Posted by: Roby Robertson | February 4, 2008

Lake Norman Real Estate: North Carolina Offer to Purchase and Contract

Buying or Selling in the Lake Norman area? 

The NC Real Estate Commission changed our Offer to Purchase contract and some of the changes are very important and potentially troublesome if your agent is not on top of things. 

For example.

The clause that required the loan commitment to be the seller has changed and now uses Time is of the Essence!  Now the buyer has to make written application for the loan by a specified date.  More importantly there has been added the following clause:

Inability to obtain a loan commitment.  If buyer has complied with loan obligations then within  _______ days of the effective date of the contract, buyer has the right to terminate contract and get earnest monies back. Failure to do so means a waiver of this condition and would forfeit earnest monies. 

Make sure your agent is very aware of this.  2 important things to know.  How long will it take to obtain loan commitment.  Make sure the ____ number of days accounts for this and a little more if possible.  Also, remember any change to the contract changes the effective date of the contract.  See within ____ days above.

There is one last thing to add about the contract change.  While these are not all of them, you just need to make sure your agent is telling you about them.  In the Property condition clause under Alternative 1, there has been the addition of a subtle statement which is ‘to all permanent improvements’.  This was not there before and can have an impact to what can be accurately requested for repairs.

 Contact your Lake Norman Agent at 704 451 7051 for more information!

See Also:

Our Lake Norman and NC Contract Forms have Changed Again

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