The Wake North Carolina Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legally binding document that outlines the terms and conditions for purchasing or selling a residential lot or land in Wake County, North Carolina. This contract is specifically designed for transactions where no real estate broker is involved. It provides a comprehensive framework to help buyers and sellers navigate through the intricacies of a real estate transaction. Key features of the Wake North Carolina Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land include: 1. Identification of Parties: This contract clearly identifies the parties involved — the buyer and the seller. It includes their legal names, addresses, and contact information. 2. Property Description: The contract provides a detailed description of the residential lot or land being sold, which includes the address, legal description, and parcel number. This ensures that both parties are fully aware of the property under consideration. 3. Purchase Price and Terms: The contract outlines the agreed-upon purchase price for the property, along with the applicable terms of payment. It also includes provisions for earnest money and financing arrangements, as agreed upon between the buyer and seller. 4. Contingencies: Various contingencies can be specified in the contract, such as acceptable property inspections, satisfactory home appraisal, and approval of financing. These contingencies protect both parties and provide opportunities for necessary actions or negotiations if certain conditions are not met. 5. Closing and Possession: The contract includes provisions for the closing date, at which point the property ownership is transferred. It also outlines the time frame for the buyer to take possession of the property after closing. While there may not be different types of the Wake North Carolina Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land, variations can exist based on individual negotiations between the parties involved. Adapting the contract to specific circumstances may involve additional addendums or clarifications. Overall, the Wake North Carolina Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land provides a robust framework for conducting a smooth and transparent real estate transaction in Wake County. It ensures that both buyers and sellers are protected by clearly outlining their rights, obligations, and responsibilities throughout the process.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.