OWNERS' ASSOCIATION DISCLOSURE AND ADDENDUM (To be used for resale only)

For the purposes of this Addendum, “Development” means any property where dues, fees or assessments must be paid to an owners' association.

1. To the best of Seller's knowledge, the regular owners' association dues as set forth in the Contract include the following items: (Check all that apply)
__Master Insurance Premium
__Real Property Taxes on the Common Areas
__Management Fee
__Exterior Building Maintenance
__Exterior Yard/Landscaping Maintenance
__Trash Removal
__Cable TV
__Water
__Sewer
__Pool Maintenance
__Tennis Court Maintenance
__Pest Extermination

2. To the best of Seller's knowledge, as of this date, there are no other dues, fees or assessments, confirmed or pending, payable by the Development's property owners, except: ___________________________________________________.

3. To the best of Seller's knowledge, there are no unsatisfied judgments against or pending lawsuits involving the Property and/or the owners' association, except: ___________________________________________________.

4. The parties agree that __ Seller __ Buyer will pay any charge made by the owners' association in connection with the disposition of the Property to Buyer, including any transfer and/or document fee imposed by the owners' association.

5. The name, address and telephone number of the President of the owners' association or the Property Manager is: ______________________________________________________
.
6. Seller agrees, upon Buyer's request, to use best efforts to deliver to Buyer as soon as reasonably possible after the Effective Date of the Contract copies of any documents in possession of Seller relating to the Development, such as the face cover sheet from the Development's master insurance policy showing the total coverage amount and the deductible amount, the recorded Declaration and Restrictive Covenants of the Development, the Rules and Regulations of the Development, the Articles of Incorporation and Bylaws of the owners' association, the current Financial Statement and budget of the owners' association, and/or any parking information of the Development.

The parties have read, understand and accept the terms of this Addendum as part of the Contract.

IN THE EVENT OF A CONFLICT BETWEEN THIS ADDENDUM AND THE OFFER TO PURCHASE AND CONTRACT, THIS ADDENDUM SHALL CONTROL.

THE NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. AND THE NORTH CAROLINA BAR ASSOCIATION MAKE NO REPRESENTATION AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION OF THIS FORM IN ANY SPECIFIC TRANSACTION. IF YOU DO NOT UNDERSTAND THIS FORM OR FEEL THAT IT DOES NOT PROVIDE FOR YOUR LEGAL NEEDS, YOU SHOULD CONSULT A NORTH CAROLINA REAL ESTATE ATTORNEY BEFORE YOU SIGN IT.

Buyer: _____________________ (SEAL) Seller: __________________________ (SEAL)
Buyer: _____________________ (SEAL) Seller: __________________________ (SEAL)

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STANDARD FORM 2A12-T © 7/2006
This form jointly approved by:
North Carolina Bar Association
North Carolina Association of REALTORS®, Inc.

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Greg Cremia
Terry Rush Cremia
Broker/Owners
Shore Realty
800-647-1868
e-mail
PO Box 1977
Nags Head, NC 27959

More real estate forms:
Working With Real Estate Agents / Vacation Rental Addendum / Termination of Contract / Residential Property Disclosure /Request Loam Commitment / Repair Agreement / Offer To Purchase / Offer To Purchase Lot / Notice To Seller / Termination of Lot / Contingent Sale / Exclusive Buyer / Dual Agency / Lead Paint / List Lot For Sale / Amend Contract / Agency Disclosure / Listing / Memo to Buyer / Back Up Cotract