Standard 2 T PDF Template

The Standard 2 T form is a legal document used in North Carolina for real estate transactions, specifically as an offer to purchase and contract for property. This form outlines the terms and conditions under which a buyer proposes to purchase a property from a seller, including details about the property, purchase price, and any contingencies. Understanding this form is crucial for both buyers and sellers to ensure a smooth transaction process.

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Article Guide

The Standard 2 T form serves as a critical document in real estate transactions in North Carolina, outlining the terms under which a buyer agrees to purchase a property from a seller. This form is structured to include essential details such as the identities of the buyer and seller, the legal description of the property, and the agreed purchase price. It highlights various components, including fixtures and personal property that are included in the sale, as well as conditions related to financing, inspections, and the closing process. The form also stipulates the earnest money deposit, which secures the buyer's commitment and can be forfeited or refunded based on specific conditions. Additionally, it addresses the responsibilities of both parties regarding title evidence, property conditions, and any special assessments that may affect the property. By requiring both parties to review and agree to these terms, the Standard 2 T form aims to create a clear and legally binding agreement that protects the interests of both the buyer and seller throughout the transaction.

Standard 2 T Preview

OFFER TO PURCHASE AND CONTRACT

(Consult Standard Form 2G for guidance in completing this form.)

Page 1 of 14

This form jointly approved by:

North Carolina Bar Association

NC REALTORS®

Buyer’s initials ______ ______Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

For valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Buyer offers to purchase and Seller

upon acceptance agrees to sell and convey the Property on the terms and conditions of this Offer to Purchase and Contract and any

addendum or modification made in accordance with its terms (together the “Contract”).

1. TERMS AND DEFINITIONS:

(a) “Seller”: ______________________________________________________________________________________________

(b) “Buyer”: ______________________________________________________________________________________________

City: Zip: County: , NC

Lot/Unit ______, Block/Section _______, Subdivision/Condominium ___________________________________

Plat Book/Slide ___________ at Page(s) ____________ PIN/PID: ______________________________________

Other description: ____________________________________________________________________________

Some or all of the Property may be described in Deed Book __________________ at Page __________________

The Property  will  will not include a manufactured (mobile) home(s).

The Property  will  will not include an off-site and/or separate septic lot, boat slip, garage, parking space, or

storage unit.

 Additional Parcels. If additional parcels are the subject of this Contract, any such parcels are described in an

attached exhibit to this Contract, and the term “Property” as used herein shall be deemed to refer to all such parcels.

Government authority over taxes, zoning, school districts, utilities, and mail delivery may differ from address. The

Property shall include all the above real estate and all appurtenances thereto including the improvements located

thereon and the fixtures and personal property in Paragraphs 2 and 3 below. If a manufactured home(s) or a separate

septic lot, boat slip, garage, parking space, or storage unit is included, Buyer and Seller are strongly encouraged to

include further details in the Additional Provisions Addendum (Form 2A11-T) and attach it to this offer.

(d) “Purchase Price”:

$ ____________________________ paid in U.S. Dollars upon the following terms:

$ ____________________________ BY DUE DILIGENCE FEE made payable and delivered to Seller on the Effective

Date by  cash  personal check  official bank check  wire transfer

 electronic transfer (specify payment service: _____________________________)

$ ____________________________ BY INITIAL EARNEST MONEY DEPOSIT made payable and delivered to Escrow

Agent within five days of the Effective Date by  cash  personal check  official

bank check  wire transfer  electronic transfer.

$ ____________________________ BY (ADDITIONAL) EARNEST MONEY DEPOSIT made payable and delivered to

Escrow Agent no later than 5 p.m. on __________________, TIME IS OF THE

ESSENCE by  cash  official bank check wire transfer  electronic transfer

$ ____________________________ BYASSUMPTION of the unpaid principal balance and all obligations of Seller on the

existing loan(s). See Loan Assumption Addendum (Form 2A6-T).

$ ____________________________ BY SELLER FINANCING. See Seller Financing Addendum (Form 2A5-T).

$ ____________________________ BY BUILDING DEPOSIT. See New Construction Addendum (Form 2A3-T).

$ ____________________________ BALANCE of the Purchase Price in cash at Settlement (some or all of which may be

paid with the proceeds of a new loan)

(e) “Seller Concessions”: Seller shall pay at Settlement $________________________ or __________% of the Purchase Price toward

any of Buyer’s expenses associated with the purchase of the Property, at the discretion of Buyer and/or lender, including FHA/VA lender

and inspection costs that Buyer is not permitted to pay, if any.

(f) “Due Diligence Period”: (Check only one)  The period beginning on the Effective Date and extending through 5:00 p.m. on (insert

date only; not “N/A”) ________________; OR  The period extending for (insert a number only; not “N/A”) __________ days after

the Effective Date and ending at 5:00 p.m. on the last day of the period. TIME IS OF THE ESSENCE.

(g) “Settlement Date”: The parties agree that Settlement will take place on ______________________________ unless otherwise

agreed in writing, at a time and place designated by Buyer.

Page 2 of 14

Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

(h) “Earnest Money Deposit”: The Initial Earnest Money Deposit, the Additional Earnest Money Deposit and any other earnest monies

paid or required to be paid in connection with this transaction, collectively the “Earnest Money Deposit,” shall be deposited promptly

and held in escrow by Escrow Agent. The Earnest Money Deposit will be credited to Buyer at Closing or disbursed as required by this

Contract. In the event of a dispute between Seller and Buyer over the disposition of the Earnest Money Deposit held in escrow, Escrow

Agent may remit the Earnest Money Deposit to the clerk of court or otherwise disburse it according to North Carolina Law if the Buyer

and Seller cannot resolve the dispute by consent.

(i) “Escrow Agent”: (insert name) _________________________________________________________. Buyer and Seller consent to

disclosure by the Escrow Agent of any material facts pertaining to the Earnest Money Deposit to the parties to this transaction, their real

estate agent(s) and Buyer’s lender(s). THE PARTIES AGREE THAT A REAL ESTATE BROKERAGE FIRM ACTING AS ESCROW

AGENT MAY PLACE THE EARNEST MONEY DEPOSIT IN AN INTEREST-BEARING TRUST ACCOUNT AND THAT ANY

INTEREST EARNED THEREON SHALL BE DISBURSED TO THE ESCROW AGENT MONTHLY IN CONSIDERATION OF

THE EXPENSES INCURRED BY MAINTAINING SUCH ACCOUNT AND RECORDS ASSOCIATED THEREWITH.

(j) “Effective Date”: The date that: (1) the last one of Buyer and Seller has signed or initialed this offer or the final counteroffer, if any,

and (2) such signing or initialing is communicated to the party making the offer or counteroffer, as the case may be. The parties

acknowledge and agree that the initials lines at the bottom of each page of this Contract are merely evidence of their having reviewed

the terms of each page, and that the complete execution of such initial lines shall not be a condition of the effectiveness of this Agreement.

The parties further acknowledge that the effectiveness of this Contract is not contingent on Buyer’s payment of any Earnest Money

Deposit or Due Diligence Fee. See paragraph 6(a) for Seller’s remedy for any untimely delivered or dishonored funds.

(k) “Due Diligence”: Buyer’s opportunity to investigate the Property and the transaction contemplated by this Contract, including but

not necessarily limited to the matters described in Paragraph 4 below, to decide whether Buyer, in Buyer’s sole discretion, will proceed

with or terminate the transaction.

(l) “Due Diligence Fee”: A negotiated amount, if any, paid by Buyer to Seller with this Contract for Buyer’s right to terminate the

Contract for any reason or no reason during the Due Diligence Period. It shall be the property of Seller upon the Effective Date and shall

be a credit to Buyer at Closing. The Due Diligence Fee shall be non-refundable except in the event of a material breach of this Contract

by Seller, or if this Contract is terminated under Paragraph 23(b) or as otherwise provided in any addendum hereto. Buyer and Seller

each expressly waive any right that they may have to deny the right to conduct Due Diligence or to assert any defense as to the

enforceability of this Contract based on the absence or alleged insufficiency of any Due Diligence Fee, it being the intent of the parties

to create a legally binding contract for the purchase and sale of the Property without regard to the existence or amount of any Due

Diligence Fee. Seller, or Seller’s agent, may direct Buyer in writing to make the Due Diligence Fee payable to a party other than “Seller”

as that term is defined herein, and Seller agrees to be bound by such written direction. See paragraph 23 for a party’s right to attorneys’

fees incurred in collecting the Due Diligence Fee.

(m) “Settlement”: The proper execution and delivery to the closing attorney of all documents necessary to complete the transaction

contemplated by this Contract, including the deed, settlement statement, deed of trust and other loan or conveyance documents, and the

closing attorney’s receipt of all funds necessary to complete such transaction.

(n) “Closing”: The completion of the legal process which results in the transfer of title to the Property from Seller to Buyer, which

includes the following steps: (1) the Settlement (defined above); (2) the completion of a satisfactory title update to the Property following

the Settlement; (3) the closing attorney’s receipt of authorization to disburse all necessary funds; and (4) recordation in the appropriate

county registry of the deed(s) and deed(s) of trust, if any, which shall take place as soon as reasonably possible for the closing attorney

after Settlement. Upon Closing, the proceeds of sale shall be disbursed by the closing attorney in accordance with the settlement

statement and the provisions of Chapter 45A of the North Carolina General Statutes. If the title update should reveal unexpected liens,

encumbrances or other title defects, or if the closing attorney is not authorized to disburse all necessary funds, then the Closing shall be

suspended and the Settlement deemed delayed under paragraph 12 (Delay in Settlement/Closing).

Attorney Closings in North Carolina: The North Carolina State Bar has determined that the performance of most acts and services

required for a closing constitutes the practice of law and must be conducted only by an attorney licensed to practice law in North

Carolina. State law prohibits unlicensed individuals or firms from rendering legal services or advice. Although non-attorney settlement

agents may perform limited services in connection with a closing, they may not perform all the acts and services required to complete a

closing. Accordingly, it is the position of the North Carolina Bar Association and NC REALTORS® that all buyers should hire an

attorney licensed in North Carolina to perform a closing.

(o) “Special Assessments”: A charge against the Property by a governmental authority in addition to ad valorem taxes and recurring

governmental service fees levied with such taxes, or by an owners’ association in addition to any regular assessment (dues), either of

which may be a lien against the Property. Buyer’s and Seller’s respective responsibilities for the payment of Special Assessments are

addressed in paragraphs 6(b) and 8(k).

Page 3 of 14

Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

2. FIXTURES AND EXCLUSIONS: The parties should not assume that an item will or will not be included in the sale based on a

statement or advertisement outside this Contract. See paragraph 19 for details. Buyer and Seller should ensure this paragraph accurately

reflects the entire agreement of Buyer and Seller.

(a) Fixtures Are Included in Purchase Price: ALL EXISTING FIXTURES ARE INCLUDED IN THE SALE AS PART OF THE

PURCHASE PRICE, FREE OF LIENS, UNLESS EXCLUDED IN SUBPARAGRAPHS (d) OR (e).

(b) Specified Items: Buyer and Seller agree that the following items, if present on the Property on the date of the offer, shall be included

in the sale as part of the Purchase Price free of liens, unless excluded in subparagraphs (d) or (e) below. ALL ITEMS LISTED BELOW

INCLUDE BOTH TRADITIONAL AND “SMART” VERSIONS AND ANY EXCLUSIVELY DEDICATED, RELATED

EQUIPMENT AND/OR REMOTE CONTROL DEVICES.

 Alarm and security systems (attached) for security, fire,

smoke, carbon monoxide or other toxins with all related

access codes, sensors, cameras, dedicated monitors, hard

drives, video recorders, power supplies and cables;

doorbells/chimes

 All stoves/ranges/ovens; built-in appliances; attached

microwave oven; vent hood

 Antennas; satellite dishes and receivers

 Basketball goals and play equipment (permanently attached

or in-ground)

 Ceiling and wall-attached fans; light fixtures (including

existing bulbs)

 Exercise equipment/devices that are attached

 Fireplace insert; gas logs or starters; attached fireplace

screens; wood or coal stoves

 Floor coverings (attached)

 Garage door openers

 Generators that are permanently wired

 Thermostats

 Storage shed; utility building

 Solar electric and solar water heating systems

 Electric vehicle chargers

 Invisible fencing with power supply

 Landscape and outdoor trees and plants (except in moveable

containers); raised garden; landscape and foundation

lighting; outdoor sound systems; permanent irrigation

systems; rain barrels; landscape water features; address

markers

 Mailboxes; mounted package and newspaper receptacles

 Mirrors attached to walls, ceilings, cabinets or doors; all

bathroom wall mirrors

 Swimming pools; spas; hot tubs (excluding inflatable

pools, spas, and hot tubs)

 Sump-pumps, radon fans and crawlspace ventilators; de-

humidifiers that are permanently wired

 Surface-mounting brackets for television and speakers;

recess-mounted speakers; mounted intercom system

 Window/Door blinds and shades; curtain/drapery rods and

brackets; door and window screens and combination doors;

awnings and storm windows

 Water supply equipment, including filters, conditioning and

softener systems; re-circulating pumps; well pumps and

tanks

(c) Unpairing/deleting data from devices: Prior to Closing, Seller shall “unpair” any devices that will convey from any personal

property devices (hubs, intelligent virtual assistants, mobile devices, vehicles, etc.) with which they are paired, delete personal data from

any devices that will convey, and restore all devices to factory default settings unless otherwise agreed. Seller’s obligations under this

paragraph 2(c) shall survive Closing.

(d) Items Leased or Not Owned: Any item which is leased or not owned by Seller, such as antennas, satellite dishes and receivers,

appliances, and alarm and security systems must be identified here and shall not convey:

____________________________________________________________________________________________________________

In addition, any leased fuel tank identified in paragraph 7(d) shall not convey. Any items leased or not owned by Seller that Seller wishes

to convey under certain conditions – for example, if Seller wishes for Buyer to assume a fixture loan before conveying an item – should

be addressed in an attorney-drafted addendum after consulting with the lender, if any.

(e) Other Items That Do Not Convey: The following items shall not convey (identify those items to be excluded under subparagraphs

(a) and (b)): _________________________________________________________________________________________________

____________________________________________________________________________________________________________

Seller must repair any damage caused by removal of any items excluded above in a good and workmanlike manner. Seller will notify

Buyer upon completion of such repair(s) and provide Buyer with documentation thereof, if any. Buyer is advised to consider attaching

the Additional Provisions Addendum (Form 2A11-T) if Buyer has a specific request as to how the repairs should be completed.

Page 4 of 14

Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

3. PERSONAL PROPERTY: The following personal property present on the Property on the date of the offer shall be transferred to

Buyer at closing at no value. Any personal property that is part of the sale should be identified in this paragraph. Buyer is advised to

consult with Buyer’s lender to assure that the Personal Property items listed here can be included:

4. BUYER’S DUE DILIGENCE PROCESS: BUYER IS STRONGLY ENCOURAGED TO CONDUCT DUE DILIGENCE

DURING THE DUE DILIGENCE PERIOD. If Buyer is not satisfied with the results or progress of Buyer’s Due Diligence, Buyer

should terminate this Contract prior to the expiration of the Due Diligence Period, unless Buyer can obtain a written extension from

Seller. Seller is not obligated to grant an extension. If Buyer terminates outside the Due Diligence Period, Buyer may lose their Earnest

Money Deposit. Buyer may continue to investigate the Property following the expiration of the Due Diligence Period as allowed under

paragraphs 4 and 8(c) herein.

(a) Loan: Buyer, at Buyer’s expense, shall be entitled to pursue qualification for and approval of the Loan if any. There is no loan or

appraisal contingency in this Contract. Therefore, Buyer is advised to consult with Buyer’s lender prior to signing this offer to assure

that the Due Diligence Period allows sufficient time for the loan process and for Buyer’s lender to provide Buyer sufficient information

to decide whether to proceed with or terminate the transaction.

(b) Property Investigation: Buyer or Buyer’s agents or representatives, 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, including but NOT limited

to the following:

(i) Inspections: Inspections to determine the condition of any improvements on the Property, the presence of unusual drainage

conditions or evidence of excessive moisture adversely affecting any improvements on the Property, the presence of asbestos

or existing environmental contamination, evidence of wood-destroying insects or damage therefrom, and the presence and level

of radon gas on the Property.

(ii) Review of Documents: Review of the Declaration of Restrictive Covenants, Bylaws, Articles of Incorporation, Rules and

Regulations, and other governing documents of any applicable owners’ association and/or subdivision. If the Property is subject

to regulation by an owners’ association, it is recommended that Buyer review the completed Residential Property and Owners'

Association Disclosure Statement provided by Seller prior to signing this offer. It is also recommended that the Buyer determine

if the owners’ association or its management company charges fees for providing information required by Buyer’s lender or

confirming restrictive covenant compliance.

(iii) Insurance: Investigation of the availability and cost of insurance for the Property.

(iv) Appraisals: An appraisal of the Property.

(v) Survey: A survey to determine whether the property is suitable for Buyer’s intended use and the location of easements,

setbacks, property boundaries and other issues which may or may not constitute title defects.

(vi) Zoning, Governmental Regulation, and Governmental Compliance: Investigation of current or proposed zoning or other

governmental regulation that may affect Buyer’s intended use of the Property, adjacent land uses, planned or proposed road

construction, and school attendance zones; and investigation of whether the Property is in violation of any law, ordinance,

permit, or government regulation as outlined in paragraph 8(h).

(vii) Flood/Wetland/Water Hazard: Investigation of potential flood hazards, wetlands, or other water or riparian issues on the

Property; and/or any requirement to purchase flood insurance in order to obtain a loan.

(viii) Utilities and Access: Availability, quality, and obligations for maintenance of utilities including water, sewer, electric, gas,

communication services, stormwater management, and means of access to the Property and amenities.

(ix) Streets/Roads: Investigation of the status of the street/road upon which the Property fronts as well as any other street/road

used to access the Property, including: (1) whether any street(s)/road(s) are public or private, (2) whether any street(s)/road(s)

designated as public are accepted for maintenance by the State of NC or any municipality, or (3) if private or not accepted for

public maintenance, the consequences and responsibility for maintenance and the existence, terms and funding of any

maintenance agreements.

(x) Special Assessments: Investigation of the existence of Special Assessments that may be under consideration by a governmental

authority or an owners’ association.

(c) Sale/Lease of Existing Property: As noted in paragraph 5(b), unless otherwise provided in an addendum, this Contract is not

conditioned upon the sale/lease or closing of other property owned by Buyer. Therefore, if Buyer must sell or lease other real property

in order to qualify for a new loan or to otherwise complete the purchase of the Property, Buyer should seek to close on Buyer’s other

property prior to the end of the Due Diligence Period or be reasonably satisfied that closing on Buyer's other property will take place

prior to the Settlement Date of this Contract.

Page 5 of 14

Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

(d) Repair/Improvement Negotiations/Agreement: Buyer acknowledges and understands the following: (i) Unless the parties agree

otherwise, THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION; (ii) Seller may, but is not required to, engage in

negotiations for repairs/improvements to the Property. Buyer is strongly advised to make any repair/improvement requests in sufficient

time to allow negotiations to be concluded prior to the expiration of the Due Diligence Period. Any agreement that the parties may reach

with respect to repairs/improvements is an addition to this Contract that must be in writing and signed by the parties in accordance with

Paragraph 19.

(e) Buyer’s Obligation to Repair Damage: Buyer shall, at Buyer’s expense, promptly repair any damage to the Property resulting from

any activities of Buyer and Buyer’s agents and contractors, but Buyer shall not be responsible for any damage caused by accepted

practices either approved by the N.C. Home Inspector Licensure Board or applicable to any other N.C. licensed professional performing

reasonable appraisals, tests, surveys, examinations, and inspections of the Property. This repair obligation shall survive any termination

of this Contract.

(f) Indemnity: Buyer will indemnify and hold Seller harmless from all loss, damage, claims, suits or costs, which shall arise out of any

contract, agreement, or injury to any person or property as a result of any activities of Buyer and Buyer’s agents and contractors relating

to the Property except for any loss, damage, claim, suit or cost arising out of pre-existing conditions of the Property and/or out of Seller’s

negligence or willful acts or omissions. This indemnity shall survive this Contract and any termination hereof.

(g) Buyer’s Right to Terminate: Provided that Buyer has delivered any agreed-upon Due Diligence Fee, Buyer shall have the right to

terminate this Contract for any reason or no reason; by delivering to Seller written notice of termination (the “Termination Notice”)

during the Due Diligence Period (or any agreed-upon written extension of the Due Diligence Period), TIME IS OF THE ESSENCE.

If Buyer timely delivers the Termination Notice, this Contract shall be terminated and the Earnest Money Deposit shall be refunded to

Buyer.

(h) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTING CONDITION

UNLESS PROVISION IS OTHERWISE MADE IN WRITING.

5. BUYER REPRESENTATIONS:

(a) Funds to complete purchase: Buyer’s obligations under this Contract are not conditioned on obtaining any loan(s) or other funds

from sources other than Buyer’s own assets. Some loans and programs providing funds to Buyer may impose repair obligations or

additional conditions or costs upon Seller or Buyer, and more information may be needed. Material changes to funding the purchase of

the Property that affect the terms of the contract are material facts that must be disclosed.

 Cash. Buyer intends to pay cash in order to purchase the Property and does not intend to obtain a loan or funds from sources other

than Buyer’s own assets. If Buyer does not intend to obtain a new loan(s) and/or funds from sources other than Buyer’s own assets,

Seller is advised, prior to signing this offer, to obtain documentation from Buyer which demonstrates that Buyer will be able to close

on the Property without the necessity of obtaining a loan or funds from sources other than Buyer’s own assets. Verification of cash

available for Settlement  is  is not attached.

OR:

 Loan(s)/Other Funds. Buyer intends to obtain a loan(s) and/or other funds to purchase the Property from the following sources.

Material changes to the following are material facts that must be disclosed. The parties should note that some loans may have repair

obligations or other costs on Seller or Buyer.

Check all applicable sources:

 First Mortgage Loan: Buyer intends to obtain a first mortgage loan of the following:  FHA  VA (attach FHA/VA

Financing Addendum)  Conventional  USDA  Other type: ________________________________________________

____________________________________________________________________________________________________

in the principal amount of _______________________ plus any financed VA Funding Fee or FHA MIP.

 Second Mortgage Loan: Buyer intends to obtain a second mortgage loan as follows:

 Other funds: Buyer intends to obtain funds from the following other source(s) in order to purchase the Property: _______

____________________________________________________________________________________________________

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Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

(b) Other Property: This subparagraph is only a disclosure by Buyer and does not make this contract contingent on the sale of Buyer’s

other property. If Buyer and Seller wish to make this Contract contingent on the sale of Buyer’s other property, then the parties should

attach an attorney-drafted, custom addendum.

Buyer  DOES  DOES NOT have to sell or lease other real property in order to qualify for a new loan or to complete the purchase.

(Complete the following only if Buyer DOES have to sell or lease other real property:)

Other Property Address: __________________________________________________________________________________

 (Check if applicable) Buyer's other property IS under contract as of the date of this offer, and a copy of the contract has either been

previously provided to Seller or accompanies this offer. (Buyer may mark out any confidential information, such as the purchase price

and the buyer’s identity, prior to providing a copy of the contract to Seller.) Failure to provide a copy of the contract shall not prevent

this offer from becoming a binding contract; however, SELLER IS STRONGLY ENCOURAGED TO OBTAIN AND REVIEW THE

CONTRACT ON BUYER’S PROPERTY PRIOR TO ACCEPTING THIS OFFER.

 (Check if applicable) Buyer’s other property IS NOT under contract as of the date of this offer. Buyer’s property (check only

ONE of the following options):

 is listed with and actively marketed by a licensed real estate broker.

 will be listed with and actively marketed by a licensed real estate broker.

 Buyer is attempting to sell/lease the Buyer’s Property without the assistance of a licensed real estate broker.

(c) Performance of Buyer’s Financial Obligations: To the best of Buyer’s knowledge, there are no other circumstances or conditions

existing as of the date of this offer that would prohibit Buyer from performing Buyer’s financial obligations in accordance with this

Contract, except as may be specifically set forth herein.

(d) Residential Property and Owners’ Association Disclosure Statement (check only one):

 Buyer has received a signed copy of the N.C. Residential Property and Owners’ Association Disclosure Statement prior to making

this offer and acknowledges compliance with N.C.G.S. 47E-5 (Residential Property Disclosure Act).

 Buyer has NOT received a signed copy of the N.C. Residential Property and Owners’ Association Disclosure Statement prior to

making this offer and shall have the right to terminate or withdraw this Contract without penalty (including a refund of any Due

Diligence Fee) 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 Effective Date; or (3) Settlement

or occupancy by Buyer in the case of a sale or exchange.

 Exempt from N.C. Residential Property and Owners’ Association Disclosure Statement because (SEE

GUIDELINES):_________________________________________________________________________________________

______________________________________________________________________________________________________.

(e) Mineral and Oil and Gas Rights Mandatory Disclosure Statement (check only one):

 Buyer has received a signed copy of the N.C. Mineral and Oil and Gas Rights Mandatory Disclosure Statement prior to making

this offer and acknowledges compliance with N.C.G.S. 47E-5 (Residential Property Disclosure Act).

 Buyer has NOT received a signed copy of the N.C. Mineral and Oil and Gas Rights Mandatory Disclosure Statement prior to

making this offer and shall have the right to terminate or withdraw this Contract without penalty (including a refund of any Due

Diligence Fee) 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 Effective Date; or (3) Settlement

or occupancy by Buyer in the case of a sale or exchange.

 Exempt from N.C. Mineral and Oil and Gas Rights Mandatory Disclosure Statement because (SEE GUIDELINES): ________

________________________________________________________________________________________________________.

Buyer’s receipt of a Mineral and Oil and Gas Rights Mandatory Disclosure Statement does not modify or limit the obligations of

Seller under Paragraph 8(g) of this Contract and shall not constitute the assumption or approval by Buyer of any severance of mineral

and/or oil and gas rights, except as may be assumed or specifically approved by Buyer in writing. The parties are advised to consult

with a NC attorney prior to signing this Contract if severance of mineral and/or oil and gas rights has occurred.

6. BUYER OBLIGATIONS:

(a) Timely Payment of Earnest Money Deposit and Due Diligence Fee; Dishonored Funds:

(i) Buyer must timely pay the Earnest Money Deposit and Due Diligence Fee. Should Buyer fail to deliver either the Due Diligence

Fee or any Initial Earnest Money Deposit by their due dates, or should any check or other funds paid by Buyer be dishonored,

for any reason, by the institution upon which the payment is drawn, Buyer shall have one banking day after written notice to

deliver cash, official bank check, wire transfer, or electronic transfer to the payee. Form 355 may be used to demand funds

from Buyer.

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Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

Revised 7/2025

(ii) In the event Buyer does not timely deliver the required funds, Seller shall have the right to terminate this Contract upon written

notice to Buyer, and Seller shall be entitled to recover the Due Diligence Fee together with all Earnest Money Deposit paid or

to be paid in the future. In addition, Seller may seek any remedies allowed for dishonored funds. See paragraph 23 for a party’s

right to attorneys’ fees incurred in collecting the Earnest Money Deposit or Due Diligence Fee.

(iii) If the parties agree that Buyer will pay any fee or deposit described above by electronic or wire transfer, Seller agrees to

cooperate in effecting such transfer, including the establishment of any necessary account and providing any necessary

information to Buyer. Buyer shall be responsible for additional costs, if any, associated with such transfer.

(b) Responsibility for Special Assessments: Buyer shall take title subject to all Special Assessments that may be approved following

Settlement.

(c) Responsibility for Certain Costs: Buyer shall be responsible for all costs with respect to: (i) any loan obtained by Buyer; (ii) charges

by an owners’ association or a management company/vendor as agent of the association under paragraph 9(b) of this Contract; (iii)

appraisal; (iv) title search; (v) title insurance; (vi) any fees charged by the closing attorney for the preparation of the Closing Disclosure,

Seller Disclosure and any other settlement statement; (vii) recording the deed; and (viii) preparation and recording of all instruments

required to secure the balance of the Purchase Price unpaid at Settlement.

(d) Authorization to Disclose Information: Buyer authorizes the Buyer’s lender(s), the parties’ real estate agent(s) and closing attorney:

(i) to provide this Contract to any appraiser employed by Buyer or by Buyer’s lender(s); and (ii) to release and disclose any buyer’s

closing disclosure, settlement statement and/or disbursement summary, or any information therein, to the parties to this transaction, their

real estate agent(s) and Buyer’s lender(s).

7. SELLER REPRESENTATIONS:

(a) Ownership: Seller  has owned the Property for at least one year;  has owned the Property for less than one year; or  does not

yet own the Property.

(b) Lead-Based Paint (check if applicable):  The Property is residential and was built prior to 1978 (Attach Lead-Based Paint or

Lead-Based Paint Hazards Disclosure Addendum, Form 2A9-T). IF A LEAD-BASED PAINT DISCLOSURE IS REQUIRED BUT

NOT GIVEN TO BUYER PRIOR TO SELLER’S ACCEPTANCE OF THIS OFFER, BUYER MAY NOT BE OBLIGATED TO

PURCHASE THE PROPERTY UNDER THIS CONTRACT UNDER FEDERAL LAW.

(c) Owners’ Association(s) and Dues: Seller authorizes and directs any owners’ association, any management company of the owners’

association, any insurance company and any attorney who has previously represented the Seller to release to Buyer, Buyer’s agents,

representative, closing attorney and/or lender true and accurate copies of the following items affecting the Property, including any

amendments: Seller’s statement of account; master insurance policy showing the coverage provided and the deductible amount;

Declaration and Restrictive Covenants; Rules and Regulations; Articles of Incorporation; Bylaws of the owners’ association; current

financial statement and budget of the owners’ association; parking restrictions and information; and architectural guidelines.

 Name of Association 1: _________________________________________________________________________whose regular

assessments (“dues”) are $_______________ per______________. The name, address and telephone number of the president of the

owners’ association or the association manager is: ______________________________________________________.

Owners’ association website address, if any: ________________________________________________________________

 Name of Association 2: _________________________________________________________________________whose regular

assessments (“dues”) are $_______________ per______________. The name, address and telephone number of the president of the

owners’ association or the association manager is: ______________________________________________________.

Owners’ association website address, if any: ________________________________________________________________

(d) Fuel Tank(s)/Fuel: To the best of Seller’s knowledge, there  is  is not a fuel tank(s) located on the Property. If “yes” complete

the following.

(i) Description:

 Tank 1:  currently in use  currently NOT in use

 Ownership:  owned  leased. If leased, name and contact information of tank lessor: _________________

____________________________________________________________________________________________

 Location:  above ground  below ground

 Type of fuel:  oil  propane  gasoline and/or diesel  other: ______________________________________

 Name and contact information of fuel vendor: _____________________________________________________

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 Tank 2:  currently in use  currently NOT in use

 Ownership:  owned  leased. If leased, name and contact information of tank lessor: _________________

____________________________________________________________________________________________

 Location:  above ground  below ground

 Type of fuel:  oil  propane  gasoline and/or diesel  other: ______________________________________

 Name and contact information of fuel vendor: _____________________________________________________

(ii) Tank(s) included in sale: Buyer and Seller agree that any tank described above that is owned by Seller shall be included in

the sale as part of the Purchase Price free of liens, unless excluded in paragraph 2(d) or 2(e) above.

(iii) Fuel: Seller may use fuel in the tank(s) described above through Settlement, but may not otherwise remove the fuel or resell it.

Any fuel remaining in the tank(s) as of Settlement shall be included in the sale as part of the Purchase Price, free of liens.

Seller’s use of fuel in any fuel tank is subject to Seller’s obligation under Paragraph 8(c) to provide working, existing utilities

through the earlier of Closing or possession by Buyer.

(iv) Inspections; Supplier Consent: Buyer shall be entitled to conduct inspections to confirm the existence, type and ownership

of any fuel tank located on the Property. Buyer is advised to consult with the owner of any leased fuel tank regarding the terms

under which Buyer may lease the tank and obtain fuel. State law provides that it is unlawful for any person, other than the

supplier or the owner of a fuel supply tank, to disconnect, interrupt or fill the supply tank with liquefied petroleum gas (LP gas

or propane) without the consent of the supplier.

(e) Leases. The Property  is  is not subject to any lease(s). If the Property is subject to a lease, Buyer and Seller should include either

the Rental/Income/Investment Property provision in the Additional Provisions Addendum (Standard Form 2A11-T) or the Vacation

Rental Addendum (Form 2A13-T) with this offer.

8. SELLER OBLIGATIONS:

(a) Evidence of Title and Payoff Statement(s):

(i) Seller agrees to use best efforts to provide to the closing attorney as soon as reasonably possible after the Effective Date, 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, leases, and easements relating to the Property.

(ii) Seller shall provide to the closing attorney all information needed to obtain a written payoff statement from any lender(s)

regarding any security interest in the Property as soon as reasonably possible after the Effective Date, and Seller designates the

closing attorney as Seller’s agent with express authority to request and obtain on Seller’s behalf payoff statements and/or short-

pay statements from any such lender(s).

(iii) As soon as reasonably possible after the Effective Date, Seller shall provide to the closing attorney all information needed to

obtain a written statement of Seller’s account from any owners’ association or HOA management company associated with the

Property. Seller designates the closing attorney as Seller’s agent with express authority to request and obtain on Seller’s behalf

a written statement of Seller’s account as to the Property. Upon request from the closing attorney, Seller shall immediately pay

any fees charged by the owners’ association or HOA management company for such written statement.

(b) Authorization to Disclose Information: Seller authorizes: (i) 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; (ii) the Property’s

title insurer or its agent to release and disclose all materials 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 and (iii) the closing attorney to release and disclose any seller’s closing disclosure,

settlement statement and/or disbursement summary, or any information therein, to the parties to this transaction, their real estate agent(s)

and Buyer’s lender(s).

(c) Access to Property: Seller shall provide reasonable access to the Property through the earlier of Closing or possession by Buyer,

including, but not limited to, allowing Buyer and/or Buyer’s agents or representatives, an opportunity to: (i) conduct any Due Diligence,

investigations, or inspections; (ii) verify the satisfactory completion of negotiated repairs/improvements; and (iii) conduct a final walk-

through inspection of the Property. Seller’s obligation includes providing existing utilities operating at Seller’s cost, including any

connections and de-winterizing.

(d) Removal of Seller’s Property: Seller shall remove, by the date possession is made available to Buyer, all personal property which

is not a part of the purchase and all garbage and debris from the Property.

(e) Settlement Deliverables: If requested by the closing attorney, Seller shall furnish, prior to or at Settlement, the following items in a

form satisfactory to Buyer and Buyer’s title insurer, if any:

(i) Affidavit and indemnification agreements or other documents that: (1) cover any potential materialman’s lien under N.C.G.S.

§ 44A-8 for labor, services, materials, or rental equipment used on the Property within 120 days of Settlement; (2) address the

closing attorney’s difficulty in accessing electronic records with the register of deeds and the clerk of court; and (3) allow Buyer

to obtain a title insurance policy, subject to the exceptions in paragraph 8(g) below.

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(ii) If Seller is not a foreign person as defined by the Foreign Investment in Real Property Tax Act, Seller will also provide to the

closing attorney a non-foreign status certification (pursuant to the Foreign Investment in Real Property Tax Act). If Seller does

not provide this certification, Seller acknowledges that there may be withholding as provided by the Internal Revenue Code.

(f) Designation of Lien Agent, Payment and Satisfaction of Liens: If required by N.C.G.S. §44A-11.1, Seller shall have designated

a Lien Agent, and Seller shall deliver to Buyer as soon as reasonably possible a copy of the appointment of Lien Agent. All deeds of

trust, deferred ad valorem taxes, liens and other charges against the Property, not assumed by Buyer, must be paid and satisfied by Seller

prior to or at Settlement such that cancellation may be promptly obtained following Closing. Seller shall remain obligated to obtain any

such cancellations following Closing.

(g) Good Title, Legal Access: Seller shall execute and deliver a GENERAL WARRANTY DEED for the Property in recordable form

no later than Settlement, which shall convey fee simple marketable and insurable title, without exception for mechanics’ liens, lis

pendens, monetary liens and judgments, and free of other encumbrances or defects that would materially affect the value of the Property,

including those which would be revealed by a current and accurate survey of the Property, except: (i) ad valorem taxes for the current

year; (ii) utility easements and unviolated covenants, conditions or restrictions; and (iii) such other liens, encumbrances or defects as

may be specifically approved by Buyer in writing. The Property must have legal access to a public right of way. Buyer’s failure to

conduct a survey or examine title of the Property, prior to the expiration of the Due Diligence Period does not relieve the Seller of their

obligation to deliver good title under this paragraph.

(h) Governmental Compliance: It is a condition of this Contract that the Property be conveyed free of any material violation of law,

ordinance, permit, or government regulation (including, but not limited to, those relating to building, stormwater, impervious surface,

environmental protection, and zoning), unless Seller has specifically disclosed such violation(s) prior to the Effective Date. If Buyer

establishes that a violation exists after the Effective Date and prior to Closing, then Buyer must promptly notify Seller and Seller may

cure the violation(s). Unless otherwise agreed, if Seller does not cure the violation(s) prior to Closing, then Buyer may choose to accept

the violation(s) and proceed to Settlement/Closing or terminate this Contract and receive a refund of the Earnest Money Deposit and the

Due Diligence Fee.

(i) Deed, Taxes and Fees: Seller shall pay for preparation of a deed and all other documents necessary to perform Seller’s obligations

under this Contract, and for state and county excise taxes, and any deferred, discounted or rollback taxes, and local conveyance fees

required by law. The deed is to be made to: (i) Buyer; (ii) a corporation, limited liability company, or other business entity of which

Buyer is the sole owner or shareholder; (iii) a trust for which Buyer is the beneficiary; (iv) any relative of Buyer; and/or (v) Other:

(Insert Name(s) Only) ______________________________________________________________________________________.

(j) Owners’ Association Fees/Charges: Seller shall pay any charges by an owners’ association or a management company/vendor as

agent of the association under paragraph 9(a) of this Contract.

(k) Payment of Special Assessments: Seller shall pay, in full at Settlement, all Special Assessments that are approved prior to

Settlement, whether payable in a lump sum or future installments, provided that the amount thereof can be reasonably determined or

estimated. The payment of such estimated amount shall be the final payment between the Parties.

(l) Late Listing Penalties: All property tax late listing penalties, if any, shall be paid by Seller.

(m) Negotiated Repairs/Improvements: Negotiated repairs/improvements shall be made in a good and workmanlike manner and Buyer

shall have the right to verify same prior to Settlement.

(n) Home Warranty: (Select one of the following):

 No home warranty is to be provided by Seller.

 Buyer may obtain a one-year home warranty at a cost not to exceed $____________ which includes sales tax and Seller

agrees to pay for it at Settlement.

 Seller has obtained and will provide a one-year home warranty from _________________________________________

at a cost of $ _________ which includes sales tax and will pay for it at Settlement.

9. CHARGES BY OWNERS’ ASSOCIATION: Responsibility for payment of charges by an owners’ association or a management

company/vendor as agent of the association shall be allocated between Buyer and Seller as follows:

(a) Seller shall pay:

(i) fee incurred by Seller in completing the Residential Property and Owners’ Association Disclosure Statement, and resale or

other certificates related to a proposed sale of the Property;

(ii) fees required for confirming Seller’s account payment information on owners’ association dues or assessments for payment or

proration, including any expedite fee permitted under N.C. Gen. Stat. § 47F-3-102 that is charged in connection with providing

such information;

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Buyer’s initials ______ ______ Seller’s initials ______ ______

STANDARD FORM 2-T

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(iii) any fees charged for transferring or updating ownership records of the association; and

(iv) any fees other than those fees specifically required to be paid by Buyer under paragraph 9(b) below.

(b) Buyer shall pay:

(i) charges for providing information required by Buyer’s lender;

(ii) charges for working capital contributions, membership fees, or charges imposed for Buyer’s use of the common elements

and/or services provided to Buyer in connection with Buyer taking possession of the Property, such as “move-in fees”; and

(iii) charges for determining restrictive covenant compliance.

10. PRORATIONS AND ADJUSTMENTS: Unless otherwise agreed, the following items shall be prorated, with Seller responsible

for the prorated amounts of any taxes and dues through the date of Settlement, and Seller entitled to the amount of prorated rents through

the date of Settlement, and either adjusted between the parties or paid at Settlement:

(a) Taxes on Real Property: Ad valorem taxes and recurring governmental service fees levied with such taxes on real property shall

be prorated on a calendar year basis;

(b) Taxes on Personal Property: Ad valorem taxes on personal property for the entire year shall be paid by Seller unless the personal

property is conveyed to Buyer, in which case, the personal property taxes shall be prorated on a calendar year basis;

(d) Dues: Owners’ association regular assessments (dues) and other like charges.

11. CONDITION OF PROPERTY/RISK OF LOSS:

(a) Condition of Property at Settlement: If the Property is not in substantially the same or better condition at Closing as on the date

of this offer, reasonable wear and tear excepted, Buyer may terminate this Contract by written notice delivered to Seller and the Due

Diligence Fee and Earnest Money Deposit shall be refunded to Buyer. If the Property is not in such condition and Buyer does NOT elect

to terminate this Contract, Buyer shall be entitled to receive, in addition to the Property, the proceeds of any insurance claim filed by

Seller on account of any damage or destruction to the Property.

(b) Risk of Loss: The risk of loss or damage by fire or other casualty prior to Closing shall be upon Seller. Seller is advised not to

cancel existing insurance on the Property until after confirming recordation of the deed.

12. DELAY IN SETTLEMENT/CLOSING: This paragraph shall apply if one party is ready, willing and able to complete Settlement

on the Settlement Date (“Non-Delaying Party”) but it is not possible for the other party to complete Settlement by the Settlement Date

(“Delaying Party”). In such event, the Delaying Party shall be entitled to a delay in Settlement and shall give as much notice as possible

to the Non-Delaying Party and closing attorney. If the Delaying Party fails to complete Settlement and Closing within seven (7) days of

the Settlement Date (including any amended Settlement Date agreed to in writing by the parties), then the Delaying Party shall be in

breach and the Non-Delaying Party may terminate this Contract and shall be entitled to enforce any remedies available to such party

under this Contract for the breach.

13. POSSESSION: Possession, including all means of access to the Property and transferable amenities and services (keys including

mailbox keys, codes including security codes, garage door openers, electronic devices, etc.), shall be delivered upon Closing as defined

in Paragraph 1(n) unless otherwise provided below:

 A Buyer Possession Before Closing Agreement is attached (Standard Form 2A7-T)

 A Seller Possession After Closing Agreement is attached (Standard Form 2A8-T)

 Possession is subject to rights of tenant(s) (Parties should attach either Additional Provisions Addendum (Form 2A11-T) or

Vacation Rental Addendum (Form 2A13-T))

14. ADDENDA: Buyer and Seller should note that real estate brokers cannot draft addenda to this Contract.

 Identify other attorney or party drafted addenda: __________________________________________________________________

____________________________________________________________________________________________________________

15. ASSIGNMENTS: This Contract may not be assigned without the written consent of all parties except in connection with a tax-

deferred exchange, but if assigned by agreement, then this Contract shall be binding on the assignee and assignee’s heirs and successors.

 Additional Provisions Addendum (Form 2A11-T)

 New Construction Addendum (Form 2A3-T)

 Additional Signatures Addendum (Form 3-T)

 Back-Up Contract Addendum (Form 2A1-T)

 Owners' Association Disclosure Addendum

(Form 2A12-T)

 FHA/VA Financing Addendum (Form 2A4-T)  Seller Financing Addendum (Form 2A5-T)

 Short Sale Addendum (Form 2A14-T)

 Lead-Based Paint Or Lead-Based Paint Hazard Addendum (Form 2A9-T)

 Loan Assumption Addendum (Form 2A6-T)  Vacation Rental Addendum (Form 2A13-T)

↓ Standard 2 T

File Properties

Fact Name	Details
Type of Document	This is an Offer to Purchase and Contract form used in real estate transactions.
Governing Law	The form is governed by the laws of North Carolina.
Property Description	The form requires a detailed description of the property, including the street address and legal description.
Fixtures Included	It lists various fixtures that are included in the purchase price, such as built-in appliances and light fixtures.
Earnest Money	Buyers must submit an earnest money deposit, which is held in escrow until closing.
Loan Conditions	Buyers must secure financing and provide proof of loan commitment by a specified date.
Inspection Rights	The buyer has the right to inspect the property and request repairs before closing.
Risk of Loss	The seller bears the risk of loss or damage to the property until closing.

Instructions on Utilizing Standard 2 T

Completing the Standard 2 T form requires careful attention to detail. This form outlines the terms of a real estate transaction between a buyer and a seller. After filling out the form, it will need to be signed by both parties to become a binding contract.

Begin by entering the name of the Buyer at the top of the form.
Next, provide the name of the Seller.
Fill in the Property Description section with the street address, zip code, and legal description of the property.
List any Fixtures included in the purchase price, and specify any exceptions.
Detail any Personal Property included in the sale.
Enter the Purchase Price and break it down into categories such as earnest money deposit and additional deposits.
Specify any Conditions that must be met for the contract to be valid.
Indicate if there are any Special Assessments that apply to the property.
Outline how Prorations and Adjustments will be handled at closing.
State who will be responsible for various Expenses related to the transaction.
Address any Fuel arrangements if applicable.
Note the Evidence of Title that will be provided by the seller.
Complete the Labor and Material section regarding any work done on the property.
Confirm receipt of the Property Disclosure Statement.
Choose one of the Property Inspection alternatives and complete the relevant details.
Provide details regarding Closing, including the date and location.
Specify the terms of Possession after closing.
List any additional Provisions and Conditions that apply to the contract.
Indicate the Risk of Loss terms.
Confirm Assignments and their conditions.
Ensure all parties are correctly identified under the Parties section.
Review the Survival clause for any ongoing obligations.
Sign and date the form where indicated to finalize the contract.

Important Facts about Standard 2 T

What is the Standard 2 T form?

The Standard 2 T form is a contract used in North Carolina for buying and selling real estate. It outlines the terms of the sale, including the property details, purchase price, and conditions that must be met for the sale to proceed. This form helps both buyers and sellers understand their rights and obligations during the transaction.

What information do I need to fill out on the form?

You will need to provide details about the buyer and seller, the property being sold, and the purchase price. Specific sections require you to describe the property, list any included fixtures and personal property, and outline payment terms, including earnest money deposits. Make sure to fill in all required fields accurately to avoid issues later on.

What happens to the earnest money deposit?

The earnest money deposit is a sum paid by the buyer to show their serious intent to purchase the property. This money is held in escrow until the sale is finalized. If the sale goes through, the deposit is applied to the purchase price. If the sale does not occur due to a breach by the seller, the buyer may get their deposit back. However, if the buyer backs out without a valid reason, the seller may keep the deposit.

Can I include personal property in the sale?

Yes, you can include personal property in the sale, such as appliances or furniture. The form has a section where you can list any personal items that will be included in the purchase price. Be clear about what is included to avoid confusion later.

What are the conditions for the sale?

The form outlines several conditions that must be met for the sale to proceed. These can include obtaining financing, ensuring the property is in good condition, and confirming there are no liens against the property. Each party must fulfill their obligations for the sale to close successfully.

What if I find issues during the property inspection?

If you find issues during the inspection, you can negotiate with the seller to have repairs made. If the seller refuses to make necessary repairs, you can choose to accept the property as is or terminate the contract. It's important to communicate any concerns promptly and follow the timelines outlined in the contract.

What happens at closing?

At closing, the final paperwork is signed, and the property officially changes hands. The buyer pays the remaining balance of the purchase price, and the seller provides the deed. All parties involved will review and sign necessary documents to complete the transaction. After closing, the buyer receives the keys and can take possession of the property.

Common mistakes

Filling out the Standard 2 T form can be a complex process. Many individuals make mistakes that can lead to complications in their real estate transactions. Understanding these common errors can help ensure a smoother experience.

One frequent mistake is failing to provide complete and accurate property information. Buyers often neglect to fill in the full street address or the legal description of the property. This can lead to confusion and potential disputes later on. It is essential to double-check that all property details are correct and comprehensive.

Another common error involves the earnest money deposit. Some buyers either forget to include this amount or do not specify the method of payment. Without a clear indication of how the earnest money will be provided, the contract may not be considered valid. Buyers should ensure that this section is filled out completely and accurately.

Omitting necessary conditions is also a mistake that can have serious consequences. Buyers must specify any conditions that must be met for the contract to be valid. Leaving these sections blank can result in misunderstandings and may give the seller grounds to terminate the agreement. It is crucial to state all necessary conditions clearly.

Additionally, buyers sometimes overlook the importance of including any special assessments or existing liens on the property. Failing to disclose these can lead to unexpected financial obligations after the purchase. Buyers should thoroughly research any assessments or liens before finalizing the form.

Another common mistake is not adhering to timelines. Buyers must be aware of the timeframes specified for obtaining financing or completing inspections. Missing these deadlines can jeopardize the entire transaction. Keeping track of these dates is vital for a successful closing.

Lastly, buyers often neglect to review the entire contract before signing. This oversight can lead to misunderstandings about the terms and conditions. It is advisable to read through the entire document carefully and, if necessary, consult with a legal professional to clarify any uncertainties.

By being aware of these common mistakes, buyers can take proactive steps to avoid them. Attention to detail and thorough preparation can significantly enhance the likelihood of a successful real estate transaction.

Documents used along the form

The Standard 2 T form is commonly used in real estate transactions in North Carolina. Along with this form, several other documents may be necessary to complete the purchase process. Here is a list of related forms and documents that are often utilized.

Residential Property Disclosure Statement: This document informs the buyer about the condition of the property. It outlines any known issues or defects that may affect the property's value or safety.
Loan Assumption Addendum: This addendum outlines the terms under which the buyer may assume the seller's existing mortgage. It details the obligations of both parties regarding the loan.
Seller Financing Addendum: This document specifies the terms of financing provided by the seller to the buyer. It includes details about interest rates, payment schedules, and any other relevant conditions.
Lead-Based Paint Disclosure Addendum: Required for homes built before 1978, this addendum informs buyers about the potential presence of lead-based paint. It includes guidelines for handling any related risks.
Buyer's Possession Before Closing Agreement: This agreement allows the buyer to take possession of the property before the official closing date. It outlines the terms and conditions of such early occupancy.

These documents work together with the Standard 2 T form to ensure a smooth transaction and protect the interests of both buyers and sellers. It is advisable for parties involved in a real estate transaction to review these documents carefully and consult with legal professionals when necessary.

Similar forms

Purchase Agreement: Similar to the Standard 2 T form, a Purchase Agreement outlines the terms of a real estate transaction, including the purchase price, property description, and conditions of sale. Both documents serve as legally binding contracts between buyer and seller.
Lease Agreement: Like the Standard 2 T form, a Lease Agreement specifies the terms under which one party agrees to rent property from another. It includes details such as payment terms, duration, and responsibilities of both parties.
Option to Purchase Agreement: This document provides a buyer the right to purchase a property at a predetermined price within a specified timeframe, similar to the option provisions in the Standard 2 T form that allow the buyer to terminate the contract under certain conditions.
Real Estate Disclosure Statement: This document requires sellers to disclose known issues with a property, paralleling the property disclosure section of the Standard 2 T form where sellers must inform buyers of any known defects.
Escrow Agreement: An Escrow Agreement outlines the handling of funds during a transaction, much like the Standard 2 T form's provisions for earnest money and escrow arrangements between the buyer and seller.
Title Insurance Policy: Both documents address the importance of clear title transfer. The Standard 2 T form requires the seller to provide clear title, similar to the assurances provided in a Title Insurance Policy.
Financing Addendum: This document details the terms of financing in a real estate transaction, akin to the financing conditions outlined in the Standard 2 T form that specify loan requirements and contingencies.

Dos and Don'ts

When filling out the Standard 2 T form, consider the following dos and don'ts:

Do ensure all information is accurate and complete to avoid delays.
Do review all terms and conditions carefully before signing.
Do consult a real estate attorney if you have questions or concerns.
Do provide earnest money as specified to secure your offer.
Do keep a copy of the completed form for your records.

Don't leave any sections blank; if a section does not apply, write "N/A."
Don't rush through the process; take your time to understand each requirement.
Don't ignore any contingencies that may affect your purchase.
Don't forget to include all necessary addenda or disclosures.
Don't sign without thoroughly reading the entire document.

Misconceptions

Misconception 1: The Standard 2 T form is only for residential properties.

This form can be used for various types of real estate transactions, not just residential properties. It is applicable to any property that meets the requirements outlined in the contract.

Misconception 2: Once signed, the contract cannot be changed.

While the contract is binding once signed, it can be amended if both parties agree to the changes in writing. Flexibility exists as long as both parties consent.

Misconception 3: The earnest money deposit is non-refundable.

Earnest money can be refunded under certain conditions, such as if the offer is not accepted or if specific contract conditions are not met. Buyers should be aware of these stipulations.

Misconception 4: The seller is responsible for all repairs before closing.

While the seller must disclose any known issues, the buyer often has the option to inspect the property and negotiate repairs. The seller may not be obligated to make all requested repairs.

Misconception 5: The closing date is flexible and can be changed at any time.

The closing date is typically set within the contract and is considered essential. Changes to this date require mutual agreement between the buyer and seller.

Misconception 6: Buyers are responsible for all closing costs.

Closing costs can be negotiated. The seller may agree to cover some costs, which should be clearly outlined in the contract to avoid misunderstandings.

Misconception 7: The property is automatically accepted in its current condition at closing.

Unless specified otherwise, the buyer has the right to conduct a final walk-through inspection before closing. Any issues discovered can lead to negotiations or contract termination.

Misconception 8: The Standard 2 T form guarantees a successful transaction.

While the form provides a structured framework for the transaction, it does not guarantee success. Various factors, including financing and inspections, can impact the outcome.

Key takeaways

Key Takeaways for Using the Standard 2 T Form

The form is a legal document that outlines the terms of a real estate transaction between a Buyer and a Seller.
Clearly identify the Property being purchased, including its legal description and address.
Understand the importance of earnest money; it secures the offer and can be forfeited under certain conditions.
Review any restrictive covenants that may limit property use before signing the contract.
All fixtures included in the sale should be listed clearly, along with any exceptions.
Buyers must be diligent in obtaining financing and meeting all loan conditions as specified in the form.
Seller must provide clear title to the property and disclose any existing liens or assessments.
Both parties should be aware of their responsibilities regarding closing costs and property condition prior to closing.