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A seller is required to disclose in the 2-T contract a number of things including how long they have owned the property, any owner's association dues, and the presence of a fuel tank.

If you have not fully read a contract, then you miss important details that could lead to financial distress. Adobe Acrobat commissioned a survey and found that almost 70% of consumers admit to signing contracts without knowing its contents.

A breach of contract can be a nightmare for both the seller and buyer. Form 2-T details the rights that the parties to the contract have if there is a breach of contract.

Let's look at why we tend to not read our purchase contract and the pressure buyers and sellers face during the offer stage.

Due diligence (DD) fees belong to the seller and are due on the effective date. There are only rare circumstances that will result in refunded DD fees to the buyer. DD fees are not required to form a contract in North Carolina but sellers may expect it for the trouble of taking their home off the market while the buyer conducts his inspections.

Lots of things to do during the due diligence period. This period should be long enough to afford the buyer time to complete all his inspections and obtain loan approval (if not a cash buyer). Ideally, if a buyer requires financing, best practice dictates that financing approval should be in the works prior to making an offer.

Accepting a VA buyer has the potential to add additional seller costs and reduces the buyer's risks of forfeiting their earnest money deposit (EMD) should the appraisal value of the property be lower than the agreed upon purchase price. An FHA buyer is able to terminate the contract and receive a refund of their EMD should an FHA appraisal come in lower than the property's sales price.

Don't assume something you see at the showing conveys. Ask questions, preferably in writing, before you write the offer

There are so many things to consider before writing (and signing) that offer. Hopefully, you have read the contract before even looking at the property.