ContractsOffer_to_purchase_and_contract_form_2tHARD
A provisional broker in Raleigh is answering a client question about Offer to Purchase and Contract (Form 2-T). Which statement best applies under current North Carolina law?
Correct Answer
B) Risk of loss remains with the seller until closing under the standard contract unless the parties agree otherwise.
Risk of loss remains with the seller until closing under the standard contract unless the parties agree otherwise.
Answer Options
A
Risk of loss automatically shifts to the buyer on the effective date.B
Risk of loss remains with the seller until closing under the standard contract unless the parties agree otherwise.C
Risk of loss shifts when the earnest money is deposited under current North Carolina rulesD
Risk of loss shifts when the due diligence period expires.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
closingcontractdifficulty_4nc_contract_practice_offer_to_purchasenc_statenorth_carolinaoffer_to_purchase_and_contract_form_2trisk_of_losstiming_forms_exceptions_and_authority
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