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<br />(b) The Property must be in substantially the same or better condition at Closing as on the date of this offer, reasonable wear and tear
<br />excepted.
<br />(c) The Property must appraise at a value equal to or exceeding the purchase price or, at the option of Buyer, this contract may be
<br />terminated and all earnest monies shall be refunded to Buyer, even if the Loan Condition has been waived asprovided- in
<br />paragraph 3. N/A
<br />If this contract is NOT subject to a fmancing contingency requiring an appraisal, Buyer shall arrange to have the appraisal
<br />completed on or before N/A
<br />(d) All deeds of trust, liens and other chazges against the Property, not assumed by Buyer, must be paid and satisfied by Seller prior
<br />to or at Closing such that cancellation may be promptly obtained following Closing. Seller shall remain obligated to obtain any
<br />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
<br />mazketable and insurable title, free of all encumbrances except: ad valorem taxes for the current year (prorated through the date of
<br />Closing); utility easements and unviolated restrictive covenants that do not materially affect the value of the Property; and such
<br />other encumbrances as may be assumed or specifically approved by Buyer. The Property must have legal access to a public right
<br />of way.
<br />6. SPECIAL ASSESSMENTS: NOTE: For purposes of this agreement, a "confirmed" special assessment is defined as an
<br />assessment that has been approved by a governmental agency or an owners' association for the purpose(s) stated, whether or not it is
<br />fully payable at time of closing. A "pending" special assessment is defined as an assessment that is under formal consideration by a
<br />governing body. Seller warrants that there aze no pending or confirmed governmental special assessments for sidewalk, paving, water,
<br />sewer, or other improvements on or adjoining the Property, and no pending or confirmed owners' association special assessments,
<br />except as follows (Insert "None" or the identification of such assessments, if any): none
<br />Unless otherwise agreed, Seller shall pay all owners' association assessments and all governmental assessments confirmed through the
<br />time of Closing, if any, and Buyer shall take title subject to all pending assessments disclosed by Seller herein, if any.
<br />7. PROBATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated and either adjusted
<br />between the parties or paid at Closing: (a) Ad valorem taxes on real property shall be prorated on a calendar year basis through the
<br />date of Closing; (b) All late listing penalties, if any, shall be paid by Seller; (c) Rents, if any, for the Property shall be prorated through
<br />the date of Closing; (d) Owners' association dues and other like charges shall be prorated through the date of Closing. Seller
<br />represents that the regular owners' association dues, if any, are $ per .Unless otherwise
<br />agreed, Buyer shall pay any fees required for obtaining account payment information on owners' association dues or assessments for
<br />payment or proration and any charge made by the owners' association in connection with the disposition of the Property to Buyer,
<br />including. any transfer and/or document fee imposed by the owners' association. N/A
<br />8. EXPENSES: Unless otherwise agreed, Buyer shall be responsible for all costs with respect to any loan obtained by Buyer,
<br />appraisal, title search, title insurance, recording the deed and for preparation and recording of all instruments required to secure the
<br />balance of the purchase price unpaid at Closing. Seller shall pay for prepazation of a deed and all other documents necessary to
<br />perform Seller's obligations under this agreement, and for excise tax (revenue stamps) required by law. Seller shall pay at Closing
<br />$ N/A toward any of Buyer's expenses associated with the purchase of the Property, including any FHA/VA
<br />lender and inspection costs that Buyer is not permitted to pay, but excluding any portion disapproved by Buyer's lender.
<br />9. EVIDENCE OF TITLE: Seller agrees to use his best efforts to deliver to Buyer as soon as reasonably possible after the Effective
<br />Date of this contract, copies of all title information in possession of or available to Seller, including but not limited to: title insurance
<br />policies, attorney's opinions on title, surveys, covenants, deeds, notes and deeds of trust and easements relating to the Property. Seller
<br />authorizes (1) any attorney presently or previously representing Seller to release and disclose any title insurance policy in such
<br />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
<br />disclose all materials 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
<br />attorneys.
<br />10. LABOR AND MATERIAL: Seller shall furnish at Closing an affidavit and indemnification agreement in form satisfactory to
<br />Buyer showing that all labor and materials, if any, furnished to the Property within 120 days prior to the date of Closing have been
<br />paid for and agreeing to indemnify Buyer against all loss from any cause or claim arising therefrom.
<br />Buyer initials Seller initials
<br />Page 3 of 7
<br />NC BAR ASSOCIATION -Form No. 12 ©2007, 7/2008 This standazd form has been approved jointly by:
<br />North Cazolina Baz Association - NC Baz Form No. 12
<br />North Carolina Association of Realtors®, Inc. -Standard Form 12T
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