In our team meeting today, we spent about an hour going over the 2007 edition of North Carolina Standard Form 2-T, Offer to Purchase and Contract.
You know, if we would all just be good, we would likely have a LOT less paperwork to contend with.
They have carried a lot of the sections from the Additional Provisions Addendum over into the Offer, to make them more accessible to the Broker and Buyer. We can get as much done within one form with one set of signatures. Seems good to me.
A time frame for Buyers to answer a Seller's response to a Repair Request seems reasonable. "Oh, I'll think about that tomorrow..." Maybe not, what with "Time Being of the Essence."
I am still digesting the changes in financing and loan commitment. Basically, it seems like they have given teeth and definition to the time periods with penalties for laggards. Should be interesting for the next year. So many new "Time Being of the Essence" provisions. Going to have to do a few dry runs with colleagues and have mock court to work through the changes. Wtih lots of caffiene to keep it spirited.
Oh well. We have until September 1 to have the changes absorbed into our operating methods. All in all, from what I see, the folks at NCAR and the Bar Association have done a good job of incorporating some definition to the process and keeping it as fair as possible for Buyer and Seller.
And there is other stuff.
Severalforms are revised. Do your homework. Use the new forms come September 1. Use them wisely!
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