Real Estate Offer to Purchase and Contract (Standard Form 2-t) - North Carolina

What Is Standard Form 2-T?

Standard Form 2-T, Real Estate Offer to Purchase and Contract Form , is a legally binding agreement used by North Carolina residents to confirm their intention to sell and buy real property. This is the main document that records the transfer of the real estate from the seller to the buyer - without a properly written contract, the interests of both parties might be in danger.

Here is how you complete Standard Form 2-T to make an enforceable agreement:

1. Identify the parties to the transaction.
2. Provide the legal description of the real estate and fixtures included by the seller.
3. Enter the purchase price and outline the financing of the deal.
4. Confirm the property has no legal burdens - unpaid taxes, liens, etc. The seller must handle all property-related issues prior to the signing of the deal.
5. Agree on the delivery of all documentation related to the house or apartment - insurance policies, deeds, easements, etc.
6. Determine the procedure of property inspection and appraisal. If the buyer is not satisfied with the conclusions of the inspection, it is possible to terminate the agreement.
7. Decide when the buyer obtains access to the property and add the closing date of the deal.
8. Sign and date the form to certify your intent to comply with its terms and conditions.
9. If the parties agree on the escrow deposit, the papers must be signed by the escrow agent who acknowledges the receipt of the monetary funds to hold until receiving further instructions from the parties.

You can download a North Carolina Offer to Purchase and Contract through the link below.

Typically, the real property is transferred "as is" - in its current condition. However, North Carolina laws require the seller to give the purchaser two more documents to finalize the sale. You need to confirm the receipt of these two forms in your Real Estate Contract:

• A Property Disclosure Statement informs the buyer about all material issues and defects the property has at the time of the sale;
• A Lead Paint Disclosure tells the buyer about the presence of lead-based paint on the surfaces and in the walls of the residence if the building was constructed before 1978.