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Real Estate Closings - NCREC

Questions and Answers on closing the deal!
Posted by Rebecca Williams on April 20, 2020 in  The Process
In the typical residential real estate sales transaction, a buyer offers to purchase property from a seller. After negotiating the price and terms, the buyer and seller sign an offer to purchase and contract, and the buyer gives the seller (or the seller’s broker) an earnest money deposit to show good faith in the transaction. Under the standard form Offer to Purchase and Contract, the buyer may also give the seller a “due diligence fee”for the buyer’s right to conduct due diligence, including any inspections, loan... read more

Offer and Acceptance - NCREC

When does an offer become a contract?
Posted by Rebecca Williams on April 01, 2020 in  The Process
The purchase contract is the most important document in any real estate sale. It must reflect the entire agreement between the buyer and seller. This brochure examines issues arising during contract negotiations in residential real estate sales transactions. In particular, it focuses on “offer” and “acceptance”: the process by which a buyer and seller create a binding legal contract. This process typically begins when a prospective buyer makes an offer. Then, the seller either accepts it, rejects it, or rejects it ... read more

Earnest Money Deposit - NCREC

Questions and Answers from a buyers perspective
Posted by Rebecca Williams on March 15, 2020 in  The Process
This brochure in the Commission’s Questions & Answers series examines issues arising from the payment of earnest money deposits prior to closing a residential real estate sales transaction. Since payments made before closing are not treated the same in all transactions, it is important to understand the purpose of earnest money and how it will be handled during the transaction. This is usually spelled out in the offer to purchase or sales contract. Therefore, you should always read the contract or offer to purchase... read more

Home Inspections - NCREC

Do you need one? Do you want one? FInd out here!
Posted by Rebecca Williams on March 01, 2020 in  The Process
For most people, purchasing a home is the largest investment they will ever make. It is no wonder then that many homebuyers employ professionals to inspect the structural and mechanical systems of the home and report on their condition. While sellers also employ home inspectors to alert them to problems with their homes which could arise later in the transaction, this brochure is written from the viewpoint of the potential homebuyer. This brochure is a joint publication of the North Carolina Home Inspector Licensur... read more