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Common Seller Documents
1.Warranty Deed – A Florida warranty deed is a type of deed used to transfer real estate in Florida. It is the document that memorializes the transfer of ownership from the seller to buyer. That document is recorded in the public records of the county where the property is located to legally show that title to the property has been transferred. A Florida warranty deed is most often used in purchase and sale transactions, where a buyer is paying market value for the real estate. Other deed types include a Florida quitclaim deed form, which makes no warranties of title, and a Florida special warranty deed, which provides a warranty of title that is limited to the time that the prior owner owned the property.
Requirements for Execution: Deeds in Florida are recorded in the County Records office and require certain features to be valid:
a. Original signature of the seller;
b. Two witnesses to the signature of the seller. Said witnesses should be disinterested parties to the transaction. The notary may also serve as a witness, but must then sign the document twice: once as a witness and then again as a notary.
c. Notarization of the signature by a notary public or civil law notary
Please see the attached Sample Deed for reference. If the seller requires the use of Power of Attorney (“POA”), please read the section below on the use of POAs.
2. Bill of Sale – this document transfers ownership of personal property that is included in the transfer of the real property.
Requirements for Execution: This document requires sellers original signature and notarization, but does not require witnesses.
3. Closing Affidavit (s) – Affidavits are documents signed under oath, swearing that the contents therein are true and correct. In the case of closing affidavits, the sellers swear that among other things:
a. That there are no outstanding contracts for the sale of the property;
b. That there are no liens, encumbrances, mortgages, claims, boundary line or other disputes against the Property;
c. That there are no improvements that have been made upon the Property within the past ninety (90) days for which there remain any outstanding and unpaid bills for labor, materials or supplies;
d. That there are no matters pending — including judgments, claims, disputes, demands – against Seller which could lead to a lien that would attach to the Property;
e. That there are no violations of governmental laws, regulations or ordinances pertaining to the use of the Property.
These representations are made by the seller under oath, meaning the seller can be sued if any of the information is knowingly false.
Requirements for Execution: This document requires sellers original signature and notarization, but does not require witnesses.
4. Non-Foreign Certification (“FIRPTA Affidavit”) – On this affidavit, sellers swear under oath that they are US Taxpayers, and therefore, are NOT subject to tax withholdings. The US Federal Government and the IRS assume all sellers are classified as non-US Taxpayers, unless they provide proof to the contrary.
Requirements for Execution: This document requires sellers original signature and notarization, but does not require witnesses.
5. Assignment of Limited Common Elements – This document is included in properties that are governed by a condominium association. It conveys and transfers the rights of the seller to the new buyer of the common elements in a condominium, such as parking spaces, green areas, elevators, etc.
Requirements for Execution: This document requires sellers original signature and notarization, but does not require witnesses.
6. Assignment of Lease – This document is included in properties that are subject to a current lease agreement. This means that the property is being sold and there is a tenant with a valid lease contract, and the terms of that lease contract are being transferred to the new buyer. If the property being sold has a tenant and is subject to a lease, usually, the buyers have a timeframe within the contract to receive the current lease, review the lease, and have the opportunity (within the timeframes established in the contract) to cancel the Purchase and Sale Contract if the lease terms are not agreeable to the new buyer. (Note: when properties are subject to a lease, closing agents may require a Tenant Estoppel, where the tenants confirm the current lease terms. It is an additional layer of security and due diligence for the buyer.)
Requirements for Execution: This document requires sellers original signature and notarization, but does not require witnesses.
7. Disbursement Instructions – On this Document, the seller confirms where the proceeds of the sale should be submitted via wire transfer. The seller must provide the name of the bank, the name on the account, the account number, and the routing number.
Sellers must know that seller proceeds may ONLY be transferred to accounts that have the names of the seller on the contract. In cases where the seller is a legal entity, the bank account must be in the name of the entity. No wires will be sent to the individual owners of the entity. In cases where the sellers are currently or in process of divorce, please speak to the closing agent for further clarification of disbursement policy.
Requirements for Execution: This document requires sellers original signature and notarization, but does not require witnesses.
8. Settlement Statements (Seller CDs, Alta, HUDs, etc) – A settlement statement is a document that summarizes the terms and conditions of a settlement or financial transaction, most commonly a purchase and sale agreement in real estate and loan agreements.
Different types of transactions can have varying requirements for settlement statement documentation. A loan settlement statement (generally referred to as a “Closing Statement”) provides full disclosure of a loan’s terms, but also details all of the fees and charges that a borrower must pay in addition to the interest on the loan.
There are different forms or formats that can be used for settlement statements. For example, a settlement statement may be stated in the form of Closing Disclosures (CDs), HUD-1 Settlement Statements, and/or ALTA Settlement Statements. Please see the Guide to Settlement Statements.
Requirements for Execution: This document requires sellers original signature but does NOT require notarization nor witnesses. In some instances, when the sale of the property is in cash and is NOT subject to mortgage financing, closing agents may accept an electronic signature from the seller on Settlement Statements.
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