A North Carolina residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
North Carolina does require real estate sellers to disclose any material defects with a property.In most cases, this is through a standardized disclosure form provided under the Real Estate Commission by statute, but any disclosure which provides the required information is valid. The seller always has a duty to disclose all material defects covered by the statutory requirement, even when the buyer agrees to take the property “as-is.”
North Carolina also exempts the following common transfers, among others, from the standard disclosure form requirement: [2]
North Carolina sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
In offering real property for sale it shall not be deemed a material fact that the real property was occupied previously by a person who died or had a serious illness while occupying the property or that a person convicted of any crime for which registration is required by Article 27A of Chapter 14 of the General Statutes occupies, occupied, or resides near the property; provided, however, that no seller may knowingly make a false statement regarding any such fact.
The following transfers are exempt from the provisions of this Chapter:
(1) Transfers pursuant to court order, including transfers ordered by a court in administration of an estate, transfers pursuant to a writ of execution, transfers by foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain, and transfers resulting from a decree for specific performance.
(2) Transfers to a beneficiary from the grantor or his successor in interest in a deed of trust, or to a mortgagee from the mortgagor or his successor in interest in a mortgage, if the indebtedness is in default; transfers by a trustee under a deed of trust or a mortgagee under a mortgage, if the indebtedness is in default; transfers by a trustee under a deed of trust or a mortgagee under a mortgage pursuant to a foreclosure sale, or transfers by a beneficiary under a deed of trust, who has acquired the real property at a sale conducted pursuant to a foreclosure sale under a deed of trust.
(3) Transfers by a fiduciary in the course of the administration of a decedent’s estate, guardianship, conservatorship, or trust.
(4) Transfers from one or more co-owners solely to one or more other co-owners.
(5) Transfers made solely to a spouse or a person or persons in the lineal line of consanguinity of one or more transferors.
(6) Transfers between spouses resulting from a decree of divorce or a distribution pursuant to Chapter 50 of the General Statutes or comparable provision of another state.
(7) Transfers made by virtue of the record owner’s failure to pay any federal, State, or local taxes.
(8) Transfers to or from the State or any political subdivision of the State.
How Do You Write a Real Estate Contract in North Carolina? To write a real estate contract in North Carolina, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in North Carolina? In North Carolina, you can get out of a real estate purchase agreement during several stages of the buying process with contingencies. Additionally, if the seller does not give you a Residential Property and Owners’ Association Disclosure Statement by the time you make your offer to purchase the property; you may under certain conditions cancel any resulting contract without penalty. Read more » What Is the Effective Date of a Real Estate Contract in North Carolina? In North Carolina, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in North Carolina? 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. Read more » How Do I Fill Out a Real Estate Contract in North Carolina? To fill out a real estate contract in North Carolina, first, download our customizable North Carolina real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »
