North Carolina Exclusive Option Agreement
Description
How to fill out Exclusive Option Agreement?
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FAQ
To be legally binding, both you and the buyer must sign the real estate contract. You can back out without consequences if the contract is still verbal and has not yet been legally signed.
3 tips for cancelling your exclusive agency contract with a real estate agency Review your contract. Before you take any action, it's important to carefully review your contract. ... Giving Written Notice. ... Pay the termination fee.
It's not illegal to have an oral contract to sell land in California. However, courts historically will not enforce oral real estate contracts where there is a dispute between the parties and a refusal to transfer title by a recorded deed unless there are unusual circumstances.
After your buyer's offer was verbally ?accepted,? what the listing agent is telling you is that the seller currently intends on signing he Offer but until the seller signs it, it is not binding.
All written agency agreements must specify a definite termination date of the agency relationship. Includes a agency disclosure, the name of all parties to the contract, terms of the listing agreements, description of the property, listing price, brokerage fee, protection.
Is an oral contract enforceable? In North Carolina, an oral contract is enforceable except in limited situations governed by the statute of frauds.
The most common residential offer form in North Carolina is the ?Offer to Purchase and Contract? (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®. Many standard ?addenda? forms also are available to add provisions of special importance to the parties.
North Carolina must be in writing. Since only written offers may become binding contracts, your offer should be in writing and signed.