Common use of ESCROW CLOSING PROCEDURE Clause in Contracts

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. 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 Buyer shall, within 5 days after written demand by XxxxxBuyer, be refunded to Buyer and, 556 simultaneously with such repayment, Xxxxx Buyer shall return the Personal Property, vacate the Real Property and re- 557 convey the Property to Seller by special warranty deed and bill xxxx of sale; and (4) if Buyer fails to make timely demand 558 for refund of the Deposit, Xxxxx Buyer 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 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 10 554 date of 13 Seller’s Initials _ receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all STANDARDS FOR REAL ESTATE TRANSACTIONS (“STANDARDS”) CONTINUED 555 Closing funds paid by Xxxxx Buyer shall, within 5 days after written demand by XxxxxBuyer, be refunded to Buyer and, 556 simultaneously with such repayment, Xxxxx Buyer shall return the Personal Property, vacate the Real Property and re- 557 convey the Property to Seller by special warranty deed and bill xxxx of sale; and (4) if Buyer fails to make timely demand 558 for refund of the Deposit, Xxxxx Buyer 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 xxxx of sale.