![]() ![]() Ideally, the offer is eventually accepted and the contract is signed, in which case the earnest money is returned to the buyer.ĭue diligence periods and fees allow the buyer the time to do their due diligence when it comes to inspecting the property and such, but they pay a fee to the seller and agree on a time period. This money acts as a good faith payment to show the buyer's thankfulness for the seller considering their offer, missing opportunities for other buyers, and going through the process with them. Due Diligence and Earnest MoneyĮarnest money is a sort of down payment from the buyer to the seller on the process of the offer. Along with the signatures of both parties, due diligence fees and earnest money will also be exchanged. This act of signing the document is what turns the offer to purchase into a purchase contract. Once both parties come to an agreement, the buyer and seller will each sign the form. It's important to be sure that your realtor is working to get you the best deal. This could turn into a negotiation period with multiple offers and counter-offers, but that can be a good thing if each party is willing to compromise a bit. If a seller chooses to create a counter-offer, this will be presented to the buyer and discussed with the agent. Prepare a counter-offer (accept some aspects of the original offer but with some changes).Reject the offer as it stands (complete rejection of the contract).Accept the offer as it stands (meaning that you agree to everything detailed in the document).The home seller has some options when they receive an offer to purchase and contract from a home buyer. The offer to purchase and contract does not start out as a contract, but simply an offer. If the home buyer has any property assessments performed, those findings could be detailed in the document as well.īecause these forms are so long, detailed, and important, it's a good idea to make sure you have a realtor or lawyer look over it with you and make any necessary clarifications or answer any questions you might have. Homeowners association (HOA) requirements, conditions, or fees might be listed. ![]() ![]() Specific items to be left in the home or removed from it (appliances, etc.)Ĭertain addendums may also be added to the 12-page form of the initial offer from the home buyer.Some other important details included on an offer to purchase and contract include: If they're prepared to move forward for a particular property, the agent will fill out an offer to purchase and contract will the specific offer the buyer has agreed to on the form. Home buyers can learn about the terms and conditions included in purchasing a home in the state. Members of this association have a joint forms committee, that also includes members of the North Carolina Bar Association, which is responsible for developing forms and legal documents.Ī North Carolina real estate agent will work with you when you're ready to sell or buy a home. The North Carolina Association of Realtors develops offer to purchase and contract documents to be used in sales throughout the area. This home-selling contract is one of the most important legally-binding documents in any transaction regarding real estate. Once you've gained interest from a potential buyer, they will put forth an offer with a North Carolina offer to purchase and contract. This could include major home improvement projects or just some new paint and cleaning. If you plan to sell your house in the state of North Carolina, you'll want to make sure your home is ready to sell. What Is the North Carolina Offer to Purchase and Contract? These contracts begin with an offer and become legally binding once the offer is accepted. Due Diligence and Earnest MoneyĪn offer to purchase and contract NC is an agreement between two parties within the realm of realty in North Carolina. What Is the North Carolina Offer to Purchase and Contract? 2.
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