North Carolina Real Estate Purchase Agreement

The North Carolina residential real estate purchase agreement (“residential purchase agreement”) is used when placing an offer to purchase real estate. The agreement opens with the buyer’s offer to purchase the property. Included in the offer will be the purchase amount and conditions established by the buyer. The seller will have a period in which they can respond to the offer before it expires. Throughout this time, the seller may alter the terms by submitting a counteroffer to the buyer. Should both parties come to an agreement on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.

Required Seller Disclosures in North Carolina

• Residential Property And Owners’ Association Disclosure Statement. North Carolina law requires sellers of residential real estate to furnish buyers with a Residential Property and Owners’ Association Disclosure Statement. This specific form is needed and must be furnished in connection with the purchase agreement. Sellers must give the completed Disclosure Statement to the buyer no later than the time the buyer makes an offer to purchase your property.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

How Do You Write a Real Estate Contract in North Carolina? To write a real estate contract in North Carolina, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in North Carolina? In North Carolina, you can get out of a real estate purchase agreement during several stages of the buying process with contingencies. Additionally, if the seller does not give you a Residential Property and Owners’ Association Disclosure Statement by the time you make your offer to purchase the property; you may under certain conditions cancel any resulting contract without penalty. Read more » What Is the Effective Date of a Real Estate Contract in North Carolina? In North Carolina, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in North Carolina? In North Carolina, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in North Carolina? To fill out a real estate contract in North Carolina, first, download our customizable North Carolina real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »