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

ADVERTISEMENT
OFFER TO PURCHASE AND CONTRACT
_____________________________________________________________________________________, as Buyer,
hereby offers to purchase and _____________________________________________________________, as Seller,
upon acceptance of said offer, agrees to sell and convey, all of that plot, piece or parcel of land described below,
together with all improvements located thereon and such fixtures and personal property as are listed below
(collectively referred to as the “Property”), upon the following terms and conditions:
1. REAL PROPERTY: Located in the City of ______________________________________________________,
County of _____________________________________, State of North Carolina, being known as and more
particularly described as:
Street Address____________________________________________________________________ Zip__________
Legal Description:______________________________________________________________________________
(
All
A portion of the property in Deed Reference: Book_________, Page No.________, ___________County.)
NOTE: Prior to signing this Offer to Purchase and Contract, Buyer is advised to review Restrictive Covenants, if
any, which may limit the use of the Property, and to read the Declaration of Restrictive Covenants, By-Laws,
articles of Incorporation, Rules and Regulations, and other governing documents of the owners’ association and/or
the subdivision, if applicable.
2. FIXTURES: The following items, if any, are included in the purchase price free of liens: any built-in appliances,
light fixtures, ceiling fans, attached floor coverings, blinds, shades, drapery rods and curtain rods, brackets and all
related hardware, window and door screens, storm windows, combination doors, awnings, antennas, satellite dishes
and receivers, burglar/fire/smoke alarms, pool and spa equipment, solar energy systems, attached fireplace screens,
gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees (other than in
movable containers), basketball goals, storage sheds, mailboxes, wall and/or door mirrors, and any other items
attached or affixed to the Property, EXCEPT the following items:
_____________________________________________________________________________________________
_____________________________________________________________________________________________.
3. PERSONAL PROPERTY: The following personal property is included in the purchase price:_______________
_____________________________________________________________________________________________.
4. PURCHASE PRICE: The purchase price is $___________________________________________ and shall be
paid as follows:
(a) $__________________________, EARNEST MONEY DEPOSIT with this offer by
cash
personal check
bank check
certified check
other: ______________________________________________________ to be
deposited and held in escrow by __________________________________________________________ (“Escrow
Agent”) until the sale is closed, at which time it will be credited to Buyer, or until this contract is otherwise
terminated. In the event: (1) this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all
earnest monies shall be refunded to Buyer. In the event of breach of this contract by Seller, upon Buyer’s request, all
earnest monies shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for
such breach. In the event this offer is accepted and Buyer breaches this contract, then all earnest monies shall be
forfeited upon Seller’s request, but receipt of such forfeited earnest monies shall not affect any other remedies
available to Seller for such breach.
NOTE: In the event of a dispute between Seller and Buyer over the return or forfeiture of earnest money held in
escrow by a broker, the broker is required by state law to retain said earnest money in the broker’s trust or escrow
account until a written release from the parties consenting to its disposition has been obtained or until disbursement
is ordered by a court of competent jurisdiction.
(b) $_________________, ADDITIONAL EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than
_____________________, TIME BEING OF THE ESSENCE WITH REGARD TO SAID DATE.
(c) $_________________, OPTION FEE in accordance with paragraph 13, Alternative 2, to be paid to Seller on the
Effective Date as set forth in paragraph 23. (NOTE: If alternative 2 applies, then do not insert $0, N/A, or leave
blank.)
(d) $_________________, BY ASSUMPTION of the unpaid principal balance and all obligations of Seller on the
existing loan(s) secured by a deed of trust on the Property in accordance with the attached Loan Assumption
Addendum.
(e) $_________________, BY SELLER FINANCING in accordance with the attached Seller Financing Addendum.
(f) $_________________, BALANCE of the purchase price in cash at Closing.
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STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ____ ____
OFFER TO PURCHASE AND CONTRACT
_____________________________________________________________________________________, as Buyer,
hereby offers to purchase and _____________________________________________________________, as Seller,
upon acceptance of said offer, agrees to sell and convey, all of that plot, piece or parcel of land described below,
together with all improvements located thereon and such fixtures and personal property as are listed below
(collectively referred to as the “Property”), upon the following terms and conditions:
1. REAL PROPERTY: Located in the City of ______________________________________________________,
County of _____________________________________, State of North Carolina, being known as and more
particularly described as:
Street Address____________________________________________________________________ Zip__________
Legal Description:______________________________________________________________________________
(
All
A portion of the property in Deed Reference: Book_________, Page No.________, ___________County.)
NOTE: Prior to signing this Offer to Purchase and Contract, Buyer is advised to review Restrictive Covenants, if
any, which may limit the use of the Property, and to read the Declaration of Restrictive Covenants, By-Laws,
articles of Incorporation, Rules and Regulations, and other governing documents of the owners’ association and/or
the subdivision, if applicable.
2. FIXTURES: The following items, if any, are included in the purchase price free of liens: any built-in appliances,
light fixtures, ceiling fans, attached floor coverings, blinds, shades, drapery rods and curtain rods, brackets and all
related hardware, window and door screens, storm windows, combination doors, awnings, antennas, satellite dishes
and receivers, burglar/fire/smoke alarms, pool and spa equipment, solar energy systems, attached fireplace screens,
gas logs, fireplace inserts, electric garage door openers with controls, outdoor plants and trees (other than in
movable containers), basketball goals, storage sheds, mailboxes, wall and/or door mirrors, and any other items
attached or affixed to the Property, EXCEPT the following items:
_____________________________________________________________________________________________
_____________________________________________________________________________________________.
3. PERSONAL PROPERTY: The following personal property is included in the purchase price:_______________
_____________________________________________________________________________________________.
4. PURCHASE PRICE: The purchase price is $___________________________________________ and shall be
paid as follows:
(a) $__________________________, EARNEST MONEY DEPOSIT with this offer by
cash
personal check
bank check
certified check
other: ______________________________________________________ to be
deposited and held in escrow by __________________________________________________________ (“Escrow
Agent”) until the sale is closed, at which time it will be credited to Buyer, or until this contract is otherwise
terminated. In the event: (1) this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all
earnest monies shall be refunded to Buyer. In the event of breach of this contract by Seller, upon Buyer’s request, all
earnest monies shall be returned to Buyer, but such return shall not affect any other remedies available to Buyer for
such breach. In the event this offer is accepted and Buyer breaches this contract, then all earnest monies shall be
forfeited upon Seller’s request, but receipt of such forfeited earnest monies shall not affect any other remedies
available to Seller for such breach.
NOTE: In the event of a dispute between Seller and Buyer over the return or forfeiture of earnest money held in
escrow by a broker, the broker is required by state law to retain said earnest money in the broker’s trust or escrow
account until a written release from the parties consenting to its disposition has been obtained or until disbursement
is ordered by a court of competent jurisdiction.
(b) $_________________, ADDITIONAL EARNEST MONEY DEPOSIT to be paid to Escrow Agent no later than
_____________________, TIME BEING OF THE ESSENCE WITH REGARD TO SAID DATE.
(c) $_________________, OPTION FEE in accordance with paragraph 13, Alternative 2, to be paid to Seller on the
Effective Date as set forth in paragraph 23. (NOTE: If alternative 2 applies, then do not insert $0, N/A, or leave
blank.)
(d) $_________________, BY ASSUMPTION of the unpaid principal balance and all obligations of Seller on the
existing loan(s) secured by a deed of trust on the Property in accordance with the attached Loan Assumption
Addendum.
(e) $_________________, BY SELLER FINANCING in accordance with the attached Seller Financing Addendum.
(f) $_________________, BALANCE of the purchase price in cash at Closing.
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STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ____ ____
5. CONDITIONS: (State N/A in each blank that is not a condition to this contract.)
(a) Buyer must be able to obtain a
FHA
VA (attach FHA/VA Financing Addendum)
Conventional
Other: _______________________ loan at a
Fixed Rate
Adjustable Rate in the principal amount of
_______________________________ (plus any financed VA Funding Fee or FHA MIP) for a term of
___________ year(s), at an initial interest rate not to exceed ____________ % per annum, with mortgage loan
discount points not to exceed ______ % of the loan amount. Buyer shall apply for said loan within ________ days of
the Effective Date of this contract. Buyer shall use Buyer’s best efforts to secure the lender’s customary loan
commitment letter on or before __________________________________ and to satisfy all terms and conditions of
the loan commitment letter by Closing. After the above letter date, Seller may request in writing from Buyer a copy
of the loan commitment letter. If Buyer fails to provide Seller a copy of the loan commitment letter or a written
waiver of this loan condition within five days of receipt of Seller’s request, Seller may terminate this contract by
written notice to Buyer at any time thereafter, provided Seller has not then received a copy of the letter or the
waiver.
(b) There must be no restriction, easement, zoning or other governmental regulation that would prevent the
reasonable use of the Property for _________________________________________________________ purposes.
(c) The Property must be in substantially the same or better condition at Closing as on the date of this offer
reasonable wear and tear excepted.
(d) All deeds of trust, liens and other charges against the Property, not assumed by Buyer, must be paid and satisfied
by Seller prior to or at Closing such that cancellation may be promptly obtained following Closing. Seller shall
remain obligated to obtain any such cancellations following Closing.
(e) Title must be delivered at Closing by GENERAL WARRANTY DEED unless otherwise stated herein, and must
be fee simple marketable and insurable title, free of all encumbrances except: ad valorem taxes for the current year
(prorated through the date of Closing); utility easements and unviolated restrictive covenants that do not materially
affect the value of the Property; and such other encumbrances as may be assumed or specifically approved by Buyer.
The Property must have legal access to a public right of way.
6. SPECIAL ASSESSMENTS: Seller warrants that there are no pending or confirmed governmental special
assessments for sidewalk, paving, water, sewer, or other improvements on or adjoining the Property, and no pending
or confirmed owners’ association special assessments, except as follows: __________________________________
_____________________________________________________________________________________________.
(Insert “None” or the identification of such assessments, if any.) Seller shall pay all owners’ association assessments
and all governmental assessments confirmed through the time of Closing, if any, and Buyer shall take title subject to
all pending assessments, if any, unless otherwise agreed as follows: ______________________________________
_____________________________________________________________________________________________.
7. PRORATIONS AND ADJUSTMENTS: Unless otherwise provided, the following items shall be prorated and
either adjusted between the parties or paid at Closing: (a) Ad valorem taxes on real property shall be prorated on a
calendar year basis through the date of Closing; (b) Ad valorem taxes on personal property for the entire year shall
be paid by the Seller unless the personal property is conveyed to the Buyer, in which case, the personal property
taxes shall be prorated on a calendar year basis through the date of Closing; (c) All late listing penalties, if any, shall
be paid by Seller; (d) Rents, if any, for the Property shall be prorated through the date of Closing; (e) Owners’
association dues and other like charges shall be prorated through the date of Closing. Seller represents that the
regular owners’ association dues, if any, are $_______________ per __________________.
8. EXPENSES: Buyer shall be responsible for all costs with respect to any loan obtained by Buyer. Buyer shall pay
for recording the deed and for preparation and recording of all instruments required to secure the balance of the
purchase price unpaid at Closing. Seller shall pay for preparation of a deed and all other documents necessary to
perform Seller’s obligations under this agreement, and for excise tax (revenue stamps) required by law. Seller shall
pay at closing $______________________ toward any of the Buyer’s expenses associated with the purchase of the
Property, including any FHA/VA lender and inspection costs that Buyer is not permitted to pay, but excluding any
portion disapproved by Buyer’s lender.
9. FUEL: Buyer agrees to purchase from Seller the fuel, if any, situated in any tank on the Property at the prevailing
rate with the cost of measurement thereof, if any, being paid by Seller.
10. EVIDENCE OF TITLE: Seller agrees to use his best efforts to deliver to Buyer as soon as reasonably possible
after the Effective Date of this contract, copies of all title information in possession of or available to Seller,
including but not limited to: title insurance policies, attorney’s opinions on title, surveys, covenants, deeds, notes
and deeds of trust and easements relating to the Property. Seller authorizes (1) any attorney presently or previously
representing Seller to release and disclose any title insurance policy in such 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 disclose all materials
Page 2 of 5
STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ____ ____
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
attorneys.
11. LABOR AND MATERIAL: Seller shall furnish at Closing an affidavit and indemnification agreement in form
satisfactory to Buyer showing that all labor and materials, if any, furnished to the Property within 120 days prior to
the date of Closing have been paid for and agreeing to indemnify Buyer against all loss from any cause or claim
arising there from.
12. PROPERTY DISCLOSURE:
Buyer has received a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing of
this Offer to Purchase and Contract.
Buyer has NOT received a signed copy of the N.C. Residential Property Disclosure Statement prior to the signing
of this Offer to Purchase and Contract and shall have the right to terminate or withdraw this contract without penalty
prior to WHICHEVER OF THE FOLLOWING EVENTS OCCURS FIRST: (1) the end of the third calendar day
following receipt of the Disclosure Statement; (2) the end of the third calendar day following the date the contract
was made; or (3) Closing or occupancy by the Buyer in the case of a sale or exchange.
Exempt from N.C. Residential Property Disclosure Statement because (SEE GUIDELINES)
___________________________________________________________________________________________.
The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or Lead-Based Paint Hazards
Disclosure Addendum.)
13. PROPERTY INSPECTION, APPRAISAL, INVESTIGATION (Choose ONLY ONE of the following
Alternatives):
ALTERNATIVE 1:
(a) Property Inspection: Unless otherwise stated herein, Buyer shall have the option of inspecting, or obtaining at
Buyer’s expense inspections, to determine the condition of the Property. Unless otherwise stated herein, it is a
condition of this contract that: (i) the built-in appliances, electrical system, plumbing system, heating and cooling
systems, roof coverings (including flashing and gutters), doors and windows, exterior surfaces, structural
components (including foundations, columns, chimneys, floors, walls, ceilings and roofs), porches and decks,
fireplaces and flues, crawl space and attic ventilation systems (if any), water and sewer systems (public and private),
shall be performing the function for which intended and shall not be in need of immediate repair; (ii) there shall be
no unusual drainage conditions or evidence of excessive moisture adversely affecting the structure(s); and (iii) there
shall be no friable asbestos or existing environmental contamination. Any inspections shall be completed and written
notice of necessary repairs shall be given to Seller on or before ____________________________. Seller shall
provide written notice to Buyer of Seller’s response within _______ days of Buyer’s notice. Buyer is advised to
have any inspections made prior to incurring expenses for Closing and in sufficient time to permit any required
repairs to be completed by Closing.
(b) Wood-Destroying Insects: Unless otherwise stated herein, Buyer shall have the option of obtaining, at Buyer’s
expense, a report from a licensed pest control operator on a standard form in accordance with the regulations of the
North Carolina Structural Pest Control Committee, stating that as to all structures, except _____________________,
there was no visible evidence of wood-destroying insects and containing no indication of visible damage there from.
The report must be obtained in sufficient time so as to permit treatment, if any, and repairs, if any, to be completed
prior to Closing. All treatment required shall be paid for by Seller and completed prior to Closing, unless otherwise
agreed upon in writing by the parties. The Buyer is advised that the inspection report described in this paragraph
may not always reveal either structural damage or damage caused by agents or organisms other than wood-
destroying insects. If new construction, Seller shall provide a standard warranty of termite soil treatment.
(c) Repairs: Pursuant to any inspections in (a) and/or (b) above, if any repairs are necessary, Seller shall have the
option of completing them or refusing to complete them. If Seller elects not to complete the repairs, then Buyer shall
have the option of accepting the Property in its present condition or terminating this contract, in which case all
earnest monies shall be refunded. Unless otherwise stated herein, any items not covered by (a)(i), (a)(ii), (a)(iii) and
(b) above are excluded from repair negotiations under this contract.
(d) Radon Inspection: Buyer shall have the option, at Buyer's expense, to have the Property tested for radon on or
before the date for completion of inspections as set forth in paragraph 13 (a) above. The test result shall be deemed
satisfactory to Buyer if it indicates a radon level of less than 4.0 pico curies per liter of air (as of January 1, 1997,
EPA guidelines reflect an "acceptable" level as anything less than 4.0 pico curies per liter of air). If the test
result exceeds the above-mentioned level, Seller shall have the option of: a) remediating to bring radon level within
the satisfactory range; or b) refusing to remediate. Upon the completion of remediation, Buyer may have a radon test
performed at Seller's expense, and if the test result indicates a radon level less than 4.0 pico curies per liter of air, it
shall be deemed satisfactory to the Buyer. If Seller elects not to remediate, or if remediation is attempted but fails to
Page 3 of 5
STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ____ ____
bring the radon level within the satisfactory range, Buyer shall have the option of: a) accepting the Property with its
then current radon level; or
b) terminating the contract, in which case all earnest monies shall be refunded.
(e) Cost Of Repair Contingency: Notwithstanding the above and as an additional remedy of Buyer, if a reasonable
estimate obtained by Buyer of the total cost of repairs required by (a) and (b) and/or remediation required by (d)
above equals or exceeds $__________________, then Buyer shall have the option to terminate this contract
pursuant to the Cost of Repair Contingency no later than seven days following the inspection date and all earnest
monies shall be refunded to Buyer.
(f) Appraisal Contingency: The Property must appraise at a value equal to or exceeding the purchase price or, at
the option of Buyer, this contract may be terminated and all earnest monies shall be refunded to Buyer. If this
contract is not subject to a financing contingency requiring an appraisal, Buyer shall arrange to have the appraisal
completed on or before _____________________________. The cost of the appraisal shall be borne by Buyer.
(g) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING
CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING.
ALTERNATIVE 2: (This Alternative applies ONLY if Alternative 2 is checked AND Buyer has paid the
Option Fee.)
(a) Property Investigation with Option to Terminate: In consideration of the sum of $___________________ (do
not insert $0, N/A, or leave blank) paid by Buyer to Seller (not Escrow Agent) and other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged (the “Option Fee”), Buyer shall have the right to terminate
this contract for any reason or no reason, whether related to the physical condition of the Property or
otherwise, by delivering to Seller written notice of termination (the “Termination Notice”) by 5:00 p.m. on
_________________________________, 20____, time being of the essence (the “Option Termination Date”). At
any time prior to Closing, Buyer shall have the right to inspect the Property at Buyer’s expense (Buyer is advised to
have all inspections and appraisals of the Property, including but not limited to those matters set forth in Alternative
1, performed prior to the Option Termination Date).
(b) Exercise of Option: If Buyer delivers the Termination Notice prior to the Option Termination Date, time being
of the essence, this contract shall become null and void and all earnest monies received in connection herewith shall
be refunded to Buyer; however, the Option Fee will not be refunded and shall be retained by Seller. If Buyer fails to
deliver the Termination Notice to Seller prior to the Option Termination Date, then Buyer will be deemed to have
accepted the Property in its physical condition existing as of the Option Termination Date, excluding matters of
survey. The Option Fee is not refundable, is not a part of any earnest monies, and will be credited to the purchase
price at Closing.
(c) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING
CONDITION UNLESS PROVISION IS OTHERWISE MADE IN WRITING.
14. REASONABLE ACCESS: Seller will provide reasonable access to the Property (including working, existing
utilities) through the earlier of Closing or possession by Buyer, to Buyer or Buyer’s representatives for the purposes
of appraisal, inspection, and/or evaluation. Buyer may conduct a walk-through inspection of the Property prior to
Closing.
15. CLOSING: Closing shall be defined as the date and time of recording of the deed. All parties agree to execute
any and all documents and papers necessary in connection with Closing and transfer of title on or before
_______________________________, at a place designated by Buyer. The deed is to be made to
___________________________________________________________.
16. POSSESSION: Unless otherwise provided herein, possession shall be delivered at Closing. In the event
possession is NOT to be delivered at Closing:
a Buyer Possession Before Closing Agreement is attached. OR,
a Seller Possession After Closing Agreement is attached.
17. OTHER PROVISIONS AND CONDITIONS: (ITEMIZE ALL ADDENDA TO THIS CONTRACT AND
ATTACH HERETO.)
18. RISK OF LOSS: The risk of loss or damage by fire or other casualty prior to Closing shall be upon Seller. If the
improvements on the Property are destroyed or materially damaged prior to Closing, Buyer may terminate this
contract by written notice delivered to Seller or Seller’s agent and all deposits shall be returned to Buyer. In the
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STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ____ ____
event Buyer does NOT elect to terminate this contract, Buyer shall be entitled to receive, in addition to the Property,
any of the Seller’s insurance proceeds payable on account of the damage or destruction applicable to the Property
being purchased.
19. ASSIGNMENTS: This contract may not be assigned without the written consent of all parties, but if assigned
by agreement, then this contract shall be binding on the assignee and his heirs and successors.
20. PARTIES: This contract shall be binding upon and shall inure to the benefit of the parties, i.e., Buyer and Seller
and their heirs, successors and assigns. As used herein, words in the singular include the plural and the masculine
includes the feminine and neuter genders, as appropriate.
21. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed, kept or
performed after the Closing, it shall survive the Closing and remain binding upon and for the benefit of the parties
hereto until fully observed, kept or performed.
22. ENTIRE AGREEMENT: This contract contains the entire agreement of the parties and there are no
representations, inducements or other provisions other than those expressed herein. All changes, additions or
deletions hereto must be in writing and signed by all parties. Nothing contained herein shall alter any agreement
between a REALTOR® or broker and Seller or Buyer as contained in any listing agreement, buyer agency
agreement, or any other agency agreement between them.
23. NOTICE AND EXECUTION: Any notice or communication to be given to a party herein may be given to the
party or to such party’s agent. This offer shall become a binding contract (the “Effective Date”) when signed by both
Buyer and Seller and such signing is communicated to the offering party. This contract is executed under seal in
signed multiple originals, all of which together constitute one and the same instrument, with a signed original being
retained by each party and each REALTOR® or broker hereto, and the parties adopt the word “SEAL” beside their
signatures below.
Buyer acknowledges having made an on-site personal examination of the Property prior to the making of this
offer.
THE NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. AND THE NORTH CAROLINA BAR
ASSOCIATION MAKE NO REPRESENTATION AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY
PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION. IF YOU DO NOT UNDERSTAND THIS
FORM OR FEEL THAT IT DOES NOT PROVIDE FOR YOUR LEGAL NEEDS, YOU SHOULD CONSULT A
NORTH CAROLINA REAL ESTATE ATTORNEY BEFORE YOU SIGN IT.
Date: __________________________________
Date: ________________________________
Buyer _________________________________ (SEAL)
Seller _______________________________ (SEAL)
Date: __________________________________
Date: ________________________________
Buyer _________________________________ (SEAL)
Seller _______________________________ (SEAL)
Escrow Agent acknowledges receipt of the earnest money and agrees to hold and disburse the same in
Accordance with the terms hereof.
Date: ___________________________________
Firm: _____________________________________________
By: _______________________________________________
(Signature)
Selling Agent/Firm/Phone________________________________________________________________________
Acting as
Buyer’s Agent
Seller’s (sub)Agent
Dual Agent
Listing Agent/Firm/Phone________________________________________________________________________
Acting as
Seller’s (sub)Agent
Dual Agent
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STANDARD FORM 2-T
Buyer Initials ____ ____ Seller Initials ____ ____
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