HomeMy WebLinkAbout2006 NS Contract - Property Acquisition: Walnut Grove Church RoadOFFER TO PURCHASE AND CONTRACT -VACANT LOT/LAND 3
VOTE: ~I-his contract is intended for unimproved real property that Bu',erwill purchase onl~~ for personal uce ,utd ~ci!I not subdivide. It
should nrn he used to cell subdivided property that has not been platted. prirperl~~ approved and reci~rded '.~ ith the re~~i~ter of deeds as t~f
the date of the contract. If Seller is f3u~er's builder and the tale imol~r; the constru~tiun of a nei~ sin_Ie t;tmil~ :ic~ellin~_ prior to
cl;7tiin~•. use the ~tand.u•d Otl"rr !c~ I'urcha,r and Ci~ntract t Farm ~- 1-t •,~ ith the `eu Consu~uction i\ddendtnr t 1=orm ?A ~-"f t.
Orange County , as Buyer.
hereh~ otters tip purchase and Lewis W. Crabtree, Faye Crabtree , as Seller.
upon acceptance u1 said otter. aerees to sell and convey, all otthat Plot, piece or parcel of land described below (herca'ier referred to as
the "Propert.„). upon the ti~llrn~~in~~ terms and conditions:
1. 12EAL 1'RONERTI': Located in the City of Hillborough ,
County o1 ORANGE ,State of North'Carolina. bein~~ kno~rn as and more particularh_ described as:
Street Address 0 Walnut Grove Church Rd. Lip 2727a
Subdivision Name PIN 9867-41-9070
Plat Reference: Lot .Block or Section Old Map ID 2.46..37 as shov~n nn
Plat Book or Slide. at Pa~'e(s) (Proper acquired by Seller in Deed ,E3ook at Pa<,e ).
^ A II ^ .A portion of the property in Deed Reference: Book Pale No. ORANGE Count\•
NOTE: Prior"to si~nin~~ this Uffer to Purchase and Contract -Vacant Lot,'f"and. Bud er is advised to rep iew Kestrictive Covenants. if
any, which may limit the use of the Propcm. and to read the Declaration of Restrictive Covenants, By-Laws. Articles ~.~f Incorporation.
Rules and Reeulations. and other ~~overnin~ documents of the o~~ners' association and or the subdivision, if applicable.
2. PURCH.~SE PRICE: The purchase price is S 140, 000.00 and shall be paid as follo~+s:
(a) S -------------------- .EARNEST I~10NE1' DEPOSIT with this offer b~ ^ cash ^ personal check ^ bank check.
^ certified check ^ other: to be deposited and held in escro~~ by
------------------------------- ("Escrow A~~ent"): until the sale is closed, at which time it ~+ill be credited to
Buyer. or until this contract. is otherwise terniinated. In the event: (. ])this offer is not accepted; or (2 j any of the conditions hereto
are not satisfied. then all earnest monies shall be refunded to Buyer. fn the event of breach of this contract by Seller. all earnest
monies shall be refunded to Buyer upon Buyer's request, but such return shall not atlect am other remedies available to Buyer for
such breach. In the event o1 breach of this contract b} Buyer. [hen all earnest monies shall he forfeited to Seller upon Seller's
request. but such forfciwre shall not affect any other remedies available [o Seller for such breach.
NOTE: In the event of a dispute between Seller and Buyer over the return ur forfeiture of earnest money held in escrow by a
broker, the broker is required by state law ro 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 disbttrsem~nt is ordered b_v a court of competent
jurisdiction.
(b) S ------------------- . ADDITIONAL E,4RNEST' ~10NE1' DEPOSIT to be paid to Escrow Agent no later than
. TLME BEING OF TtIE E=SSENCE ~~'1"I'II KEGARD "I"O SAID D;1TE.
(c) 5 -------------------- ,OPTION FEE in accordance ~~ith paragraph 11. ,Alternative 2, to be paid to Seller on the
Effective Date as set forth in paragraph 19. (NOTE: If Alternative 2 applies, then do not insert $0, N/A, or leave blank 1.
(d) $ -------------------- , BY ASSU'x1PTION of the unpaid principal balance and all obli~~ations 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) S -------------------- , BY SELLER FIN:INCING in accordance a ith the attached Seller Financing Addendum.
(n $ 140 , 000 . 00 . BALANCE of the purchase price in cash at Closing.
3. CONDITIONS: (State N/A in each blank that is not a condition to this contract.)
(a) Buyer must be able to obtain a ^ Corn•entional ^ Other: ---------------------------------------- loan at a
^ Fixed Rare ^ Adjustable Rate in the principal amount of --------------- for a term of -------- veanaj. at an
initial interest rate not to exceed ------- °~~o per annum, ~a~ith mortgage loan discount points not to exceed °~~, of the
loan amount. Buyer shall apple for said loan within --------- days of the Effective Date of this conu•act. Buyer shall use
Buyer's best eflorts to secure the lender's customan loan commitment Inter nn or before and to
satist;-all terms and conditions of the loan conuniunent letter by Closin~~.:111er the above letter date. Seller may request in ~~ritin_*
from Buyer a rope of the loan commitment later. ]f Burr fails to provide Seller a cups of the loan commiunent letter or a ~crinen
waiver otthis loan condition ~tithin five days ut receipt of Seller's request. Seller nt<n terminate this contract b~ ivrinen notice to
Buy er at any time therealter. Provided Seller has nut then received a copy ofthe letter or the +vaiver. .
This form jointly approved by: Page I of-l ~_
tiurth Carolina Kar :association
-e AL;ort^~ North Carolina .4ssuciation of REALTORS~~. Inc. ~, o°~o io°r;~"` ~ _
ST:~ND;1Rf- FOR11 I_ T
Buyer Initials Seller Initials -.+` L i, (~~- ~ "` 7120(16
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(hj There must be no restriction, easement, zoning or other governmental regulation that ~~ould prevent the reasonable use of fhe
Propem for purposest"Intendedt'~e"~.
(cl The Pro, e;~~ must be in substantiallc the stone or better condition at l li>sin~~ us on the dote i~f this offer. reasonable ~+ear and tear
e~ceptcd
Idj :Ali deeds ~ f uu~t. ;~ers .rod ~~~thcr ~'~ar~_,es'~~airtst ter ft~~t~rr'. ,: ~t ,.:aumed b~ i3u~er. must be paid .end satisiled he feller tvic,r [~~
~=r ;:I (. Il`~I^,~ >Lr~tl U:~;( Cah~eliallQn rTl a`. be hfi"~n11~I ,.• ~_~h,,,; ~Q ?VI~1!l+ln< < i.OCIn_. ~t'~~Cr 1112111 rl'maln lrhll~_tf'Cd lit irlll]Iln ,ill: ~Ul: l1
ianceil;:uuns "~rl!o~~in_ Closin~~
(c} I~i!c n.ust hr delivered at Clusin b+' C;E'~ER:4L \r.~:ARR.4V"f 1" USED unless other~+ix• stated herein. and m.2st `,~c 'ee srnple
m.:rkett.b:e :end i~;urable title, free o}_ail encumbrances except ad ~alurem taxes f<~r the current sear ipruratcd tf.rou~~h the d;rtr o`
Closin~~i: utility r.:semcnts and un+~iulated restri~ti+r covenants tl-~at Jo not rnateriall+ at'zet the +~alue of the Property; and ;uch
other en.ct:mbrt:nces as may he assumed or sprcitiril!v approved h+ Buyer. The Property must have le~_al access t:r a public r~~ht of
wa+ -
•i. SPECIAL .ASSESSMENTS: Seller ~+<urants that there are no pending or amtirmed governmental speciai assessr-cents tier
sidevvaik, pav iri=. ~+ ter, sever. or other improvements on or adjoining the Propem . and no prndina or confirmed o.vners' assi>ciation
special assessments. except as folluv+s: none known; if any, to be paid by seller
(Insert "?gone" or the identiticativn of such assessments. if am.j Seller shall pav all o++~ners' association assessments and all
~,ovemmentai assessments ci,ntirtcd through the time of Closing, ifanv. and Buyer shall take title subject to all pending assessments.
if any, unless otherwise •a~areed as follows: none known; if any to be paid by seller
5. PROR:~TIONS AND ADJUSTMENTS: Unless otherwise provided, the follov+ing items shall be prorated and either adjusted
behveen the parties or paid at Cli~sin~~: (a) Ad valorem rases on real propem shall be prorated on a calendar near basis throu~_h the date
of Closin,; (b) All latz listinv penalties, ifanv. shall be paid b~ Seller, (ci Rents, if am, for the Property shall be prorated through the
date of Closin~_: (d) O++ners' association dues and other like charges shall be prorated through the date of Closing,. Seller represents
that the regular owners' association dues, ifanv, are $ ---------------- per '
6. E\PENSES: Unless otherwise agreed, Bu}'er shall be responsible for all costs with respect to am' loan obtained b}' Buyer, title
search, title insurance, recording the deed and for preparation and recordim~ 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 lave. Seller shall pay at Closin~~ S ------------
tov+ard any of Wuyer's expenses associated with the purchase of the Property, includin~~ an_y FHA,'VA lender and insoecunn costs that
Buyer is not permitted to pay, but excluding any portion disapproved by Buyer's lender.
7. EVIDENCE OF TI"1'LE: Seller agrees to use his best efforts to deliver to Buyer as soon as reasonably possible aticr the Effective
Date of this contract. copies of all title information in possession of or available to Seller, including but not limited 'a title insurance
policies, attomev's opinions on t-itle, sune+s, covenants, deeds, notzs and deeds of trust and easements relating to th~: Propetn. Seller
authorizes (I j arty attorney presently or previously rrpresentin~ Seller to release and disclose any title insurance polirv in such
anomey's file to Buyer and both Waver's and Seller's agents and attorneys; and {2j 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 a~~ents and
attomecs.
8. LA[3OR AND 1lATER1.AL: Seller shall furnish at Closin; an affidavit and indemnification agreement in form satisfactory to
Buyer showin; that all labor and materials, ifanv. furnished to the Propem within I?0 days prior to the date of Closing have been paid
for and agreeing to indemnify Buyer against all loss from any cause nr claim arisin~~ therefrom.
9. CLOSING: Closing shall be defined as the date and tune of recording of the deed. ;411 parties agree to execute: arty' and all
documents and papers necessary in connection vwith Closing ar,d transfer of title on or before March 1 , ~ 007
at a place designated b~~ Bu~~er. The deed is to be made to
CLOSING: SHALL CONSTITUTE .ACCEPTANCE OF THE I'ROPERTI' IN ITS THEN EXISTING CONDITION UNLESS
PROVISION IS OTIiER4'~'ISE 11ADE IN 4i'RITING
10. POSSESSION: Unless otherwise provided herein. possession shall be delivered at Closing. No alterations, zticavations, tree
removal or other such activities may be done before possession is delivered.
P~[tie ~ of -i
STANDARD FORM IZ - 7
Buyer Initials Seller Initials ,~ l ~ t_- c~ 7,~t)t)b
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li. PROPERTY INSPECTION, APPRAISAL, INVESTIGATION (Choose ONLI' ONE otthe following Alternatives):
Q ALTERNATIVE 1:
fa) Soit, ~~'ater, Utilities And Environmental Contingency: This contract is contingent upon Buffer obtainin<~ re,airns) that Vii) th;
soil is suitable for Bu~~er's Intended Use; (ii) utilities and ~.yater are available w the Proprm~. (iii) there is ro environmental
cor,tamir,ation, !.ni~. rule or re~~ulation that prohibits. restricts yr limitc Buyer's Intended_l'se. and (ivj there is no tloi,d n;riarc; ;hat
proh,hrts. restricts c* lim;ts Buyers Intended lase (u~~iecti~c!: the "Reh_r'~"1 .All costs and expenses ~~foht,:inin_ the• Rep~',ns shall ire
brinte b~ Bu}er Bu~.er s!t,al use 13u~er's bc~r cffort~ t~~ i~b„i;r, t;cti }::ports. If the Reni~rts cannot he obtained. Bu~cr may ,ent;in.ae
this cimtr~ct ~r~i~', the [=arrest '~tuncs D~pusit shall be ref~.utde~ ru t3u~er. Buyer •~.+ai~es thu condition unless Bu~.er pri~tiides ~+rtten
nuuce to Seiler b` that this condition cannot he satiated, time hein~;, of the essence.
(b) Sewer S.~stern Icl:~eck orals ONF i_
^ Buyer h rs in~~est gated the costs and expenses to '.nsr<+II the se•.~rr system approved be the Improvement Prm~it attached hereto as
Exhibit A and hereby approves and accepts said Impruycment Permit-
^ Seller represents tha[ the system has been installed, which representatii>n suni~es Closine. but mai:es no funkier representations as
to the c)stcm. Buser acknowledges receipt of the Improvement Permit attached hereto as Exhibit A. Buyer shall have the option of
inspecting or obtaining, at Buyer's expense, inspection(s) to determine the condition of the system. If the system is nut pert<~r7rting the
function for «hich intended and is in need of immediate repair. Buyer may terminate this Contract and the Earnest Money Deposit shall
be refunded to Buyer. Buyer wanes this condition unless Buyer provides ~~ritten notice to Seller by
that this condition cannot be satisfied, time being of the essence.
^ This contract is continent open ^ Buyer ^ Seller ("Responsible Party") obtaining an Improvement Pemtit or written evaluation
from the County Health Department ("County") fora (check only ONE) ^ com~entional or ^ other
ground absorption sewage system fora bedroom home. All costs and expenses of obtaining such Permit or written evaluation
shall he borne by Responsible Pam' unless othenaise agreed. In any event Seller, by no later than ,
shall be responsible for clearing that portion of the Proper` required by the County to perform its tests. andior inspections. Responsible
Pam shall use best efforts to obtain such Perniit or ~~ritten evaluation. If the Improvement Permit ire written evaluation from the
County cannot be obtained by (date), either pan tna} terminate this Contract and the Earnest Money
Deposit shall be refunded to Buyer.
^ Buyer has investigated and approved the availability. costs and expenses to connect to a ^ public or ^ community sewer system.
(c) 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 he tern~inated and all earnest monies shall be refunded to Buyer. If this contract is not subject to a financin~~
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.
(d) CLOSING SHALL CONSTITUTE ACCEPTANCE OF THE PROPERTY IN ITS THEN EXISTIN(; CONDITION
UNLESS PROVISION IS OTHER«'15E MADE IN V1-'KITING
^ ALTEKNATIVE 2: (This .411ernatrve npplres Orti'LY' rf ~lternatire 7 is checked ,~IA~D Buyer has paid the Option Feel
(a) Property Investigation with Option to Terminate: In consideration of the sum set forth in paragraph 2(c) paid by Buyer to
Seller (not Escrow Agent) and other valuable consideration,. the sufficiency of which is hereby acknowled,ed (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
Propem~ or otherytiise, by delivering to Seller ~7itten notice of termination (the "Termination Notice") by ~~OU p.m. on
time being of the essence (the "Option Termination Date"). At any time prior ro Closing.,
Buyer shall have the ri~~ht to inspect. the Property at Buyer's expense (Buyer is advised to have all inspections and appraisals of the
Property.. includin; but not limited to those matters set i'on,h in Alternative 1, pertbrmed prior to the Option Tern~ination Date).
(b) Exercise of Option: if Buyer delivers the Termination lutice prior to the Option Tcmtination Date, time being ~,f the essence, this
contract shall become null and void and all earnest monies received in connection here~tiith shall be refunded to Buyer; however, the
Option Fee will not he refunded and shall be retained by Seller. if Buyer fails to deliver the Tem~ination 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; provided such acceptance shall not constitute a waiver of any rights Buyer has under paragraph 3. The Option Fee is
not refundable, rs not a part of any earnest monies, and will be credited to the purchase price at Closing.
(c) CLOSING SHALL CONSTITUTE ACCEPTANCE OF TFiE PROPERTY IN ITS THEN EXISTING CONDITION
I:NLESS PROS"ISfON IS OTHERWISE !NADF IN ~~'RITINC
Pa~_e 3 of -:
STANDARD FOKAI 12 - T
Buyer Initials Seller Initials ~ r;~.L_.- ~~ 7120Q6
P~oouced wRh ZiuForm*~ by RE FonnsNer. LlC t$OZS F!tteen Mi'~? Rca~7 C!ir,tOn Township,PAiChigan 4BOs5 •NxN ZiDrorm Con crat?Ircc
12.R[(;H'T OF ENTItI', RESTORATION AND INUE:~1NITt: Bu4•er and Buyer's agents and contractors shall ha~the right to
enter upon the Property. for the purpose of appraising the I'roprrt~. lend performing the tests anti inspections pern~itted in this contract.
If Buyer terrnina[es this contract as provided herein. Buyer shall, at Buyer's expense. restilre the Propem~ to substanrally its pre-entry
cunditiirn ~.~ ithin thim dais of contract terntinauun. Bu~~er a ill ir;denuuf•~ and hold Seller harmless f~mm all loss.:.t<;na_e. i:laints. suits
~~r Cl'lciti- ~1 hl~h Sr::.il drl~e Out Ot 3114 l'Ontrai''t, aBrecmerlt, i1r Ii_IUR t0 -:fib pelSiln t)C prtipertA ati 8 rCSUiI Ot 3n\ ,3Ct1AI:ICS Ut Li 11~Cr 1r1 c7
,it;~~r~s a~_enCS :.,td CC~nIrlCtOrS Cc'l3tln'_ lt~ tl'~C~I'Ct~herty. ~? _, Iridettlni`. ~liail SUrv14~e thlti C(~n(r,:el and a`l~ ,.::IIn:SrI0r1 }tereCif
r L 1 1'1 ~_ l l:~ i f l_ ~ 1_ f
\O.'•~ahCl .t~. tjln~ i`~~ tt~r< ~la'_ ~Zll.r Jhall }'~ R'~l`Un~:: It? Icy',-. lV~> ~_~„I;: _ ~`., I!t1. ~l!Ir O J~ ~a-~ > >: ti "f ~r ~i-.1~ li!UII~
+1 the I'rt~-~c'rt~ ,.^d ~~r cut u' Seller's net I;~`erli'~ i~ ;~ i.i' , :it i. ,x~~r'.~
Iz.oTl}E_}~ i'xt>~~I~IONS :AND cc)~~urrlt,~'~. ills ti{vl ~t_I. al>li}~til)~ r~? rlll~ ~"~~~.r{~RC~r ~~:D ~„"~ null F,} ~I~,~~, :
1~3. KISh OE LOSti: l~he risk of loss ur dama~~u 't~ti tiro ur utf?rr ~:?sua!t~ prir~r ti.1 Clirsin~_ shall be upon Seller_
1~.:~Sti1GN~lE~`hS: 1-his contract may not b~ ,ssi~ncti :~irh~~ut the ~.~ritten ci,nscnt o1 all parties- but it assi~ne~i 't~~_ .r~rremrnt. then
this contrltt ;hall hr hindin~~ on the assr~~ner ar.d his heirs ::n~1 utcc~c?rs.
16. PARTIES: Ihis contract shall be bntdut~~ open and shell inure to the benel;t of the parties. i.e.. Buser and Selle- and their heirs.
successors arts assigns. As used herein. ~tiords in the sinuular include ;he plural an~7 the masculine includes the f~n-inine and neuter
Benders. as appropriate.
17. SURVIVAL: If am~ provision herein contained which by its nature and eft-ect is required to he observed. kept ur perfbrnted after
the Closing, it shall survive the Closing and remain binding upon and for the benefit of the panics hereto until ti1114 obsen~ed. kept or
performed
I8. ENTIRE AGREE~IEN"f: This contract ct?nrtins the entire agreement of the parries and there are no representations. inducements
or other provisions other than those expressed herein. All chan~~es.:tdditions or deletions hereto must be in writing and signed by all
parries. Nothing contained herein shall alter any agreement between a REALTORk or broker and Seller or Buyer as contained in any
listing agreement, buffer a~Bency agreement, or anti• other agency agreement bet~~een them.
19. NOTICE AND E\ECUTION: Any notice or communicat on tii he ~i~en to a pam herein Wray be given to the pane ur to wch
parry's a~Brnt. phis after shall become a bindin~~ contract lthe 'E.'.ffecti~r Date"I ~~hen signed b~ both Buyer and Seller and sueh siknin_
is communicated to the otl-Bring pam. "This cor?tract is executed under peal in signed multiple originals. all of ~~hich to_ether constitute
one and the same instrument, with a signed original being retained by each pang and each RE;IL,TORk~ or broker hereto. and the
parties adopt the word "SEAL" beside their signa[ures below. -
Buyer acknoµ ledges having made an on-site personal examination o(the Nroperty prior to the making o(this offer.
"}-HE NORTIi CAROLINA ASSOCIATION OF RE:\LTORSh, INC. ;1ND TFIE NORTH CAROLINA BAR ASSOCIATtON MAKE
NO REPRESEN'T:1T10N AS TO THE LEGAL VALIDITY OR .ADEQUACY OF ,ANY PROVISION OF THIS FORM IN ANY
SPECIFIC 1-KANSACTION. 1F YOU DO NOT UNUERSI-A`D TF{IS FORM OR FEEL -T-}IAT IT DOES NO'r PROVIDE FOR
Y"OUR LEGAL NEEDS, YOU SFTOULD CONSULT A NORTH CAROLINA REAL ESTATE A"1-TORNEI' BEFORE YOU S[GN
IT.
Date: Date: I i' - ~ .~ _ C. ~-.
Buyer
Date
Buyer
Orange County
i,
/' i
(SLAL.j Srf1E.r~- / " ~ ..=-1---~ z ~._ (SEALi
Lewis W. Crabtree
Date:
(SERL.) Seiler
Faye Crabtree
tSEAL~
Escrow Agent acknowledges receipt of the earnest mono} and agrees to hold and disburse the same in accordance with the
teens hereof.
Date: December 2 , 2006 Finn: Churton Street Real
3~
(Si~~nature)
Selling ;1~enc'Fintt P}1or1e David laird
:acting as ^ Bu_vcr~s Agent ~ Seller-; rsub):~~arnt ^ Uual A~a~nt
Individual license -~: 227709
Llstln~ A'~Cn4'FIr;1L Phl1r1C David Baird
Actin_as ^ Sellcr's(sub)Agent ^ Dual:lgent
Individual license ~: 227709
Pa~_e -t i>f-t ST:GNU:~R}) FOR11 12 - T
,c 7 ~? U06
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his map contains parcels prepared for the inventory of real property within Orange County, and is compiled from recorded deeds, plats. and
flier public records and data. Users of this map are hereby notified that the aforementioned public primary information sources should be
onsulted for verification of the information contained on this map The county and its mapping companies assume no leyal responsibility for the
information contained on this map.
This Pa e Printed Tuesda ,December 5, 2006 12:54 pm
Parcels Current Thru 11/28/2006. Owner Information Current Thru 11/9/2006
Parcel Identification Number: 9867419070
~ Summary Building Land Documents Prior Owners Addresses
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