Contract for the Sale and Purchase of Real Estate

Contract for the Sale and Purchase of Real Estate (No Broker)

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,

, “Seller” whether one or more,

and

, “Buyer” whether one or more,

do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the Property described as follows: (complete adequately to identify property)

County, North Carolina.

Address:

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Purchase Price $

Earnest Money $

New Loan $

Assumption of Loan $

Seller Financing $

Cash at Closing $

Total (both columns should be equal) $ $

Both columns should be an equal amount.

If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20 .

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing.

Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval.

If financing or assumption approval is not obtained by the expiration of the Due Diligence Period at o’clock, [a.m. / p.m.] on this contract will terminate and the earnest money will be refunded to Buyer.

If Buyer intends to obtain a new loan, the loan will be of the following type:

Conventional VA FHA Other:

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. BUYER’S DUE DILIGENCE PROCESS

The “DUE DILIGENCE PERIOD” begins upon the signing of this contract by both parties, and ends at:

o’clock, [a.m. / p.m.] on .

The Due Diligence Period may only be extended by a writing signed by both parties, which may also involve an extension of the Closing Date.

(a) Financing: During the Due Diligence Period, Buyer, at Buyer’s expense, shall be entitled to pursue qualification for and approval of the NEW LOAN OR ASSUMPTION identified above in 3. FINANCING, if applicable.

(b) Property Investigation: During the Due Diligence Period, Buyer or Buyer’s agents, at Buyer’s expense shall be entitled to conduct all desired tests, surveys, appraisals, investigations, examinations and inspections of the Property as Buyer deems appropriate.

(c) Repair/Improvement Negotiations/Agreement: Buyer acknowledges and understands that unless the parties agree otherwise, THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION.

(d) Buyer’s Obligation to Repair Damage: Buyer shall, at Buyer’s expense, promptly repair any damage to the Property resulting from Due Diligence activities.

(e) Indemnity: Buyer will indemnify and hold Seller harmless from all loss, damage, claims, suits or costs arising out of Buyer’s activities relating to the Property.

(f) Buyer’s Right to Terminate: Buyer shall have the right to terminate this contract for any reason or no reason by delivering written notice during the Due Diligence Period.

(g) CLOSING SHALL CONSTITUTE BUYER’S ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING.

6. PROPERTY AND OWNERS’ ASSOCIATION DISCLOSURE STATEMENT:

Buyer has received a copy of the North Carolina Residential Property and Owners’ Association Disclosure Statement prior to signing this Contract.

Owner is exempt from furnishing a North Carolina Residential Property and Owners’ Association Disclosure Statement because:

SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed prior to 1978.

An addendum providing such disclosure: is attached; is not applicable.

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold "as-is" without warranty, or shall be in good working order on the date of closing.

Any repairs needed to mechanical equipment or appliances, if any, shall be the responsibility of Seller Buyer.

UTILITIES: Water is provided to the property by , Sewer is provided by . Gas is provided by . Electricity is provided by .

Other:

The present condition of all utilities is subject to investigation by Buyer during the Due Diligence Period.

7. CLOSING DATE: The closing of the sale will follow the expiration of the Due Diligence Period by one or more days and be designated as on or before: , 20 , unless extended pursuant to the terms hereof.

8. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or and provide Buyer with a Certificate of Title prepared by an attorney, title or abstract company.

Title shall be good and marketable, subject only to, including general taxes for the year and subsequent years and .

Seller agrees to use best efforts to deliver to Buyer as soon as reasonably possible after the Effective date of this Contract, copies of all information in possession of or available to Seller relating to the Property.

A title report shall be provided to Buyer at least 5 days prior to the Closing Date.

9. POSSESSION AND CONVEYANCE OF TITLE: Seller shall deliver possession of the Property to Buyer at closing.

Title shall be conveyed to Buyer, if more than one as . Prior to closing the property shall remain in the possession of Seller.

10. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.)

11. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date.

12. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract, Seller shall restore the Property to its previous condition as soon as reasonably possible.

13. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either enforce specific performance or terminate this contract and receive the earnest money as liquidated damages.

14. ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this contract is entitled to recover all costs and reasonable attorney’s fees.

15. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer.

16. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law.

17. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by written agreement.

18. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-delivered at, or transmitted by facsimile machine as follows:

19. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller.

20. PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties and cannot be changed except by written consent.

21. NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent in connection with the property, or that if such agents have been employed, the party employing said agent shall pay all expenses associated with that party’s agent outside the closing of this agreement.

22. EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof, the Seller and Buyer shall agree to continue the closing or cancel this Contract.

remain valid with Buyer being entitled to any condemnation proceeds at or after closing

be cancelled and the earnest money returned to Buyer

23. OTHER PROVISIONS

24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25. GOVERNING LAW: This contract shall be governed by the laws of the State of North Carolina.

26. DEADLINE LIST (Optional) (complete all that apply). Based on other provisions of Contract.

Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.

EXECUTED the day of , 20 (THE EFFECTIVE DATE).

Exhibit for Description or Attach Separate Description

Receipt

Receipt of Earnest Money is acknowledged.

Lead-Based Paint Disclosure Instruction Page

This page is not part of the contract and is provided for reference regarding lead-based paint disclosure requirements for houses built prior to 1978.