(m) "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).
WARNING: 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 performed 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. A closing involves significant legal issues that should be handled by an attorney. Accordingly it is the position of the
North Carolina Bar Association and the North Carolina Association of REALTORS® that all buyers should hire an attorney
licensed in North Carolina to perform a closing.
(n) "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 alien against the Property. A Special Assessment may be either proposed or confirmed.
"Proposed Special Assessment": A Special Assessment that is under formal consideration but which has not been approved
prior to Settlement.
“Confirmed Special Assessment”: A Special Assessment that has been approved prior to Settlement whether payable in a lump
sum or future installments.
NOTE:
Any Proposed and Confirmed Special Assessments must be identified by Seller in paragraph 7(c), and Buyer's and
Seller's respective responsibilities for Proposed and Confirmed Special Assessments are addressed in paragraphs 6(a) and 8(k).
2.
FIXTURES AND EXCLUSIONS.
(a) Specified Items: Unless identified in subparagraph (d) below, the following items, including all related equipment and remote
control devices, if any, are deemed fixtures and shall convey, included in the Purchase Price free of liens:
●
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)
●
Fireplace insert; gas logs or starters; attached fireplace
screens; wood or coal stoves
●
Floor coverings (attached)
●
Fuel tank(s) whether attached or buried and including any
contents that have not been used, removed or resold to the
fuel provider as of Settlement. NOTE: Seller's use, removal
or resale 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.
●
Garage door openers with all controls
●
Generators that are permanently wired
●
Invisible fencing with power supply, controls and receivers
●
Landscape and outdoor trees and plants (except in
moveable containers); raised garden; landscape and
foundation lighting; outdoor sound systems; permanent
irrigation systems and controls; 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
●
Storage shed; utility building
●
Swimming pool (excluding inflatable); spa; hot tub
●
Solar electric and solar water heating systems
●
Sump-pumps, radon fans and crawl space ventilators; de-
humidifiers that are permanently wired
●
Surface-mounting brackets for television and speakers;
recess-mounted speakers; mounted intercom system
●
Water supply equipment, including filters, conditioning and
softener systems; re-circulating pumps; well pumps and
tanks
●
Window/Door blinds and shades, curtain and drapery rods
and brackets, door and window screens and combination
doors, awnings and storm windows
Page 3 of 14
STANDARD FORM 2-T
Revised 7/2019
Buyer's initials Seller's initials
© 7/2019
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