(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.
NOTE: Home warranties typically have limitations on and conditions to coverage. Refer specific questions to the home warranty company.
(o) Seller’s Breach of Contract : See paragraph 23 for Buyer’s remedies in the event of breach of this Contract.
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) fees incurred by Seller in completin g 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; (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;
(c) Rents : Rents, if any, for the Property;
(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.
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STANDARD FORM 2-T Revised 7/2022 © 7/2022
Buyer ’s initials ______ ______ Seller ’s initials ______ ______
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