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HomeMy WebLinkAbout2012 08 13 Consent 202 154 Lori Anne LaneCOMMISSION AGENDA ITEM 202 August 13, 2012 Regular Meeting Informational Consent X Public Hearings Regular KS SB City Manager Department REQUEST: The Finance Department and Administration Department requests The City Commission to consider the Sale of the Surplus Property at Lori Anne Lane; and list the Property with Exit Real Estate Results (Winter Springs); and authorize the City Manager to execute all necessary contracts. SYNOPSIS: In April of 2006 the City of Winter Springs purchased 154 Lori Anne Lane in order to complete an urban renewal project. The Finance and Administration Department is now asking the Commission to consider listing for sale the Lori Anne Lane property with Exit Real Estate Results (Winter Springs). CONSIDERATIONS: In fiscal year 2000, the City of Winter Springs loaned $909,655 to the Wyman Fields Foundation for townhouse rehabilitations and an urban renewal project. This project was successful in buying townhomes, that where mostly properties, in the Western portion of the City that had fallen into a state of disrepair. The program purchased rental properties, restored them and allowed the residences to purchase them back as homeowners. This project greatly increased the value and aesthetics of the homes and neighborhoods affected by the project. The proceeds from the sales of these townhome units were deposited and credited to the City's Revolving Rehabilitation Fund for future economic development projects. 154 Lori Anne Lane, purchased in April 2006, is the last of these townhomes owned by the Consent 202 PAGE 1 OF 2 - August 13, 2012 City. This agenda item is seeking Commission approval for the listing of this property on the open market with intention to sell it to the highest offer. We have obtained a listing agreement (attached hereto, and in accordance with City purchasing policies) from Exit Real Estate Results (Winter Springs) that includes a fixed Commission of $2,000. The listing /asking price of $49,900 was derived after completing a comparable property analysis. We feel that this is a fair starting point given the property's location , general condition and current market dynamics. Before any contract is signed, this item will be brought before the Commission for final approval and acceptance. FISCAL IMPACT: The City will not be obligated to pay the $2,000 Commission until such time as 154 Lori Anne Lane is sold for an acceptable price as determined by the City Commission. The City's obligation for maintenance and insurance cost will terminate upon the sale of this property. The proceeds from such sale will be deposited into the Revolving Rehabilitation Fund for future economic development projects. COMMUNICATION EFFORTS: This Agenda Item has been electronically forwarded to the Mayor and City Commission, City Manager, City Attorney /Staff, and is available on the City's Website, LaserFiche, and the City's Server. Additionally, portions of this Agenda Item are typed verbatim on the respective Meeting Agenda which has also been electronically forwarded to the individuals noted above, and which is also available on the City's Website, LaserFiche, and the City's Server; has been sent to applicable City Staff, Media/Press Representatives who have requested Agendas /Agenda Item information, Homeowner's Associations /Representatives on file with the City, and all individuals who have requested such information. This information has also been posted outside City Hall, posted inside City Hall with additional copies available for the General Public, and posted at five (5) different locations around the City. Furthermore, this information is also available to any individual requestors. City Staff is always willing to discuss this Agenda Item or any Agenda Item with any interested individuals. RECOMMENDATION: Authorize the City Manager and City Attorney to prepare and execute all contracts and documents necessary to facilitate the listing of 154 Lori Anne Lane with Exit Real Estate Results. ATTACHMENTS: Exit Real Estate Listing Contract Consent 202 PAGE 2 OF 2 - August 13, 2012 COMPREHENSIVE SELLER'S DISCLOSURE AND LATENT DEFECTS STATEMENT (To Be Completed At Time of Listing) NOTICE TO SELLER in Florida, each Seller is obligated to disclose to a buyer all known facts by Seiler that materially and adversely affect the value of the property being sold, and which are not readily observable to Buyer. This disclosure statement is designed to assist Seller in complying with disclosure requirements and to assist Buyer in the evaluation of the property being considered. The listing real estate broker(s) and cooperating broker(s) will also rely on this information when they evaluate, market and present your property to prospective buyers. NOTICE TO BUYER This is a disclosure of the Seller's knowledge of the property's condition and any latent defects as of the date signed by Seiler. It is not a substitute for any inspections or warranties that Buyer may wish to obtain. It is not a warranty of any kind by the seller or a warranty or representation by the listing broker, the selling broker or their agents. Seller(s) Name(s): C- r b"c ,r � S 4 I (1)-3 (� f Property Address: jj 1 Zp� ��j �' t i=- MJ1Q L-4 lt'rr r[- l pinm(J (C cl-�,'i Year Built l 0 Li Seller is U.S. Citizen? ❑ Yes Q No 1. OCCUPANCY Is property currently occupied by Q Seiler If occupied by tenant, lease expiration date QTenant Vacant 2. LAND (SOILS,DRAINAGE AND BOUNDARIES) (a) Do you have any knowledge of any fill or expansive soil on the property? (b) Do you have any knowledge of sliding, settling, sinking, earth movement stability problems that have occurred on the property or in the in' (c) Do you have any knowledge whether the property has "^ (e.g., earthquake, hurricane, hailstorm, tornado '' (d) Do you have any knowledge whether to recent drainage or flood probie (e) Do you have any know'e property? 7" (f) Are VP" If P'. 3. s .;t or rs affecting the Year existing roof installed Q Unknown ..,arced, suffered any other significant damage, been replaced or inspected during your „op? Q Yes f No , rro you have any knowledge of any present problems with the roof or rain gutters? 0 Yes 0 No If any of your answers in this section are "Yes," explain in detail I 4. TERMITES, DRYI OT, PESTS (e) Do you have any knowledge of termites, dryrot or pests presently affecting the property? QYes 0 No (b) Do you have any knowledge of any damage to the property caused by termites, dryrot or pests? 0 Yes Q No (c) Is your property currently under a termite bond or termite warranty by a licensed pest control company? Q Yes Q No Transferable? Q Yes ❑ No Cost to Transfer ['Transferability unknown (to be determined upon request.) Revised 3/10/2 Page 1 of 6 (d) Do you know of any termite /pest control reports or treatments for the property in the last five years? ❑ Yes ❑No If any of your answers in this section are "Yes," explain In detail. When describing repairs or control efforts, describe the location, extent, date and name of the person who did the repair or control effort: I 5, STRUCTURAL ITEMS (a) Do you have any knowledge of any past or present movement , shifting, deteriorations or other problems with walls or foundations? D Yes ❑ No (b) Do you have any knowledge of any past or present cracks or flaws in the walls, ceilings or foundations? ❑ Yes ❑No (c) Do you have any knowledge of any past or present water leakage in the house? ❑ Yes ❑ No (d) Do you have any knowledge of any past or present problems with driveways, walkways, patios or retaining walls on the property? ❑ Yes ❑ No (e) Do you have any knowledge of repairs or other attempts made to control the cause or effect of any problem described above? ❑ Yes ❑ No if any of your answers in this section aro "Yes," explain in detail. When describing repairs or control efforts, describe the location, extent, date and name of the person who did the repair or control effort: I 6, BASEMENTS AND CRAWL SPACES (complete only if applicable) (a) Does the property have a sump pump? ❑ Yes ❑ No (b) Do you have any knowledge of any water leakage, accumulation space? ❑ Yes ❑No If "Yes," describe the location, extent, date and name of th 7, ADDITIONS /REMODELS . (a) Have you had any a made to the property? j l © ❑ Yes ❑No❑Unknown If "Yes," were , i�� and was all work in compliance with building code? CO \AV , ter any former owners of the property made any additions, structural to the property? ❑ Yes ❑ No ❑ Unknown If , permits and approvals obtained and was all work in compliance will' building code? Unknown if "No," explain: 8. PLUMBING- RELATED ITEMS (a) What are your potable (drinking) water sources? ❑ Public ❑ Private System ❑ Well on Property (b) If your drinking water is from a well, when was your water last checked for safety and what vas the result of the test? (c) Do you have a water softener? ❑ Yes ❑ No If "Yes," is it: ❑ Leased ❑ Owned ❑ lnclZded in Sale (d) What is the type of sewage system [] Public Sewer ❑ Private Sewer ❑ Septic Tank ❑ Cesspool Location of drain field: (e) Is there a sewage pump? ❑ Yes ❑ No (f) Have you had the septic tank or cesspool serviced? ❑ Yes © What year? EA N8 (g) Do you have any knowledge of any leaks, backups or other problems relating to plumbing, water and sewage systems? ❑ Yes ❑ No (h) Do you have any knowledge whether the home has ever been replumbed? ❑ Yes What Year? ❑ No If your answer is "Yes," explain in detail: Revised 3/10/2011 Page 2 of 9. HEATING AND AIR CONDITIONING (a) Air Conditioning ❑ Central Electric ❑ Central Gas ❑ Window ❑ Heat Pump If Heat Pump, type: Number of Window Units Included in Sale (b) Heating: ❑ Electric ❑ Fuel OF ❑ Natural Gas ❑ Fireplace ❑ Other (c) Water Heating: 0 Electric Q Gas ❑ Solar (d) Do you have any fuel storage tanks? ❑ Yes ❑ No If yes, what type of fuel? Location of fuel tank: Above ground? ❑ Yes ❑ No Below ground? ❑ Yes ❑ No Do you have any knowledge of any problems regarding these Items? ❑ Yes ❑ No If "Yes," detail: explain in 10. ELECTRICAL SYSTEM Is the wiring: ❑ Aluminum ❑ Copper ❑ Unknown Do you have any knowledge of any problems or conditions that affect the value or desirability system? ❑ Yes ❑ No If "Yes," explain in detail: 11. OTHER EQUIPMENT AND APPLIANCES BEING SOLD Mark the items included in the sale of your property: ❑ Electric Garage Door Opener, ( Number of Transco ❑ Leased), ❑ Solar Equipment ( ❑ Owned ❑ Lease'" Sprinklers, 0 Automatic Timer, ❑ Swimming Poe' (list) ❑ Refrigerator, ❑ Stove, n Microwaw © Disposal, ❑ Intercom, ❑ Celli ❑ Other Are any of the above its d 12. Are any of t nF or de 0c'- 0 Y�O�( ❑ No If "Yes," explain in detail: list which ones: lectrical ed . /, ❑ Lawn Spa Equipment dr, ❑Trash Compactor, ❑ Fireplace Hardware . ny underground tanks or toxic substances present on the Property (structure , accumulated radon, lead paint or others? ❑ Yes ❑ No If "Yes," explain in 13. NEIGHBORHOOD Do you have any knowledge of any condition or proposed change of conditions in your neighb ,rhood that could adversely affect the value or desirability of the property, such as noise or other nuisance, threat of condemnation, etc.? ❑ Yes ❑ No If "Yes," explain in detail: 14. OTHER MATTERS (a) Do you have any knowledge of any existing or threatened legal action affecting the property: ❑Yes No (b) 130 you have any knowiedge of any violations of local, state or federal laws or regulations rOating to this property? ❑ Yes ❑ No (c) Do you have any knowledge of anything else that you feel you should disclose to a prospeLtive buyer because It may materially and adversely affect the value or desirability of the property, e.g. zoning violations, nonconforming units, setback violations, zoning changes, road changes, etc.? ❑ Yes ❑ No (d) Do you have in your possession any inspection reports on the property? ❑ Yes ❑ No (e) Have you received any proceeds from any insurance claims regarding this property? ❑ Yes ❑ No (t) Do you have any knowledge of any title problems affecting the property (such as delinquent taxes) or any other person claiming an Interest in the property? ❑ Yes D No Revised 3/10/20H Page 3 of 6 (g) Is your property currently covered by a home warranty program which can be transferred to a buyer of your property? ❑ Yes ❑ No If "Yes ", name of home warranty company: (h) Do you have an owner's title insurance policy? ❑ Yes ❑ No If yes, please provide a copy, (i) Are there any deed restrictions on the property? ❑ Yes ❑ No If yes, please provide a copy of the deed containing restrictions, if any of your answers in this section are "Yes," explain in detail: 15. MOLD ADDENDUM TO SELLER'S REAL PROPERTY DISCLOSURE STATEMENT MOISTURENATER INTRUSION €NCIDENTSIMOLD Are You Aware: a of any instances where moisture /water /condensation /humidity Intruded into the structure located on the property as the result or rain, flood, plumbing leak, appliance leak, roof, window or wall leakier any other type of leak or event? ❑ No ❑ Yes If yes, explain: 1 b. of any damage to the structures located on the property including the any type of moisture /water /condensation /humidity intrusion or lea' c. of any clean up, repairs or remediatiort �` ��� V4 water Inlrusionlcondensationlhuml '' Q� 01\" , d. of any oth- ( �® Condensation /humidity? ❑ No ❑ Yes if yes, explain: ed from in: materials or products which may be an environmental hazard, such as, but not limited to, as formaldehyde, radon gas, mold, lead -based paint, fuel, propane or chemica storage tanks r abandoned), or contaminated soil or water on the property? ❑ No ❑ Yes If yes, explain: I. of any damage to the structure located on the property due to any of the substances, materials or products listed in subsection (e) above? © No ❑ Yes If yes, explain: ii. of any clean up, repairs or remediation of the property due to any of the substances, materials or products listed in subsection (e) above? ❑ No ❑ Yes If yes, explain: Revised 3/10/2011 Page 4 of 6 17. HOMEOWNER'S ASSOCIAT(ONICOMMUNITY DISCLOSURE Florida Association of Realtors® Buyer's Initials — Seller's initials: If to be made a part of the Contract. ( ) ( ) ( ) ( ) IF THE DISCLOSURE SUMMARY REQUIRED BY CHATPER 720, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS j CONTRACT IS VOIDABLE BY BUYER DY DELIVERING TO SELLER OR SELLER'S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT, BUYER'S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING. BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THIS DISCLOSURE. Disclosure Summary For (Name of Community) AS A BUYER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED T R OF A HOMEOWNERS' ASSOCIATION ("ASSOCIATION "). 2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENP NING THE USE AND OCCUPANCY OF PROPERTIES IN THIS COMMI th 3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO T!" SUBJECT TO PERIODIC CHANGE. IF APPLICABLE PER . YOU WILL A' Tp�Yjv `� � ,osESSMENTS IMPOSED BY THE ASSOCIATION. SUCH CHANGE, IF APPLICABLE, THE CURRENT AMP 4. YOU MAY BE OBLIGATED ..r c T j}° 9 ECTIVE MUNICIPALITY, COUNTY OR SPEC! 'fl t0 PERODIC CHANGE. 6. YOUR FAILURE J ..yiENTS LEVIED BYAMANDATORY HOMEOW "" v ON YOUR PROPERTY. 6. THE' � LAND USE FEES FOR RECREATION/IL OR OTHER t ION OF MEMBERSHIP IN THE HOMEOWNER'S .1rtRENTAMOUNT IS $ ' PER 7. c THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE ,OSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS. g. „ t'S CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND. AS A cCTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GL viRNING DOCUMENTS BEFORE PURCHASING PROPERTY. 9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE iN THE COUNTY WHERE THE PROPERTY 13 LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER, Date Date Revised 3/10/2011 Buyer Buyer Page 5 or 18, CHINESE! DEFECTIVE DRYWALL Florida Association of Realtors® Chinese / Defective Drywall: During the time Florida was experiencing building material shortages, some homes were built or renovated using defective drywall imported from or manufactured in China, Defective drywall reportedly emits levels of sulfur, methane and /or other volatile organic compounds that cause corrosion of air conditioner and refiger ^for coils, copper tubing, electrical wiring, computer wiring and other household items as well as create noxious `rich may also pose health risks. 1. Seller's Knowledge: Excepts as indicated below, Seller has no knowledge or *` � �✓ ` *� 3s' live drywall or any records or reports pertaining to Chinese /defective drywall affe'' Chinese /defective drywall information and list all available documents r f� *� a rovide documents, if any, to Buyer before accepting Buyer's offer) ACKNOWLEDGEMENT OF SELLER The undo .its that the information set forth in the foregoing disclosure and latent d 4fects statement is accurate a me best of the Seller's knowledge, Seller does not intend this disclosure to be a warranty or guaranty o; .,d. Seller hereby authorizes the listing broker to provide this form to prospective buyers of the property and to real eotate brokers and sales people. Seller understands and agrees that Seller will notify the listing broker in writing immediately if any information set forth in this disclosure becomes inaccurate or incorrect in any way through the passage of time. Seller: Date: Seller: Date: 16. I HAVE INSPECTED THE PROPERTY. 1 HAVE BEEN ADVISED TO HAVE THE PROPERTY EXAMINED BY PROFESSIONAL INSPECTORS. I ACKNOWLEDGE THAT NEITHER ANY BROKER NOR AGENT INVOLVED IN THIS TRANSACTION IS AN EXPERT AT DETECTING OR REPAIRING PHYSICAL DEFECTS IN THE PROPERTY. RECEIPT AND ACKNOWLEDGEMENT OF BUYER 16. 1 STATE THAT NO REPRESENTATIONS CONCERNING THE CONDITION OF THE PROPERTY ARE BEING RELIED ON BY ME EXCEPT AS DISCLOSED ABOVE OR STATED WITHIN THE SALES CONTRACT. 17. THIS IS A LEGALLY BINDING DOCUMENT. IF NOT UNDERSTOOD, CONSULT AN ATTORN.Y. Buyer: Date: Buyer: Date: Revised 3/10/2011 Page 0 of B. In tt}eleyo,pt the Property is teased during the term of this Agreement, OWNER shall pay to BROKER a' leasing fee of $ N 11t , The fee shall be paid to BROKER when BROKER, OWNER or anyone working' by or through BRO- KER produces a tenant acceptable to OWNER. If the tenant purchases the Property at any time, even if such a purchase is sub- sequent to the expiration date of this Contract. BROKER together with cooperating broker or subagent shall be paid the stated compensation set forth in. paragraph 5A at the time of closing. C. If deposit(s) be retained, 50% thereof, but not exceeding the compensation above provided, that be paid to BROKER as full con- sideration for BROKER(S) services, including costs expended by BROKER, and the balance shall be paid to OWNER. If the transaction shall not be closed because of refuse! or failure of OWNER to perform, OWNER shall pay tke said compensation in full to BROKER upon demand. D. Other: See Attachment to Exclusive Right of Sale Listing Contract. 6. BROKER RELATIONSHIPS: OWNER understands that: A. BROKER'S office policy permits BROKER to represent OWNER (CHECK ONE): [i as "SINGLE AGENT" only OR O as "StN- GLE AGENT" with respect to negotiations with buyers procured by other brokers and as "TRANSACTION BROKER" with respect to negotiations with buyers procured by BROKER OR „was "TRANSACTION BROKER" only. BROKER (CHECK ONE) 0 does ,14.cioes not offer subagency to cooperating brokers. B. Whether acting as a SINGLE AGENT or a TRANSACTION BROKER, BROKER shall have no obligatio�r to verity the accuracy or m completeness of statements made by any party nor to conduct an independent investigation the Profierfy or of buyer's or exchangor's financial condition; however, BROKER shall be required to: (1) deal honestly, fairly and in good faith with all parties to a transaction; (2) disclose to all parties facts known to BROKER materially affecting the value of the Property which are not known to, or readily observable by the parties; and (3) comply with ail federal, state, or local laws, rules, regulations or ordinances, including statutes or relgulations involving escrow deposits, fair housing and civil rights which are applicable to BROKER'S duties. C. The brokerage relationship(s) established by this Contract shall terminate an the date this Contract has been either performed, terminated or has expired. Upon termination of the brokerage relationship(s) BROKER shall owe no further duty or obligation to OWNER; provided, however, BROKER shall continue to be responsible for: 1 (1) accounting for all monies and property related to and received during the brokerage relationship (s); and (2) keeping confidential all information received during the brokerage relationship(s), which was made confidential by the terms of this Contract or the written request or instructions from OWNER or in the case of a TRANSACflON BROKER, from either OWNER or a buyer or exchangor, unless: (a) the party whose confidence would be disclosed grants written consent to disclose such information; (b) disclosure of such information is required by law or if the failure to disclosure such information would constitute fraud or dishonest dealing; or (c) the information is made public or becomes public by the acts of OWNER, a buyer or exchangor or from a source other than BROKER . D. BROKER shall represent OWNER (CHECK AS MANY AS APPROPRIATE): rJ SINGLE AGENT As a single agent SINGLE AGENT NOTICE FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES OPERATING AS SINGLE AG ENTS DISCLOSE TO BUYERS AND SELLERS THEIR DUTIES. owe t0 you the following duties: (insert name. of Rea! Estate Entity and its Associates) t Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4, Obedience; 5. Full disclosure; 6-Accounting for all funds; 7. Skill, care, and diligence in the transaction; and 8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; 9. Disclosing all known facts that materially affect the value of residential property and are not readily observable' Date Signature Date Signature 6RANSACTION BROKER TRANSACTION NOME As a transaction broker, t VAS,- .S °i .J.Q. " provides to you a limited form of representation that includes the following duties: (insert name of Real Estate En Hy and its Associates) 1. Dealing honestly and fairly; 2. Accounting for all funds; 3. Using - skill, care, and diligence in the transaction; 4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; 5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; 6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than .the asking or listed price, that the buyer will pay a price greater than the price submitted in a Written offer, of the motiva- tion of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and 7. Any additional duties that are entered into by this or by separate written agreement. Limited representation means that a buyer or-seller is not responsible for the acts of the licensee. Additionally, !parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitati a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when act- ing as a transaction broker to both parties, Date. '/ SignaturI Date Signature CI CONSENT I TRANSITION FROM SINGLE AGENT IQ TRANSACTIO KER FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO TRANSACTION BROKERAGE RELATIONSHIP IN ORDER OR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PR OR WRITTEN CONSENT As a transaction broker, provides to you a.limited form of representation that includes the following duties: 1. Dealing honestly and fairly; 2. Accounting for all funds; 3. Using skill, care, and diligence in the transaction; 4. Disclosing all known facts that materially affect the value of real property and are not readily observable to the buyer; 5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; 6. Limited confidentiality, unless waived -in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motiva- tion of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and 7. Any additional duties that are entered into by this or by separate written agreement. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of he other party when act- ing as a transaction broker to both parties. (insert name - Of Real Estate Entity and its Associates) I agree that my agent may assume the role and duties of a transaction broker (must be initialed or signed) Date Signature Date Signature 7. USE OF LOCKBOX: (CHECK ONE) OWNER DESIRES 0 DOES NOT DESIRE UTILIZATION' OF A L, KBOx SYSTEM. IN THIS REGARD, OWNER HAS BEEN INFORMED THAT THROUGH THE USE OF A LO.CKBO3t SYSTEM TH PROPERTY MAY BE MORE READILY SHOWN TO PROSPECTIVE BUYERS, BUT PERSONAL PROPERTY OF OWNER MAY, THEREFORE; •BE MORE SUSCEPTIBLE TO THEFT OR DAMAGE. OWNER AGREES THAT THE LOCKBOX, IF UTILIZED, WILL BE • THE THE BENEFIT OF OWNER AND RELEASES BROKER AND THOSE WORKING BY OR THROUGH BROKER, AND BROKER(s1 LOCAL BOARD(S) /ASSOCIATION(S) OF REALTORS FROM ALL LIABILITY AND RESPONSIBILITY IN CONNECTION WITH APIY LOSS THAT MAY OCCUR. BROKER ADVISES AND REQUESTS OWNER TO SAFEGUARD OR REMOVE ANY VALUABLES NOW LOCATED ON THE PROPERTY AND TO VERIFY THE EXISTENCE OF OR OBTAIN, PROPER PERSONAL PROPERTY INSURANCE. SHOULD A TEN - ANT BE IN THE PROPERTY, OWNER SHOULD NOTIFY THE TENANT IN WRITING OF THE USE OF A LOCKBOX. 6. BEST EFFORTS: OWNER understands that this Contract does not guarantee the sale of the Property but that it does assure OWNER that BROKER will make earnest and continued effort to sell the Property until this Contract is terminated. 9. MANDATORY ARBITRATION; ATTORNEYS' FEES: Ail claims, disputes, and other matters in question betwgen the parties arising out of or relating to this Contract, or any addendum or addition, SHALL BE DECIDED BY MANDATORY BINDING ARBITRATION in accordance with the Florida Arbitration Code, Chapter 682, Florida Statutes. Each party shall select an arbitraforland the two arbitrators so chosen shall choose a third arbitrator. The three arbitrators so chosen shalt hear and determine the matter. THIS AGREEMENT TO ARBITRATE SHALL BE SPECIFICALLY ENFORCEABLE UNDER THE FLORIDA ARBITRATION CODE, and judgment upon the award rendered by the ARBITRATORS may be entered by the Court having jurisdiction thereof. In connection with any such arbitration or Litiga- tion, the prevailing party shall be entitled to recover all tees and costs incurred including reasonable attorney's fees. 10. TERMINATION: This Contract shall terminate as of the Termination Date unless sooner terminated as provided below: A. If OWNER decides, because of a bona fide change in circumstances, not to sell the Property, this Contra t shall a nditionally terminated as of the date OWNER executes a Withdrawal Agreement and pays Broker a cancellation fee of $__,J,{ . If OWNER contracts for sale to anyone atter the agreed early Termination Date but on or before the original Termination date, then the early termination provided by this paragraph shall be voidable by BROKER and OWNER shall pay BROKER the compensa- tion stated in paragraph 5, less the cancellation fee paid pursuant to this paragraph. S, If at any time during the term of this Contract BROKER determines that the proceeds from the sate of thpL Property which OWNER would reasonably expect to receive will not be sufficient to pay the compensation due BFfOKEIfi, then this Contract may be terminated by BROKER upon three days written notice to OWNER_ 11. ADDITIONAL TERMS: THIS PROPERTY IS OFFERED FOR SALE WITHOUT REGARD TO RACE, AGE, HANDICAP, COLOR, RELIGION, SEX, FAMILY STATUS, OF NATIONAL ORIGIN. BROKER'S POLICY AS WELL AS FEDERAL LAW PROHIBITS BROKER{S) FROM PLACING ANY SUCH RESTRICTIONS ON SHOWINGS OR INFORMATION ABOUT THE AVAILABILITY OF THE PROPERTY IN VI/II-NESS WH REOF, the parties hereto have set their hands and seals and the parties agree that this Contract has been entered into at S-Q—IAL r County, Florida. Witness Witness Witness Witness OVVNETY Date, OWNER Date WITNESSES RECOMMENDED BUT NOT REQUIRED. Accepted by BROKER: Date Copy returned to Seller on the day of personal delivery 1 mail facsimile 1t electronically by: Copyniqhf 2006 by The ORIANdo REGiON4 REA1COR' ASSOCiATION 1. EXCLUSIVE G OF SALE LISTING CO T CT 1 ("OWNER ') and THIS IS A LEGALLY OEL4.09 REGIONAL REALTOR. AsSOCUTON .• t.t F .IT • 441 I hereby agree that BROKER shall have from the day of ,20 , until the ; of 20 plus any renewal period, THE EXCLUSIVE RIGHT AND AUTHORITY to self the following Real Property and Personal Property (the "Property ") upon the following terms and conditions: A. Description: , (1) Street address: 1 LA Lp'r k a fruY>SL, (-0,--cc (2) Real Properly Legal Description: ' Q. - L�� t L( Co r"ek ( "BROKER') 95_ �3tn° S Q!"clo c - v" (3) Personal Property: (MLS Profile Form attached to this contract) B,Price :$ L 5 9e° C. Terms: ct,C 2. FORM OF CONTRACT FOR SALE: If a buyer is found for the Property then the sale transaction will be closed in conformity with the provisions of Contract for Sale and Purchase approved by the FLORIDA ASSOCIATION OF REALTORS@ and tie FLORIDA BAR, or its equivalent, copy of which is available to OWNER upon request. 3. BROKER agrees: A. To process Properly through the Multiple Listing Service either operated, owned or sponsored by the Orlando Regional Realtor' Association and at BROKER'S option through any multiple listing service with which Orlando Regional Realtor' Association has reciprocity; B. To inspect and become familiar with the Property and promote its sale, except that BROKER shall not be obligated to seek addi- tional offers to purchase white the Property is subject to a contract for sate unless Owner instructs BROKER in writing to do so; C. To present all offers and counter - offers in a timely manner regardless of whether the Property is subjectlto a contract for sale; D. To advertise Property as BROKER deems advisable in newspapers, publications, computer networks including the Internet and other media; E. To the extent not in conflict with BROKER'S duties under paragraph 6 below to furnish information requested by another agent or licensed real estate broker and to assist cooperating broker in closing transaction on the Property when (requested; F. To take all reasonable precautions to prevent damage in the process of showing Property or permitting others to show Property, but Broker accepts no responsibility for loss or damage; and G. To [] utilize 0 not utilize the name of the OWNER in connection with the marketing or advertising of the property either before or after sale; H. To accept, receipt for, hold and timely account for all monies paid or deposited as a binder or deposit on the purchase of the Property. 4. OWNER agrees: A. To pay BROKER compensation in accordance with the terms of this Contract set forth in paragraph 5 below; B. To give BROKER permission to divide -with: cooperating Subagents, cooperating Brokers and Buyers Brokers, pursuant to OWNER'S election in paragraph 5 below, such compensation in a manner acceptable to the brokers; C. To -pay compensation due BROKER if Property, or any interests therein is sold or contracted to be sold qr otherwise transferred within 3 days after Termination Date . to anyone to whom the Property was submitted by or through BROKER or OWNER before the Termination Date. However, the obligation to pay such compensation to the BROKER shall Cease if a bona fide Exclusive Right of Sale Contract is entered into after Termination Date with another licensed BROKER.and a sale, lease, exchange or contract therefor, of the Property is made during the term thereof; D, To notify BROKER in writing before leasing, mortgaging or otherwise encumbering the Property; and to Provide details of any such encumbrances; E. To refer immediately to BROKER all inquiries relative to the purchase of the Property; F. To warrant accuracy of information set forth herein and on the data sheets, exhibits addenda attached hereto and to indemnify and save harmless BROKER and those relying thereon for damages resulting from errors contained therein; G. To furnish BROKER with keys to the Property and make the Property available for BROKER to show during reasonable hours; H. To pay any applicable sales tax when due; L To obtain any information relating to the present mortgage or mortgages on the Property including existing balance, interest rate, monthly payment, balance in escrow and payoff amount; J. To authorize BROKER to place For Sale," "Under Contract," "Sale Pending," or "Sold" signs upon the Prl perry and to remove the signs upon termination of this Agreement or sale of the Property; provided, however, BROKER may only place a "Sold" sign upon the Property prior to closing with the informed consent of OWNER; and K. To authorize BROKER, upon execution of a contract for sale and purchase, to notify the multiple listing s rice of the pending sale and after closing to disclose sale information including the sales price to the multiple listing service,) ther brokers and appraisers. L. To otherwise cooperate with BROKER in carrying ouf the purpose of the Contract. 5. COMPENSATION: OWNER agrees to pay BROKER the following compensation, (including all taxes, if any, of BROKER' services), if BROKER, any cooperating subagent, cooperating broker, cooperating buyer's broker or OWNER procures a buy�r who is ready, willing, and able to purchase on the terms of this Contract or any other terms acceptable to OWNER. The compensation shall be paid to BRO- KER it a sale, exchange, or transfer of any interest in the Property occurs during the term of this Contract, whether such sale, exchange, or transfer is procured by BROK R or any other person or entity including OWNER: A, (CHECK ONE): El l of gross safes price, or $ - t OCQ including fees BROK+ may pay to: (check as many as are applicable) 0 cooperating sub - agents, '.cooperating broker, gcooperating buyer's broke?. OWNER shall pay this fee at , ttTthe time and from the proceeds of closing. If OWNER transfers the Property for nominal consideration, OWNER shall pay $ —ry r on the date OWNER transfers title.