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12. PROPERTY DISCLOSURE AND INSPECTIONS:
<br />(a) Property Disclosure:
<br />^ Buyer has received a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing of this Offer to Purchase and Contract.
<br />^ 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
<br />Contract and shall have the right to terminate or withdraw this contract without penalty prior to WHICHEVER OF THE FOLLOWING EVENTS
<br />OCCURS FIRST: (1) the end of the third calendar day following receipt of the Disclosure Statement; (2) the end of the third calendar day following
<br />the date the contract was made; or (3) Closing or occupancy by the Buyer in the case of a sale or exchange.
<br />^ Exempt from N.C. Residential Property Disclosure Statement because (SEE GUIDELINES)
<br />^ The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or Lead-Based Paint Hazards Disclosure Addendum.)
<br />(b) Property Inspection: Unless otherwise stated herein , or as otherwise provided on an inspection addendum attached hereto, Buyer shall have
<br />the option of inspecting or, obtaining at Buyer's expense, inspections to determine the condition of the Property. Unless otherwise stated herein, it
<br />is a condition of this contract that: (i) the built-in appliances, electrical system, plumbing system, heating and cooling systems, roof coverings
<br />(including flashing and gutters), doors and windows, exterior surfaces, structural components (including foundations, columns, chimneys, floors,
<br />walls, ceilings and roofs), porches and decks, fireplaces and flues, crawl space and attic ventilation systems (if any), water and sewer systems (public
<br />and private), shall be performing the function for which intended and shall not be in need of immediate repair; (ii) there shall be no unusual drainage
<br />conditions or evidence of excessive moisture adversely affecting the structure(s); and (iii) there shall be no friable asbestos or existing environmental
<br />contamination. Any inspecti~sos~~~~ ~dpt~lgted and written notice of necessary repairs shall be given to Seller on or before
<br />3 0 days be f oYe the ~ el er sha provide written notice to Buyer of Seller's response within 15 days of Buyer's notice.
<br />completed by Closine.
<br />(c) Wood-Destroying Insects: Unless otherwise stated herein, Buyer shall have the option of obtaining, at Buyer's expense, a report from a licensed
<br />pest control operator on a standard form in accordance with the regulations of the North Carolina Structural Pest Control Committee, stating that as
<br />to all structures except there was no visible evidence of"wood-destroying insects
<br />and containing no indication of visible damage therefrom. The report must be obtained in sufficient time so as to permit treatment, if any, and repairs,
<br />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
<br />upon in writing by the parties. The Buyer is advised that the inspection report described in this p~E~h may not always reveal either structural
<br />dam pe or damage caused by_a}tents or organisms other than wood-destrovi~E insects. If new construction, Seller shall provide a standard warranty
<br />of termite soil treatment.
<br />(d) Repairs: Pursuant to any inspections in (b) and/or (c) above, if any repairs are necessary, Seller shall have the option of completing them or
<br />refusing [o complete them. If Seller elects not to complete the repairs, then Buyer shall have the option of accepting the Property in its present
<br />condition or terminating this contract, in which case all earnest monies shall be refunded. Unless otherwise stated herein, or as otherwise provided
<br />on an inspection addendum attached hereto, any items not covered by (b) (i), b (ii), b (iii) and (c) above are excluded from repair negotiations under
<br />this contract.
<br />(e) Acceptance: CI OSIN SHAI I CONSTITUTF ACCFPTANCE OF EACH OF THE SYSTEMS ITFMS AND CONDITIONS LISTED
<br />ABOVE IN ITS THFN FXISTING CONDITION UNf FSS PROVISION IS OTHFRWISF MADF IN WRITING
<br />13. REASONABLE ACCESS: Seller will provide reasonable access to the Property (including working, existing utilities) through the earlier of
<br />Closing or possession by Buyer, to Buyer or Buyer's representatives for the purposes of appraisal, inspection, and/or evaluation. Buyer may conduct
<br />a walk-through inspection of the Property prior to Closing.
<br />14. CLOSING: Closing shall be defined as the date and time of recording of the deed. All parties agree to execute any and all documents and papers
<br />necessary in connection with Closing and transfer of title on or before , at a place designated by Buyer. The
<br />deed is to be made to
<br />15. POSSESSION: Unless otherwise provided herein, possession shall be delivered at Closing. In the event possession is NOT to be delivered at
<br />Closing: ^ a Buyer Possession Before Closing Agreement is attached. OR, ^ a Seller Possession After Closing Agreement is attached.
<br />16. OTHER PROVISIONS AND CONDITIONS: (ITEMIZE ALL ADDENDA TO THIS CONTRACT AND ATTACH HERETO.)
<br />17. 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
<br />are destroyed or materially damaged prior to Closing, Buyer may terminate this contract by written notice delivered to Seller or Seller's agent and all
<br />deposits shall be resumed to Buyer. In the event Buyer does NOT elect to terminate this contract, Buyer shall be entitled to receive, in addition to [he
<br />Property, any of the Seller's insurance proceeds payable on account of the damage or destnrction applicable to the Property being purchased.
<br />18. ASSIGNMENTS: This contract may not be assigned without the written consent of all parties, but if assigned by agreement, then [his contract
<br />shall be binding on the assignee and his heirs and successors.
<br />19. PARTIES: This contract shall be binding upon and shall inure to the benefit of [he parties i.e., Buyer and Seller and their heirs, successors and
<br />assigns. As used herein, words in the singular include the plural and the masculine includes the feminine and neuter genders, as appropriate.
<br />20. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed, kept or performed after the Closing, it
<br />shall survive the Closing and remain binding upon and for the benefit of the parties hereto until fully observed, kept or performed.
<br />21. ENTIRE AGREEMENT: This contract contains the entire agreement of the parties and there are no representations, inducements or other
<br />provisions other than those expressed herein. All changes, additions or deletions hereto must be in writing and signed by all parties. Nothing
<br />contained herein shall alter any agreement between a REALTOR or broker and Seller or Buyer as contained in any listing agreement, buyer agency
<br />agreement, or any other agency agreement between them.
<br />22. NOTICE AND EXECUTION: Any notice or communication to be given to a party herein may be given to the party or to such party's agent.
<br />This offer shall become a binding contract (the "Effective Date") when signed by both Buyer and Seller and such signing is communicated to the
<br />offering party. This contract is executed under seal in signed multiple originals, all of which together constitute one and the same instmment, with
<br />a signed original being retained by each party and each REALTOR or broker hereto, and the parties adopt the word "SEAL" beside [heir signatures
<br />below.
<br />IF YOU DO NOT UNDERSTAND THIS OFFER TO PURCHASE AND CONTRACT OR FEEL THAT IT DOES NOT PROVIDE FOR YOUR
<br />LEGAL NEEDS, YOU SHOULD CONSULT A NORTH CAROLINA REAL ESTATE ATTORNEY BEFORE YOU SIGN IT.
<br />Buyer acknowledges having made an on-site personal examination of the Property prior to the making of this offer.
<br />Dale:
<br />Buyer (SEAL)
<br />Date:
<br />Buyer (SEAL)
<br />Date:
<br />Seller (SEAL)
<br />Date:
<br />Seller
<br />Escrow Agent acknowledges receipt of the earnest money and agrees to hold and disburse the same in accordance with the terms hereof.
<br />Date Firm:
<br />^ Buyer's Agent
<br />^ Seller's (sub)agent
<br />Selling Agent/Firm/Phone Acting as ^ Dual Agent
<br />^ Seller's (sub)agent
<br />Listing Agent/Firm/Phone Acting as ^ Dual Agent
<br />Printed by: ,lames Williams 8 Co., Inc. ®6/99 NC BAR ASSOCIATION -Form No. 2 NC ASSOCIATION OF REALTORS®, INC. -Form No. 2
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