North Carolina Negotiating and Drafting Transaction Cost Provisions

State:
Multi-State
Control #:
US-ND1208
Format:
Word; 
PDF
Instant download

Description

This form provides boilerplate contract clauses that make provision for how transaction costs, both initially and in the event of a dispute or litigation, will be handled under the contract agreement. Several different language options are included to suit individual needs and circumstances.

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FAQ

While all offers must be presented, even if there is a contract pending, there is nothing in Rule . 0106(a) (or anywhere else in the Rules) that obligates brokers, or their clients, to respond to any offers received within any particular time frame.

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.

In North Carolina, a Statute of Frauds requires that all contracts or agreements to sell or convey land or any interest in or concerning land, including easements, options to purchase, rights of first refusal, and certain leases, must be in writing and signed by any party against whom enforcement is sought.

In North Carolina, a seller can get out of a real estate contract if the buyer's contingencies are not met?these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.

A: To be enforceable, real estate sales contracts in North Carolina must be in writing. Since only written offers may become binding contracts, your offer should be in writing and signed.

The Amount: As a general rule, earnest money is typically between 1 percent and 5 percent of the total residential real estate purchase price. Though, it can sometimes be lower or higher.

In order for an offer to be valid, it must be clearly communicated, giving the offeree a chance to accept or reject it. Clear communication can include actions, oral communication, or in writing.

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North Carolina Negotiating and Drafting Transaction Cost Provisions