Understanding A North Carolina Real Estate Contract

In North Carolina, you will need an attorney to represent you during your next real estate transaction. The good news is that between your attorney and your realtor, you have a source to turn to when you have questions between your attorney and your realtor. Though we intend to outline the North Carolina Offer to Purchase and Contract, either your lawyer, real estate agent, or both can explain how it pertains to your unique situation.

Making an Offer on a Home

One common source of confusion is that the contract you sign with your buyer or seller is legally binding—however, your initial offer is not. In other words, the North Carolina Offer to Purchase and Contract begins as an offer and becomes a contract. Imagine that you attend several open houses in the Lake Norman area. Ultimately, you find one that fits your wants, needs, and budget. When you meet with your real estate agent and submit an offer, you are not locked into a contract just yet.

If the seller likes the terms of your offer and accepts, both parties sign the purchase contract to make the previously agreed upon terms binding. There are very valid reasons for the steps between the offer and purchase contract. A seller may field several (if not dozens) of offers in a competitive market. If they choose someone else’s over yours, you are in no way tied to your original offer. If the buyer walks away from the sale during the due diligence period, the seller can’t come back and hold you to your offer. Granted, they may contact your real estate agent and ask if your offer still stands. But it is up to you if you want to pursue the home.

There’s Still Room For Negotiation

Another reason that your offer isn’t locked into place is because the seller may make a formal counter-offer. Great real estate agents can protect you from overpaying on a home. After a conversation (or several) with your realtor, you and the seller can arrive at terms that may be very different from your original offer. If you accept the terms, you can sign the purchase contract.

Thomas & Webber Law at the Lake

After you sign the purchase contract, then it’s time to navigate the road towards the closing table. The attorneys at Thomas & Webber want you to enjoy this milestone, so we can perform title searches, gather all the required documents from your mortgage lender, and record the deed. Most importantly, we answer any questions at the closing appointment to ensure you understand what you are signing and its meaning. Contact us to schedule a consultation for any residential or commercial closings.