How can I evaluate whether the buyer’s offer terms are fair, including price, contingencies, and closing timeline? – North Carolina Short Answer Under North Carolina law, a fair purchase offer is one that reflects current market value, uses reasonable contingencies, and allows enough time to satisfy inspections, title work, and loan requirements before closing. Price…
What steps do we take to update title records if the deed is not already in both co-owners’ names? – North Carolina Short Answer In North Carolina, when inherited property is not correctly shown in both co-owners’ names, the title is usually updated by recording the proper estate documents and, if needed, a new deed.…
What immediate steps should I take if I received a notice to vacate or a foreclosure letter? – North Carolina Short Answer In North Carolina, the first step after receiving a notice to vacate or a foreclosure letter is to read it carefully to identify who sent it, why it was sent, and all stated…
Who is responsible for notifying the title or closing company when a contract is terminated? – North Carolina Short Answer Under North Carolina real estate practice, the party who terminates the contract (or that party’s real estate agent or attorney) is responsible for sending written notice of termination to the other party as required by…
What happens next after a buyer terminates a real estate contract, and do I need to sign anything to finalize it? – North Carolina Short Answer Under North Carolina law, once a buyer validly terminates a standard residential real estate contract, the contract itself usually ends without the seller having to sign anything just to…
How should I review a new purchase contract from a new buyer before I agree to it? – North Carolina Short Answer In North Carolina, a seller reviewing a new purchase contract should focus on the price, due diligence fee, earnest money, deadlines (especially the due diligence period and closing date), buyer contingencies, and default…
What contract terms and contingencies should I negotiate, like inspection, appraisal, financing, and earnest money? – North Carolina Short Answer In North Carolina, key residential purchase contract terms to negotiate include inspection rights and repair options, appraisal and financing contingencies, the mix of earnest money and due diligence fee, closing and occupancy dates, and seller…
What disclosures about the property’s condition do I need to make to the new buyer, and what happens if something changes before closing? – North Carolina Short Answer In North Carolina, most residential sellers must give the buyer three written disclosure forms about the property’s condition, any owners’ association, and any severed mineral or oil…
If I had a prior offer or contract, do I have any obligations or risks before signing with a new buyer? – North Carolina Short Answer Under North Carolina real estate law, a seller with a signed purchase contract generally must honor that contract and can face breach-of-contract claims for signing a conflicting deal with…
Can I negotiate inspection, appraisal, and financing contingencies to better protect me, and how should they be written? – North Carolina Short Answer In North Carolina, the parties may negotiate inspection, appraisal, and financing terms in a residential purchase contract, but the standard form contract already handles most of these through the “due diligence” structure…
