This is a multi-state form covering the subject matter of the title.
North Carolina Standard Conditions of Acceptance of Escrow
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FAQ
North Carolina has a law that all real estate closings must take place with a North Carolina licensed attorney.
While neither due diligence money nor earnest money is mandatory in North Carolina, most contracts negotiate to include both. Due diligence money is non-refundable, whereas earnest money is refundable if the buyer decides not to buy the home within the due diligence period.
In North Carolina, an escrow occurs when an attorney (also called an escrow holder) holds the documents and monies involved in a real estate transaction and ensures that all conditions of the transaction are met.
Escrow or trust account required. (a) Dealers shall maintain buyers' deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers' deposits in the escrow or trust account.
Review Contract ClausesThe seller might have a clause hidden deep in the contract that allows him to cancel the escrow without penalties for any reason he wishes to do so. Look for that carefully when going over the contract or you could get caught up in a mess down the road.
What are the elements of a contract? In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
The North Carolina Offer to Purchase and Contract is also often called a due diligence contract. We have a due diligence period, and within this time frame, a buyer can terminate a contract for any reason. It doesn't have to be because of a bad inspection, loan, or other obvious problems.
North Carolina works under the approved attorney system wherein the authorized practice of law in the state has licensed attorneys, or paralegals under the direct supervision of a licensed attorney, conducting real estate closings. There are no abstracting or escrow companies, per se.
Simply put, a North Carolina real estate closing is the culmination of a buyer and seller fulfilling all the agreements of a sales contract. At the closing, the seller will transfer the property to the buyer, fully pay off any mortgages, and receive any sales proceeds.
The due diligence period is a time for the buyer to make important decisions, test the quality of the home, and ultimately decide whether or not to buy or to walk away. The due diligence period in North Carolina is a negotiation in the offer to purchase and contract a home.