Whether it is a commercial or residential unit, buying or selling real property is a tricky and complex task, regardless of where the deal takes place. It always requires adequate and reliable sellers and buyers and a significant amount of paperwork to fill out and submit. One of those papers is the North Carolina Real Estate Purchase Agreement.
Of course, such agreements exist in North Carolina and many other American states and even parts of the world. But today, we will focus on rules, laws, and norms used when creating the printable purchase and sale agreement, specifically in this state. You will get some information about the contract’s structure and content, understand which laws to check if you plan to sign such forms, sell or buy real estate, and a list of mandatory disclosures accompanying such deals in North Carolina.
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Developing a real estate purchase agreement requires a total focus of both parties and several discussion sessions to define all the conditions wherever you are creating your template. Residential and commercial contracts have a lot in common, and there are shared things you must include here and there:
If your property sale contract does not have any of these points, you are advised not to sign it. We also insist that you read any property sale agreement attentively. If anything bothers you, do not hesitate to discuss it with another party.
For a residential agreement, your property can be a house, a condominium, a duplex, and so on. The main thing is that you include this information in the form. Apart from that, remember to add details about other properties you sell or buy as an “attachment” to your real property.
The official North Carolina Association of Realtors provides users with its version of the agreement. You can also contact the organization’s representatives to get professional assistance relating to the commercial real estate purchase agreement, which we will discuss below.
This is just like the North Carolina Real Estate Purchase Agreement for residential objects. In the case of commercial property sale, your contract has to contain details about both parties, the object’s selling price, the advance payment, the conditions agreed by both parties, and the property address and ID number. However, when defining the property type in a commercial real estate agreement, you must state if it can be used as an office, an industrial space, a mixed-use space, or any other facility type.
There is one specific point to bear in mind: the agreement for the commercial estate should involve a section about an inspection period for the buyer. This period is essential for the purchasing side because commercial properties are usually bought for particular business goals.
You can sell the property, and the purchaser later realizes that the unit does not suit them at all. To avoid such situations, the parties should prescribe the inspection period in the contract, and the buyer should visit the object and see the entire premises.
Remember that regardless of the property you sell (or purchase), it is essential to conduct the deal correctly and avoid fraud. Do not hesitate to ask help from realtors and legal form professionals if anything is unclear. We will now provide you with the disclosures list required in North Carolina.
If you are selling a real estate piece in the United States (and North Carolina, indeed), you cannot avoid drawing several disclosures. If you are the buyer, the merchant should show you these forms and inform you about various points related to the considered property to make the deal legal.
For residential and commercial property, there are different disclosures. Disclosures can generally be understood as a warning to the new owner or a disclaimer about the estate under review.
The North Carolina General Statutes regulate some disclosures; others are mentioned in the North Carolina Administrative Code. Let’s see what forms are needed when conducting a transfer of residential or commercial properties.
In some states, vendors prepare a bunch of disclosures that they must show to purchasers. Luckily, in North Carolina, just two disclosures are obligatory:
It is a more or less standard requirement for almost all American states. Any residential real property buyer should have complete information about the building’s or premises’ conditions by law. This norm is outlined in the North Carolina General Statutes, Section 47E-4. There, you also can find what exactly must be disclosed by the selling party.
The disclosure concerns everything that the premises have: roof, flooring, walls, water and sanitary systems, electricity, heating, plumbing, and many other points. In Section 47E-4, you can get the complete list of items and information to disclose.
It is a standard demand: when a property sale occurs, the seller must disclose traces of lead-based paint if the house was built before 1978 and whether such paint was used for interior or exterior decoration of the building. This norm applies to all American states per the federal US Code (Title 42, Section 4852d).
Some homeowners have no idea when their home was constructed and if there are any traces of lead. If you are such an owner, we recommend turning to the assessor at the county office where your property is located.
The North Carolina Administrative Code sets a rule about disclosure for commercial real property sales in the state. It concerns people or entities who transfer commercial properties with the legal assistance of agents, brokers, or realtors. Such cases require a special Statement of Agency Relationships used by realty specialists to explain to their clients who works with whom and how (see Section 58A.0104 of the Code).
Here is an example: imagine you want to sell your commercial real estate. You hire a realtor who helps you to find a perfect client. However, this client has found your premises with the help of the same realtor. An agent should provide both parties with a particular disclosure with all the details in a written form to avoid a conflict of interest or any other problem.