________________________________ and Buyer(s)___________________________________________________________ and/or assigns. 

Seller agrees to sell and buyer agrees to buy the following described real property together with all improvements and fixtures and the personal property described below: Street Address____________________________________________________________ City, State, Zip:____________________________________________________________ Legal description: _________________________________________________________ 

The purchase price to be paid as follows:

Earnest Money Deposit $____________________

Cash to Seller at Closing $_____________________ 

Total Purchase Price $_____________________ 

1. EARNEST MONEY to be deposited with a licensed title company or attorney within 48 hours of acceptance and ratification of offer. 

2. PRORATIONS, IMPOUNDS & SECURITY DEPOSITS: Loan interest, property taxes, insurance, and rents shall be prorated as of the date of closing. All security deposits shall be transferred to buyer at closing. All impound accounts for taxes and insurance are included in the purchase price and shall be transferred to buyer at closing. Any shortage in these accounts shall be charged to seller at closing. 

3. CLOSING DATE AND TRANSFER OF TITLE:This transaction shall close on or before ________, 20___. Closing will be held at _________________________ and Seller(s) agree to transfer marketable title free and clear of all encumbrances except those listed and pay any required state taxes or stamps required to record deed and mortgage. Seller agrees to furnish title insurance in the amount of the purchase price, showing no encumbrances or exceptions other than previously noted.

4. DAMAGE TO PROPERTY: Seller shall maintain property in its current condition and keep it insured against all loss until closing. In the event of destruction covered by insurance, buyer may elect to close and collect the insurance proceeds. 

5. DEFAULTS: If buyer defaults under this contract, any and all monies deposited by buyer(s) shall be retained by seller as full liquidated damages. If seller defaults, buyer may pursue all remedies allowed by law and seller agrees to be responsible for all costs incurred by buyer as a result of sellers default. 

6. SUCCESSORS AND ASSIGNEES:The terms and conditions of this contract shall bind all successors, heirs, administrators, trustees, executors and assignees of the respective parties.

7. ACCESS: Sellers agree that buyers may advertise the property prior to closing and have access during reasonable hours to show property to partners, contractors, and/or prospective tenants.

8. INSPECTION:(a) Buyer shall have ______ days from Effective Date (“Inspection Period”) within which to have such inspections of the Property performed as Buyer shall desire and utilities service shall be made available by the Seller during the Inspection Period; (b) Buyer shall be responsible for prompt payment for such inspections and repair of damage to and restoration of the Property resulting from such inspections; and (c) if Buyer determines, in Buyer’s sole discretion, that the condition of the Property is not acceptable to Buyer, Buyer may cancel this Contract by delivering written notice of such election to Seller prior to the expiration of the Inspection Period. If Buyer timely cancels this Contract, the deposit(s) paid shall be immediately returned to Buyer; thereupon, Buyer and Seller shall be released of all further obligations under this Contract. 

9. CLOSING COSTS: Purchase price is net to buyer. Seller is responsible for paying all closing costs associated with with this transaction unless otherwise noted below. 

10. ADDITIONAL TERMS AND CONDITIONS: _ _______________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ 

The undersigned have read the above information, understand it and verify that it is correct. Date: _____________________________ Date: _______________________ Seller: __________________________________ Buyer: ____________________________ Seller: __________________________________ Buyer: __________________________