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OFFER TO PURCHASE AND CONTRACT Exhibit B
<br />as Buyer,
<br />hereby offers to purchase and , as Seller,
<br />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
<br />located thereon and such fixtures and personal property as are listed below (collectively referred to as the "Property"), upon the following terms
<br />and conditions:
<br />1. REAL PROPERTY: Located in the City of ,County of
<br />State of North Carolina, being known as and more panicularly described as:
<br />Street Address Zip
<br />Legal Description:
<br />(^All ^A portion of the property in Deed Reference: Book ,Page No. County.)
<br />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 the
<br />Property, and to read the Declaration of Restrictive Covenants, By-Laws, Articles of Incorporation, Rules and Regulations, and other governing
<br />documents of [he owners' association and/or the subdivision, if applicable.
<br />2. FIXTURES: The following items, if any, are included in the purchase price free of liens: any built-in appliances, light fixtures, ceiling fans,
<br />attached Floor coverings, blinds, shades, drapery rods and curtain rods, brackets and all related hardware, window and door screens, storm windows,
<br />combination doors, awnings, antennas, satellite dishes and receivers, burglar/fire/smoke alarms, pool and spa equipment, solar energy systems,
<br />attached fireplace screens, gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees (other than in movable
<br />containers), basketball goals, storage sheds, mailboxes, wall and/or door mirrors, and any other items attached or affixed to the Property, EXCEPT
<br />the following items:
<br />3. PERSONAL PROPERTY: The following personal property is included in the purchase price:
<br />4. PURCHASE PRICE: The purchase price is $ and shall be paid as follows:
<br />(a) $ ,EARNEST MONEY DEPOSIT with this offer by ^cash ^personal check ^bank check ^certified check
<br />^other: to be deposited and held in escrow by
<br />("Escrow Agent"), until the sale is closed, at which time it will be credited to Buyer, or until this contract is otherwise terminated. In the event: (1)
<br />this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all eamest monies shall be returned to Buyer. In [he event of breach
<br />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
<br />available [o Buyer for such breach. In the even[ this offer is accepted and Buyer breaches this contract, [hen all earnest monies shall be forfeited upon
<br />Seller's request, but receipt of such forfeited earnest monies shall not affect any other remedies available to Seller for such breach.
<br />NOTE: In the event of a dispute between Seller and Buyer over the return or forfeiture of eamest money held in escrow by a broker, the broker is
<br />required by state law to retain said eamest money in the broker's trust or escrow account until a written release from the parties consenting to its
<br />disposition has been obtained or until disbursement is ordered by a court of competent jurisdiction.
<br />(b) $ , ADDI'ITONAL EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than ,TIME
<br />BEING OF THE ESSENCE WITH REGARD TO SAID DATE.
<br />(c) $ , BY ASSUMPTION of the unpaid principal balance and all obligations of Seller on the existing loan(s) secured by a
<br />deed of tmst on the Propeny in accordance with the attached Loan Assumption Addendum.
<br />(d) $ , BY SELLER FINANCING in accordance with the attached Seller Financing Addendum.
<br />(e) $ ,BALANCE of the purchase price in cash at Closing.
<br />5. CONDITIONS: (State N/A in each blank that is not a condition to this contract.)
<br />(a) Buyer must be able to obtain a ^ FHA ^ VA (attach FHA/VA Financing Addendum) ^ Conventional ^ Other: loan at a
<br />^ Fixed Rate ^ Adjustable Rate in the principal amount of (plus any financed VA Funding Fee or FHA MIP) for a tetra
<br />of year(s), at an initial interest rate not to exceed _% per annum, with mortgage loan discount points not to exceed _% of [he loan amount.
<br />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
<br />customary loan commitment letter on or before and to satisfy all tet~tts and conditions of the loan commitment letter by
<br />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
<br />a copy of the loan commitment letter or a written waiver of this loan condition within f ive days of receipt of Seller's request, Seller may terminate this
<br />contract by written notice to Buyer a[ any time thereafter, provided Seller has not then received a copy of the letter or the waiver. Buyer shall be
<br />responsible for all costs with respect to any loan obtained by Buyer, except if Seller is to pay any of the Buyer's Closing costs (including loan discount
<br />points), those costs are as follows:
<br />(b) There must be no restriction, easement, zoning or other governmental regulation that would prevent the reasonable use oC OS ~e y for
<br />any and all uses permitted by governmental authorities at the time of/ ~ ~.
<br />(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.
<br />(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
<br />[hat cancellation may be promptly obtained following Closing. Seller shall remain obligated to obtain any such cancellations following Closing.
<br />(e) Title must be delivered at Closing by GENERAL WARRANTY DEED unless otherwise stated herein, and must be fee simple marketable title,
<br />free of all encumbrances except: ad valorem [axes for the current year (prorated through the date of Closing); utility easements and unviolated
<br />restrictive covenants that do not materially affect the value of the Property; and such other encumbrances as may be assumed or specifically approved
<br />by Buyer. The Propeny must have legal access to a public right of way.
<br />6. SPECIAL ASSESSMENTS: Seller warrants that there are no pending or confirmed governmental special assessments for sidewalk, paving,
<br />water, sewer, or other improvements on or adjoining the Property, and no pending or confirmed owners' association special assessments, except as
<br />follows:
<br />(Insert "None" or the identification of such assessments, if any.) Seller shall pay all owners' association assessments and all governmental assess-
<br />ments confirmed through the time of Closing, if any, and Buyer shall take title subject to all pending assessments, if any, unless otherwise agreed as
<br />follows:
<br />7. PROBATIONS AND ADJUSTMENTS: Unless otherwise provided, [he fallowing items shall be prorated and either adjusted between [he
<br />panics 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
<br />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,
<br />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
<br />Seller. (d) Rents, if any, for the Property shall be prorated through the date of Closing. (c) Owners' association dues and other like charges shall be
<br />prorated through the date of Closing. Scllcr rcprcscnts that the regular owners' association dues, i(any, arc $ per
<br />f3. CLOSING EXPENSES: Seller shall pay for preparation of a deed and all other documents necessary to perform Seller's obligations under this
<br />agreement, and for excise tax (revenue stamps) required by law. Buyer shall pay for recording the deed and for preparation and recording of all
<br />instmments required to secure the balance of the purchase price unpaid al Closing.
<br />9. FUEL: Buyer agrees to purchase from Seller the fuel, if any, situated in any tank on the Property a[ [he prevailing rate with the cost of
<br />measurement thereof, if any, being paid by Seller.
<br />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
<br />contract, copies of all title information in possession of or available to Seller, including but not limited to: title insurance policies, attorney's opinions
<br />on title, surveys, covenants, deeds, notes and deeds of trust and easements relating to the Property.
<br />11. LABOR AND MATERIAL: Seller shall furnish at Closing an affidavit and indemnification agreement in form satisfactory to Buyer showing
<br />that all labor and materials, if any, furnished to the Property within 120 days prior to the date of Closing have been paid for and agreeing to indemnify
<br />Buyer against all loss from any cause or claim arising therefrom.
<br />NC Bar Association Form No. 2, ©6199. Revised. Thls Standard Form has been approved Iolntly by the:
<br />Printed by Agreement with the NC Bar Association -- 1981 NORTH CAROLINA BAR ASSOCIATION - NC Bar Form No. 2
<br />James Williams & Co., Inc. • Yadkinville, NC 27055-0127 NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. -Standard Form No.2
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