Fillable Printable Offer to Purchase And Contract - North Carolina

Offer to Purchase And Contract - North Carolina

OFFER TO PURCHASE AND CONTRACT

_____________ _________ _________ _________ ________________________ _________ _________ ___, as Buyer,

hereb y offers to pur cha se and _____ __________ _________ __________________ _________ _________ _, as Seller,

upon acceptance of said offer, agrees to sell and convey, all of that plot, piece or parcel of land described below,

together with all improvements located thereon and such fixtures and personal property as are listed below

(collectively referred to as the “Property”), upon the following terms and conditions:

1. REAL PRO PERTY : Located in the City of ______________ _________ __________________ _________ ____,

County of _____________________________________, State of North Carolina, being known as and more

particularly described as:

Street Address_____________ _________ _________ _________ _________ _________ _________ _ Zip________ __

Legal Description:______________________________________________________________________________

(

All A portion of the property in Deed Reference: Book_________, Page No.________, ___________County.)

NOTE: Prior to signing this Offer to Purchase and Contract, Buyer is advised to review Restrictive Covenants, if

any, which may limit the use of th e Property, and to read the Declaration of Restrictive Covenants, By-Laws,

articles of Incorporation, Rules and Regulations, and other governing documents of the owners’ association and/or

the subdivision, if applicab le.

2. FIXTURES : The following items, if any, are included in the purchase price free of liens: any built-in appliances,

light fixtures, ceiling fans, attached floor coverings, blinds, shades, drapery rods and curtain rods, brackets and all

related hardware, window and door screens, stor m windows, co mbin ation doors, awning s, antennas, satellite dish es

and receivers, burglar/fire/smoke alarms, pool and spa equipment, solar energy systems, attached fireplace screens,

gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees (other than in

movable containers), basketball goals, storage sheds, mailboxes, wall and/or door mirrors, and an y other items

attached or affixed to the Property, EXCEPT the following items:

_____________________________________________________________________________________________

_____________ ________________________ ________________________ _________ _______________________ .

3. PERSONAL PROPERTY: The following personal property is included in the purchase price:_______________

_____________ ________________________ _________ ________________________ _________ ______________.

4. PURCHASE PRICE: The purchase price is $_____________________ __________________ ____ and shall be

paid as follows:

(a) $__________________________, EARNEST MONEY DEPOSIT with this offer by

cash personal check

bank check certified check other : ____________ _________ _________ _________ _________ ______ to b e

depo sited and held in escr ow by ________________ _________ _________ __________________ ______ (“Escrow

Agent”) until the sale is closed, at which time it will be credited to Bu yer, or until this contract is otherwise

terminated. In the event: (1) this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all

earnest monies shall be refunded to Buyer. In the event of breach of this contract by Seller, upon Buyer’ s request, all

earnest monies shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for

such breach. In the event this offer is accepted and Buyer breaches this contract, then all earnest monies shall be

forfeited upon Seller’s request, but receipt of such forfeited earnest monies shall not affect any other remedies

available to Seller for such breach.

NOTE: In the event of a dispute between Seller and Buyer over th e return or fo rfeiture of earnest money held in

escrow by a broker, the broker is required by state law to retain said earnest money in the broker’s trus t or escrow

account until a written release from the parties consenting to its disposition has been obtained or until disbursement

is ordered by a court of competent jurisd iction.

(b) $_________________, ADDITIONAL EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than

_____________________, TIME BEING OF THE ESSENCE WITH REGARD TO SAID DATE.

Effective Date as set forth in paragr aph 23. (NOTE: If alternati ve 2 appl i es, then do not insert $ 0, N/ A , or leave

blank.)

(d) $_________________, BY ASSUMPTION of the unpaid pr incipal balance and all obligations of Seller on the

existing loan(s) secured by a deed of trust on the Property in accordance with the attached Loan Assumption

Addendum.

(e) $_________________, BY SELLER FINANCING in accordance with the attached Seller Financing Addendum.

(f) $______ ___________, BALANCE of the purcha se price in cash at Closing.

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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.

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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in the Property's title insurer's (or title insurer's agent's) file to Buyer and both Buyer's and Seller's agents and

attorneys.

11. LABOR AN D MATERIAL: Seller sh all furnish at Closing an affidavit and indemnification agreement in form

satisfactory to Buyer showing that all labor and materials, if an y, furnished to th e Property within 120 days prior to

the date of Closing have been paid for and agreeing to indemnify Buyer against all loss from any cause or claim

arising there from.

12. PROPERTY DISCLOSURE:

Buyer has received a signed copy of the N.C. Residential Property Disclosu re Statement prior to the signing of

this Offer to Purchase and Contract.

Buyer has NOT received a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing

of this Offer to Purchase and Contract and shall have the right to terminate or withdraw this contract without penalty

prior to WHI CHE VER OF THE FOLLOW ING EVENTS OCCU RS FIRST: (1) the end of the third calendar day

following receipt of the Disclosure Statement; (2) the end of the third calendar day following the date the contract

was made; or (3) Closing or occupancy by the Buyer in the case of a sale or exchange.

Exempt from N.C. Residential Property Disclosure Statement because (SEE GUIDELINES)

_____________ _________ _________ _________ ________________________ _________ _________ _________ .

The Property is residential and was built prior to 1978 (Attach Lead-Based Pain t or Lead-Based Paint Hazards

Disclosure Addendum.)

13. PROPERTY IN SPECTION, APPRAISAL, INVESTIGATION (Choose ONLY ON E of the following

Alternatives):

ALTERNATIVE 1:

(a) Property Inspection: Unless otherw ise stated herein, Buyer shall have the option of inspecting, or obtain ing at

Buyer’s expense insp ections, to determine the condition of the Property. Unless otherwise stated herein, it is a

conditio n of this contract that: (i) the bu ilt-in appliances, electrical syste m, plumbing system, heating and cooling

systems, roof coverings (including flashing and gutters), doors and windows, exterior surfaces, structural

components (including foundations, colu mns, chimneys, floors, walls, ceilings and roofs), porches and decks,

fireplaces and flues, crawl space and attic ventilation systems (if any), water and sewer syste ms (public and private),

shall be perfo rming the function for wh ich intended and shall not be in need of immed iate repair; (ii) there shall be

no unusual drain a ge conditions or evidence of excessiv e moisture adversely affecting the structure(s); an d (iii) there

shall be no friable asb e stos or existing environmental contamination. Any insp ections shall be completed and written

notice of necessary repairs shall be given to Seller on or before _____________________ _______. Seller shall

provid e wr itten notice to Buyer of Seller’s response within _______ days of Buyer’s notice. Buyer is advised to

have any insp ections made prior to incurring expenses for Closing and in sufficient time to permit any required

repairs to be completed by Closing.

(b) Wood-Destroying Insects: Unless otherwise stated herein, Buyer shall have the option of obtaining, at Buyer’s

expense, a report from a licensed pest control operator on a standard form in accordance with the regulations of the

North Carolin a Structural Pest Control Commit tee, statin g that as to all structures, except _____________________,

there was no visi bl e evi dence of woo d -de st ro ying insects and containing no indicati o n of vi si bl e damage there from.

The report must be obtained in sufficien t time so as to p ermit treatment, if any, and repairs, if any, to be completed

prior to Closing. All treatment required shall be paid for by Seller and completed prior to Closing, unless otherwise

agreed upon in writing by the parties. The Buyer is advised that the inspection report describ ed in this paragraph

may not always reveal either structural damage or damage caused by agents or organisms other than wood-

destroying insects. If new construction, Seller shall provide a standard warran ty of termite soil treatment.

option of completing them or refusing to complete th em. If Seller elects not to complete the repairs, then Buyer shall

have the option of accepting the Property in its present condition or terminating this contract, in which case all

earnest monies shall be refund ed. Unless otherwise stated herein, any items not covered by (a)(i), (a)(ii), (a)(iii) and

(b) above are excluded from repair negotiations under this con tract.

(d) Radon Insp ection: Buyer shall have the option, at Buyer's expense, to have the Prop erty tested for radon on or

before the date for completion of inspectio ns as set forth in paragraph 13 (a) abov e. The test result shall be deemed

satisfactory to Buyer if it ind icates a radon level of less than 4.0 pico curies per liter of air (as of January 1, 1997,

EPA guidelines reflect an "acceptable" level as anything less than 4.0 pico curies per liter of air). If the test

result exceeds the above-mentione d level, Seller shall have the option of: a) remediating to bring radon level within

the satisfactory range; or b) refusing to remediate. Upon the completion of remediation, Buyer may have a radon test

performed at Seller's expense, and if the test result indicates a radon level less than 4.0 pico curies per liter of air, it

shall be deemed satisfactory to the Buyer. If Seller elects not to remediate, or if remediation is attempted but fails to

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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.

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

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event Buyer does NOT elect to terminate this contract, Bu yer shall be entitled to receive, in addition to the Property,

any of the Seller’s insurance proceeds payable on account of the damage or destruction applicable to the Property

being pu rchased.

19. ASSIGNMENTS: This contract may n ot be assigned without the written consent of all parties, but if assigned

by agreement, then this contract shall be binding on the assignee and his heirs and successors.

20. PARTIES: This contract shall be binding upon and shall inure to the benefit of the parties, i.e., Buyer and Seller

and their heirs, successors and assigns. As used herein, words in the singular include the plural and the masculine

includes the feminine and neuter genders, as appropriate.

21. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed, kept or

performed after the Clo s ing, it shall surviv e the Clo s ing and remain binding upon an d for the benefit of the parties

hereto until fully obs erved, kept or performed.

22. ENTIRE AGREEMENT: This contract contains the entire agreement of the parties and there are no

representation s, inducements or other provisions other than those expressed herein. All changes, additions or

deletions hereto must be in writing and signed by all parties. Nothing contained herein shall alter any agreement

between a REALTOR® or brok er and Seller or Buyer as contained in any listing agreement, buyer agency

agreement, or any other agency agreement between them.

23. NOTICE AN D EXECUTION: Any notice or communication to be given to a party herein may be given to the

party or to such party’s agen t. This offer shall become a binding contract (the “Effective Date”) when signed by both

Buyer and Seller and such signing is communicated to the offering party. This contract is executed under seal in

signed multip le originals, all of which tog e ther constitu te one and the same instrument, with a signed original being

retained by each party and each REALTO R® or broker hereto, and the parties adopt the word “SEAL” beside th eir

signatu res below.

Buyer acknowledges having made an on-site person al ex ami nation of the Property prior to the making of this

offer.

THE NORTH CAROLI NA ASSOCIATIO N OF REALTORS®, INC. AND THE NORTH CAROLINA BAR

ASSOCIATION MAKE NO REPRESENTATION AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY

PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION. IF YOU DO NOT UNDERSTAND THIS

FORM OR FEEL THAT IT DOES NOT PROVIDE FOR YOUR LEGAL NEEDS, YOU SHOULD CONSULT A

NORTH CA ROLINA REAL ESTATE ATTORNEY BEFORE YOU SIGN IT.

Date: __ _________ _________ _________ _____ Date: __ _________ _________ _________ ___

Buyer _________________________________ (SEAL) Seller _______________________________ (SEAL)

Date: __ _________ _________ _________ _____ Date: __ _________ _________ _________ ___

Buyer _________________________________ (SEAL) Seller _______________________________ (SEAL)

Escrow Agent acknowledges receipt of the earnest money and agrees to hold and disburse the same in

Accordance with the terms hereof.

Date: __ _________ _________ _________ ______ Firm: ____________________ _________ _________ _______

By: ____________ _________ _________ _________ ________

(Signature)

Selli ng Agent/Firm/P hone_______ _ ________ _ __ _______ __ _ ________ _ ________ _ __ _______ __ _ ________ _ ____

Actin g as

Buyer’s Ag ent Seller’s (sub)Agent Dual Agent

Listing Agent/Firm/Phone________________________________________________________________________

Actin g as

Seller’s (sub)A gent Dual Agent

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