ESCROW CLOSING PROCEDURE. If Title Commitment issued pursuant to Paragraph 9(c) does not provide 462 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following 463 escrow and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent 464 for a period of not more than 10 days after Closing; (2) if Seller’s title is rendered unmarketable, through no fault of 465 Buyer, Buyer shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from 466 date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all 467 Closing funds paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, 468 simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and re- 469 convey the Property to Seller by special warranty deed and xxxx of sale; and (4) if Buyer fails to make timely demand 470 for refund of the Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect 471 except as may be available to Buyer by virtue of warranties contained in the deed or xxxx of sale.
ESCROW CLOSING PROCEDURE. If Title Commitment issued pursuant to Paragraph 9(c) does not provide 550 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following 551 escrow and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent 552 for a period of not more than 10 days after Closing; (2) if Seller’s title is rendered unmarketable, through no fault of 553 Buyer, Buyer shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from 554 date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all ________ ________ ________ ________ _ _ _ _ _ _ Buyer’s Initials Page 10 of 13 Seller’s Initials _ STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”) CONTINUED 555 Closing funds paid by Xxxxx shall, within 5 days after written demand by Xxxxx, be refunded to Buyer and, 556 simultaneously with such repayment, Xxxxx shall return the Personal Property, vacate the Real Property and re- 557 convey the Property to Seller by special warranty deed and bill of sale; and (4) if Buyer fails to make timely demand 558 for refund of the Deposit, Xxxxx shall take title as is, waiving all rights against Seller as to any intervening defect 559 except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale.
ESCROW CLOSING PROCEDURE. This transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, c. L.4, as amended. The Vendor and the Purchaser agree to cause their respective solicitors to execute and be bound by the Document Registration Agreement which is recommended from time to time by the Law Society of Upper Canada. The Vendor and the Purchaser acknowledge and agree that the delivery of documents and the release thereof will: (i) not occur at the same time as the registration of the transfer/deed (and other documents intended to be registered in connection with the completion of this transaction); and
