Purchase Contract-2023-Counter-HOA-BINSR

SECTION 3 TITLE AND ESCROW

3a.

LINES 115-119 Escrow. Lines are for entering escrow title companies contact information.

3b.

LINES 120-122 Escrow will need to know the marital status of the Buyer(s) in order to properly prepare vesting and loan documents prior to COE.

3c.

LINES 123-132 Title Commitment and Title Insurance. All parties shall be provided with a copy of a commitment for Title Insurance. Buyer shall have 5 days after receipt to notify Seller of any item disapproved. At Seller’s expense, an ALTA Homeowners Title Insurance Policy will be issued to the Buyer. “If applicable, Buyer shall pay the cost of obtaining the ALTA Lender Title Insurance Policy.” To clarify, the expense of lender’s policy is the Buyer’s obligation.

3d.

LINES 133-142 Additional Instructions: Escrow Company shall furnish notice of pending sale to the HOA. If an Affidavit of Disclosure is provided, Escrow Company shall record the Affidavit at COE.

3e.

LINES 143 Tax Prorations. Property taxes payable by the Seller prorated to close of escrow based upon the latest tax information available.

3f.

LINES 144-148 Release of Earnest Money. Holds escrow agent harmless for release of earnest money.

3g.

LINES 149-151 Prorations of Assessments and Fees. HOA dues, property taxes, rents and service Contracts.

3h.

LINES 152-153 Assessment Liens. Such as; recorded community facility agreements.