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North Carolina Offer To Purchase Real Estate Form

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North Carolina Offer To Purchase Real Estate Form Page 2
North Carolina Offer To Purchase Real Estate Form
5. CONDITIONS: (State N/A in each blank that is not a condition to this contract.)
(a) Buyer must be able to obtain a
FHA VA (attach FHA/VA Financing Addendum) Conventional
Other: _______________________ loan at a Fixed Rate Adjustable Rate in the principal amount of
_______________________________ (plus any financed VA Funding Fee or FHA MIP) for a term of
___________ year(s), at an initial interest rate not to exceed ____________ % per annum, with mortgage 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 use Buyer’s best efforts to secure the lender’s customary loan
commitment letter on or before __________________________________ and to satisfy all terms and conditions of
the loan commitment letter by Closing. After the above letter date, Seller may request in writing 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 days 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
(b) There must 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 condition at Closing as on the date of this offer
reasonable wear and tear excepted.
(d) All deeds of trust, liens and other charges against the Property, not assumed by Buyer, must be paid and satisfied
by Seller prior to or at Closing such that cancellation may be promptly obtained following Closing. Seller shall
remain obligated to obtain any such cancellations 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 taxes for the current year
(prorated through the date of Closing); utility easements and unviolated 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 that there are no pending or confirmed governmental special
assessments for sidewalk, paving, water, sewer, or other improvements on or adjoining the Property, and no pending
or confirmed owners’ association special assessments, except as follows: __________________________________
(Insert “None” or the identification of such assessments, if any.) Seller shall pay all owners’ association assessments
and all governmental assessments confirmed through the time of Closing, if any, and Buyer shall take title subject to
all pending assessments, if any, unless otherwise agreed as follows: ______________________________________
7. PRORATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated and
either adjusted between the parties or paid at Closing: (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 Closing. Seller represents that the
regular owners’ association dues, if any, are $_______________ per __________________.
8. EXPENSES: Buyer shall be responsible 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 required 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 closing $______________________ 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 excluding 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 Property at the prevailing
rate with the cost of measurement thereof, if any, being paid by Seller.
10. EVIDENCE OF TITLE: Seller agrees to use his best efforts to deliver to Buyer as soon as reasonably possible
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 insurance policies, attorney’s opinions on title, surveys, covenants, deeds, notes
and deeds of trust and easements relating to the Property. Seller authorizes (1) any attorney presently or previously
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 agent to release and disclose all materials
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Buyer Initials ____ ____ Seller Initials ____ ____
North Carolina Offer To Purchase Real Estate Form