The North Carolina sales contract establishes a physical document to record all relevant information that includes the integral elements of a real estate transaction. The form is usually completed and extended from party to party as an initial offer. The following amended versions are negotiated and submitted until an offer is accepted and executed. The terms of the contract are described with buyer/seller information, and details regarding the conclusion of the purchase. In North Carolina, purchase and sale contracts are used by potential buyers of real estate to make an offer to purchase a home. The form contains information about the buyer`s offer, the property and the seller. In addition to the submission of the offer, the buyer must explain how he will finance the purchase and when his offer will end. The person selling the property has the opportunity to accept, refuse or negotiate the contract until the expiry date. State law also requires the buyer to receive a declaration of disclosure of real estate that will convey information about the services of the residence and any defects or material hazards.
If the seller accepts the contract, both parties can sign the contract to formalize the sale. The North Carolina Real Estate Purchase Agreement (« Residential Purchase Agreement ») is used when an offer to purchase real estate is made. The contract begins with the buyer`s offer to purchase the property. The offer includes the amount of the purchase and the conditions set by the buyer. The seller has a period of time to respond to the offer before it expires. During this period, the seller may modify the conditions by submitting a counter-offer to the buyer. If both parties reach an agreement on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. . .