Offer to Purchase And Contract - North Carolina

bring th e radon level with in the satisfacto ry range, Buyer shall h a ve the option of: a) accepting the Property with its
then current radon level; or
b) terminating the contract, in wh ich case all earnest monies shall be refunded.
(e) Cost Of Repair Contingency: Notwithstanding the above and as an additional remedy of Buyer, if a reasonable
estimate obtained by Buyer of the total cost of repairs requ ired by (a) and (b) and/or remediation required by (d)
above equals or exceeds $__________________, then Buyer shall have the option to terminate this contract
pursuant to the Cost of Repair Contingency no later than seven days following the inspection date and all earnest
monies shall be refunded to Buyer.
(f) Appraisal Contingency: The Prope rty must appraise at a value equal to or exceeding the purchase price or, at
the option of Buyer, this contract may be terminated and all earnest mo nies shall be refunded to Buyer. If this
contract is not subject to a financing contin gency requiring an appraisal, Bu yer shall arrange to have the appraisal
completed on or before _______________________ ______. The cost of the ap praisal shall be bor ne by Buyer.
(g) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING
CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING.
ALTERNATIVE 2: (This Alternative applies ONLY if Alternative 2 is checked AND Buyer has paid the
Option Fee.)
(a) Property Investigation with Option to Terminate: In consideration of the sum of $___________________ (do
not insert $0, N/A, or leave blank) paid by Buyer to Seller (not Escrow Agent) and other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged (the “Option Fee”), Buyer shall have the right to terminate
this contract for any reason or no reason, whether related to the physical condition of the Property or
otherwise, by delivering to Seller written notice of termination (the “Termination Notice”) by 5:00 p.m. on
_____________ _________ _________ __, 20____ , time being of the essence (the “Option Termination Date”). At
any time prior to Closing, Buyer shall have the right to inspect the Property at Buyer’s expense (Buyer is advised to
have all inspections and appraisals of the Property, including but not limited to those matters set forth in Alternative
1, performed prior to the Option Termination Date).
(b) Exercise of Option: If Buyer delivers the Termination No tice prior to the Option Termination Date, time being
of the essence, this contract shall become null and void and all earnest monies received in connection herewith shall
be refunded to Buyer; however, the Option Fee will no t be refunded and shall be retained by Seller. If Buyer fails to
deliver the Termination No tice to Seller prior to the Option Termination Date, then Buyer will b e deemed to have
accepted the Property in its physical condition existing as of the Option Termination Date, excluding matters of
survey. The Option Fee is not refundable, is not a part of an y earnest monies, and will be credited to the purcha se
price at Closing.
(c) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING
CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING.
14. REASONABLE ACCESS: Seller will provide reasonable access to the Property (including working, existing
utilities) throug h the earlier of Closing or possession by Buyer, to Buyer or Buyer’s representatives for the purposes
of appraisal, inspection, and /or evaluation. Buyer may condu ct a walk-through inspection of the Property prior to
Closing.
15. CLOSING : Closing shall be defined as the date and time of recording of the deed. All parties ag ree to execute
any and all docu ments an d papers necessary in connection with Clo s ing and transfer of title on or before
_______________________________, at a place designated by Buyer. The deed is to be made to
___________________________________________________________.
16. POSSESSION: Unless otherwise provided herein, possession shall be delivered at Closing. In the event
possession is NOT to be delivered at Closing:
a Buyer Possession Before Closing Agreement is attached. OR,
a Seller Possession After Closin g Agreement is attached.
17. OTHER P ROVISIONS AND CONDITIONS : (ITEMIZE ALL ADDE N DA TO THI S CONTRACT AND
ATTACH HERETO.)
18. RISK OF LOSS: The risk of loss or damage by fire or other casualty prior to Closing shall be upon Seller. If the
improvements on the Property are destroyed or materially damaged prior to Closin g, Buyer may terminate this
contract by written notice delivered to Seller or Seller’s agent and all deposits sh all be returned to Buyer. In the
Page 4 of 5
STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ___ _ ____
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