If you`re looking to buy a property in North Carolina, you`ll need to use the NC Offer to Purchase and Contract Form 2-T. This document is the legally binding agreement between the buyer and seller, setting out the terms of the sale.
The 2021 version of the form includes some important changes, so it`s important to make sure you have the most up-to-date version before starting the purchase process.
One of the most significant changes to the form is the inclusion of a due diligence fee. This fee is paid by the buyer to the seller in exchange for a period of time (usually 30 days) during which the buyer can conduct inspections and investigations to satisfy themselves that the property is in good condition and meets their requirements. If the buyer decides to go ahead with the purchase, the due diligence fee is credited towards the purchase price. If they don`t proceed with the purchase, the seller keeps the fee.
Another new element of the form is the inclusion of a financing contingency. This allows the buyer to back out of the purchase if they are unable to secure financing to complete the sale.
The form also includes several other important clauses, such as details of the purchase price, closing date, and any contingencies related to the sale (such as the seller being required to make repairs before closing).
It`s important to note that the NC Offer to Purchase and Contract Form 2-T is a legally binding document, so it`s essential that you read it carefully and understand all of the terms before signing. You may also want to consider having a real estate attorney review the document to ensure that it meets your needs and protects your interests.
Overall, the NC Offer to Purchase and Contract Form 2-T is an important document for anyone looking to buy property in North Carolina. Make sure that you understand all of the clauses and have a clear understanding of the terms before you sign on the dotted line.