North Carolina Law is very particular about required seller disclosures and all other contingencies necessary in a real estate purchase and sale agreement.
This is why when buying or selling a residential or commercial property, both buyers and sellers need to make sure they are up to date and comply with all the requirements of this legal document.
Doorloop is here to help real estate purchase and contract signing easy for any clients based in North Carolina. Visit the website now and you will find the following:
- A North Carolina real estate purchase agreement
- North Carolina real estate laws
- Easy-to-use templates
- Forms for all required disclosures
North Carolina Residential Purchase Agreement
In simple terms, a North Carolina residential property purchase and sale agreement is a legal document signed between the buyer and the seller of North Carolina real property in which the disclosure statement, closing date, offer to purchase, and contract are all included.
This document also includes all relevant contingencies that either party involved in the transaction may feel is necessary to be made part of the negotiations, such as inspection, financing, and title contingencies.
Five Important Details
If a purchase and sale agreement is to be considered legal, it has to be accurate and contain all relevant details. In that regard, here are five important things that you need to consider in your sale agreement before making or accepting an offer to purchase:
- Decide who will be in charge of drafting and overseeing the purchase agreement. Usually, it's either a real estate agent or an attorney
- Will any earnest money deposits be required, and if so how much will the buyer need to pay (usually between 1% and 3%)?
- If certain conditions need to be met before the purchase agreement can be signed off, each contingency needs to be included and agreed upon by both parties
- The buyer has to understand the Caveat Emptor or "Buyer Beware" policy which states that the property is being sold as is in its current condition
- Signatures from both parties will be required to make the sale agreement legally binding
One of the most important inclusions in your North Carolina purchase and sale agreement is the disclosure statement.
This is a requirement by law that states that the seller must disclose to the buyer, any potential defects or harmful conditions associated with the real property, such as the use of lead-based paint.
A disclosure statement can be any of the following:
- A residential disclosure statements
- Lead-based paint disclosures
- Radon disclosures
Whether you are simply doing your due diligence, preparing to put your house up for sale, or about to make a North Carolina offer to purchase a piece of real estate, Doorloop can help.
What Is a Seller Property Condition Disclosure Form?
This form is one of the required disclosures needed during the due diligence period to show the buyer any defects or environmental hazards that are relevant to the property.
What Is the Effective Date on a North Carolina Residential Purchase and Sale Agreement?
This is the date on which all the things agreed upon between the buyer and seller will come into effect and become legally binding.
Where Can I Find the Legal Description of a Residential or Commercial Property?
At the County Recorder's Office in North Carolina, you will find all the relevant information about any property constructed within the state.
What Fixtures Are Usually Included in a North Carolina Residential Purchase Agreement?
Light fixtures, built-in appliances, carpets, and cabinets are a few of the things that you can include on a residential purchase agreement.