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 (keys, codes including security codes, garage door openers, electronic devices, etc.), shall be delivered upon Closing as defined in Paragraph 1(m) 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)
NOTE: Consider attaching Additional Provisions Addendum (Form 2A11-T) or Vacation Rental Addendum (Form 2A13-T)
14. ADDENDA: CHECK ALL STANDARD ADDENDA THAT MAY BE A PART OF THIS CONTRACT, IF ANY, AND ATTACH HERETO. ITEMIZE ALL OTHER ADDENDA TO THIS CONTRACT, IF ANY, AND ATTACH HERETO.
Additional Provisions Addendum (Form 2A11-T) Additional Signatures Addendum (Form 3-T) Back-Up Contract Addendum (Form 2A1-T) FHA/VA Financing Addendum (Form 2A4-T)
New Construction Addendum (Form 2A3-T ) Owners' Association Disclosure Addendum (Form 2A12-T) Seller Financing Addendum (Form 2A5-T) Short Sale Addendum (Form 2A14-T) Vacation Rental Addendum (Form 2A13-T)
Lead-Based Paint Or Lead-Based Paint Hazard Addendum (Form 2A9-T) Loan Assumption Addendum (Form 2A6-T)
Identify other attorney or party drafted addenda: __________________________________________________________________ ____________________________________________________________________________________________________________
NOTE: UNDER NORTH CAROLINA LAW, REAL ESTATE BROKERS ARE NOT PERMITTED TO DRAFT ADDENDA TO THIS CONTRACT.
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.
16. TAX-DEFERRED EXCHANGE : In the event Buyer or Seller desires to effect a tax-deferred exchange in connection with the conveyance of the Property, Buyer and Seller agree to cooperate in effecting such exchange; provided, however, that the exchanging party shall be responsible for all additional costs associated with such exchange, and provided further, that a non-exchanging party shall not assume any additional liability with respect to such tax-deferred exchange. Buyer and Seller shall execute such additional documents, including assignment of this Contract in connection therewith, at no cost to the non-exchanging party, as shall be required to give effect to this provision. 17. PARTIES : This Contract shall be binding upon and shall inure to the benefit of Buyer and Seller and their respective 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. 18. 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. 19. 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. 20. CONDUCT OF TRANSACTION : The parties agree that any action between them relating to the transaction contemplated by this Contract may be conducted by electronic means, including the signing of this Contract by one or more of them and any notice or communication given in connection with this Contract. Any written notice or communication may be transmitted to any mailing address, e- mail address or fax number set forth in the “Notice Information” section below. Any notice or communicati on to be given to a party
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STANDARD FORM 2-T Revised 7/2022 © 7/2022
Buyer ’s initials ______ ______ Seller ’s initials ______ ______
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