Facts about the NC Offer to Purchase and Contract 2-T PDF template
Contents
- 1 Facts about the NC Offer to Purchase and Contract 2-T PDF template
- 2 What Is an NC Offer to Purchase and Contract Form 2-T Used For?
- 3 Who Would Use an NC Offer to Purchase and Contract Form 2-T?
- 4 When Should an NC Offer to Purchase and Contract Form 2-T Be Used?
- 5 What Are the Consequences for Not Using an NC Offer to Purchase and Contract Form 2-T?
- 6 How to Fill Out an NC Offer to Purchase and Contract Form 2-T
- 7 Quick Questions
What Is an NC Offer to Purchase and Contract Form 2-T Used For?
If someone owns a plot of land or a property, and they decide to sell that property, they’ll be responsible for a fair amount of different paperwork. In North Carolina, an offer to purchase and contract form is a standardized form explaining the terms between buyer and seller. The buyer and seller both negotiate these terms and sign the contract.
An offer to purchase and contract will be given to you by the real estate agency when you sell or buy. It’s important to have an attorney look over the terms to double check that everything is legally binding.
The contract will include a number of different details about both the property and the purchase price. If any fixtures or personal property are included, they’ll be noted on the form. Additionally, the legal description and street address of the property will be noted.
Who Would Use an NC Offer to Purchase and Contract Form 2-T?
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Offers to purchase and contract must be reviewed and signed by a number of different people:
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- The realtor responsible for selling the house
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- The realtor responsible for buying the house
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- The seller
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- The buyer
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- Attorneys for the seller and buyer
- A local notary
It’s important that all parties agree upon the terms outlined in the contract. This is the main purchase document that will be filed. As such, it’s the main legal recourse for both the seller and buyer if any issues regarding the property arise.
When Should an NC Offer to Purchase and Contract Form 2-T Be Used?
If a person in North Carolina intends to sell their land or property, and they’ve found a buyer, the offer to purchase and contract should be used to make the purchase official. The majority of the form should be handled by the respective realty agencies for the buyer and seller, and licensed attorneys should double check the language when the document is finished.
The buyer and seller should both be aware of all the terms of the document, from included property to purchase price to inspection responsibilities. North Carolina has helpfully streamlined the property purchase process by putting most relevant information into this document.
After the buyer and seller both sign the standard form, it should be brought to a local notary’s office and notarized. The realty agents will also be required to sign the bottom of the last page.
What Are the Consequences for Not Using an NC Offer to Purchase and Contract Form 2-T?
The current offer to purchase and contract form was introduced by the North Carolina state Real Estate Commission in 2011. The form’s language is designed to protect the legal rights of both buyers and sellers.
If you choose not to use this form during a property transaction, you’ll be opening yourself up to potential legal repercussions down the line. You’ll also have a much bigger headache when you try to file the requisite paperwork. It’s best to use the form 2-T to cover all your bases and get all involved parties on the same page.
How to Fill Out an NC Offer to Purchase and Contract Form 2-T
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- Fill out sections 1 through 3 with information about the property being sold, any fixtures included in the purchase price, and any personal property included.
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- Note the purchase price and write how the sum will be paid. Check the box to denote whether the payment will come in cash, personal check, certified check, bank check, or other formatting.
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- Fill out the rest of section 4 with the relevant monetary information.
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- In section 5, check and fill out any conditions that are relevant to the contract. If a condition is not relevant, write N/A in the space provided.
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- Use section 6 to note any special assessments occurring. Section 7 should be used to note any adjustments and closing costs.
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- Decide how much the seller can pay the buyer to cover their closing costs, and note this in Section 8.
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- Complete the instructions in Section 12 regarding property disclosure forms.
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- Choose your ideal alternative for property inspections in Section 13.
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- Note your ideal closing date and the buyer’s name for the deed in Section 15.
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- If the property’s possession doesn’t transfer at closing, check the relevant box in Section 16.
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- Get the signature of the Escrow Agent, along with the information about the selling and listing agents.
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- Bring the document to a notary and have the buyer and seller both sign, and then have the document notarized.
- Write the buyer’s and seller’s initials at the bottom of each page of the contract.
