Offer to Purchase And Contract - North Carolina

5. CONDITIONS: (State N/A in each blank that is not a condition to this con tract.)
(a) Buyer mu st be able to obtain a
FHA VA (attach FHA/VA Financing Addendum) Conventional
Other : __________ _____________ loan at a Fixed Rate Adjustable Rate in the prin cipal amount of
_____________ __________________ (plus any fin a nced VA Funding Fee or FHA MIP) for a term of
___________ year(s), at an initial interest rate n ot to exceed ____ ________ % per annum, with mortg a ge loan
discount points not to exceed ____ __ % of the loan amount. Buyer shall apply for said loan within ________ days of
the Effective Date of this contract. Buyer shall u s e Buyer’s best efforts to secure the lender’s customary loan
commitmen t letter on or before _______________________ ___________ and to satisfy all terms and cond itions of
the loan commit ment letter b y Closing. After the above letter date, Seller may request in writin g from Buyer a copy
of the loan commitment letter. If Buyer fails to provide Seller a copy of the loan commitment letter or a written
waiver of this loan condition within five day s of receipt of Seller’s request, Seller may terminate this contract by
written notice to Buyer at any time thereafter, provided Seller has not then received a copy of the letter or the
waiver.
(b) There mu st be no restriction, easement, zoning or other governmental regulation that would prevent the
reasonable use of the Property for _________________________________________________________ purposes.
(c) The Property must be in substantially the same or better cond ition at Closing as on the date of this offer
reasonable wear and tear ex cepted.
(d) All deeds of trust, liens and other charges against the Property, not assumed by Buyer, mu st be paid and satisfied
by Seller prior to or at Closing su ch that cancellation may be promptly obtained following Closing. Seller shall
remain obligated to obtain any such can cellations following Closing.
(e) Title must be delivered at Closing by GENERAL WARRANTY DEED unless otherwise stated herein, and must
be fee simple marketable and insurable title, free of all encumbrances except: ad valorem tax e s for the current year
(prorated through the date of Closing); utility easements and unv iolated restrictive covenants that do not materially
affect the value of the Property; and such other encumbrances as may be assumed or specifically approved by Buyer.
The Property must have legal access to a public right of way.
6. SPECIAL ASSESSMENTS: Seller warrants th at there are no pending or confir med governmental special
assessments for sidewalk, paving, water, sewer, or other improvements on or adjoining the Property, and no pending
or conf irmed owners’ associatio n special assessments, except as follows: __________________________________
_____________ ________________________ ________________________ _________ _______________________ .
(Insert “None” or the id entification of such assessments, if any.) Seller shall pay all owners’ association assessments
and all governmental assessments conf irmed thro ugh the time of Clos ing, if any, and Buyer shall take title subject to
all pending assessments, if any, unless oth erw ise agreed as follows: ____________ __________________________
_____________ ________________________ ________________________ _________ _______________________ .
7. PRORATIONS AND ADJUSTMENTS: Un less otherwise provided, the following items shall be prorated and
either adjusted betw een the parties or paid at Clos ing: (a) Ad valorem taxes on real property shall be prorated on a
calendar year basis through the date of Closing; (b) Ad valorem taxes on personal property for the entire year shall
be paid by the Seller unless the personal property is conveyed to the Buyer, in which case, the personal property
taxes shall be prorated on a calendar year basis through the date of Closing; (c) All late listing penalties, if any, shall
be paid by Seller; (d) Rents, if any, for the Property shall be prorated through the date of Closing; (e) Owners’
association dues and other like charges shall be prorated through the date of Clos ing. Seller represents that the
regu lar owners’ asso ciation dues, if any, are $____________ ___ per __________________.
8. EXPENSES: Buyer sh all be responsib le for all costs with respect to any loan obtained by Buyer. Buyer shall pay
for recording the deed and for preparation and recording of all instruments req uired to secure the balance of the
purchase price unpaid at Closing. Seller shall pay for preparation of a deed and all other documents necessary to
perform Seller’s obligations under this agreement, and for excise tax (revenue stamps) required by law. Seller shall
pay at clo s ing $__________________ ____ toward any of the Buyer’s expenses associated with the purchase of the
Property, including any FHA/VA lender and inspection costs that Buyer is not permitted to pay, but ex cluding any
portion disapproved by Buyer’s lender.
9. FUEL: Buyer agrees to purchase from Seller the fuel, if any, situated in any tank on the Prop erty at the prevailing
rate with the cost of measurement th ereof, if an y, be ing paid by Seller.
10. EVIDENCE OF TITLE: Seller agre es to use his best efforts to deliver to Buyer as soon as reasonab ly poss i ble
after the Effective Date of this contract, copies of all title information in possession of or available to Seller,
including but not limited to: title in surance po licies, attorney’s opinions on title, surveys, covenants, d e eds, notes
and deeds of trust an d easements relating to the Property. Seller autho rizes (1) any attorney presently or previous ly
representing Seller to release and disclose any title insurance policy in such attorney's file to Buyer and both Buyer's
and Seller's agents and attorneys; and (2 ) the Property’s title insurer or its ag ent to release and disclose all materials
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STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ___ _ ____
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