North Carolina Real Estate Contract: Different Types and Key Terms to Include
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- Avg cost to draft a Real Estate Purchase Agreement: $860.00
- Avg cost to review a Real Estate Purchase Agreement: $620.00
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What is a North Carolina Real Estate Contract?
A North Carolina real estate contract, sometimes called a residential real estate purchase and sale agreement, is a contract that is negotiated between a buyer and a seller to facilitate the sale of property. Real estate contracts are most commonly used when purchasing an existing residential home, but can also be used for purchasing commercial property, investment property, and renting property.
A real estate contract lays out the terms and conditions that both parties must abide by in order to finalize the sale. Each party has rights and obligations under a real estate contract. For example, a buyer must meet certain contingencies like securing financing and completing a home inspection. Likewise, the seller is obligated to provide the buyer with information about the property by filling out a property disclosure statement.
Property disclosure statements are required to be included in a real estate contract under North Carolina law. In addition, the seller must also provide a lead-based paint disclosure and a mineral, oil, and gas rights disclosure.
Common North Carolina Real Estate Contracts
The most common North Carolina real estate contract is the residential purchase agreement. The standard contract form used by most realtors is called the North Carolina Association of Realtors Purchase Agreement. This contract is approved by the Association of Realtors as well as the North Carolina Bar Association.
If the transaction doesn’t involve residential real estate, a different contract will need to be used for the sale. Other common contracts include:
- Commercial property purchase agreement. Used when buying or selling a commercial property that is zoned for business purposes like an office building or storefront.
- Real estate assignment contract. Used when purchasing properties for investment purposes. A reassignment contract allows the buyer to assign the contract to a secondary buyer.
- Lease agreement. Use when a property owner wants to retain ownership rights of the property but allow a tenant to rent the property in exchange for monthly payments.
4 Essential Elements of a North Carolina Real Estate Contract
All contracts in North Carolina require essential elements to be upheld in court and considered enforceable. This is also true for real estate contracts. The 4 essential elements of a North Carolina real estate contract are:
- An offer made by the buyer and acceptance of the offer by the seller.
- Consideration or the exchange of items of value like money in exchange for a house.
- The identity of all parties involved, and all parties must be legally competent to enter the agreement.
- The contract must be in writing and be signed by all parties.
If a real estate contract is missing even just one of these elements, it will be deemed void in a North Carolina court and unenforceable. It is highly recommended that parties entering a real estate contract have their contract reviewed by an experienced real estate attorney. A real estate attorney will ensure that the contract includes all necessary information and abides by all applicable laws.
What is a Real Property Contract in North Carolina?
A real property contract is a contract that is executed between a real property contractor and another party for the purpose of services to real property for capital improvement. A capital improvement is a permanent structural alteration or repair to real property that increases the property’s value.
A real property contract differs from a real estate contract because a real estate contract is used when buying and selling a property while a real property contract is used to make improvements to a property to increase the value.
Frequently Asked Questions
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Arkansas Review a real estate contract to make sure I am protected as a seller. Review
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Meet some of our North Carolina Real Estate Contract Lawyers
Kimbrelly K.
Attorney Kegler has been licensed to practice law in the State of North Carolina since 1998. Over the years, she has worked in firms that focused on small business financing, initial startup formation, to starting several businesses of her own with bootstrap financing to venture capital funding. As a Certified Dream Manager, she couples the skills of listening to understand the big picture to get to solutions that not only fit today's needs but also the long term needs of her entrepreneurial clients.
"Kimbrelly was very communicative and easy to work with, she did an amazing job helping me with my graphic design contract!"
Jonathan M.
Owner and operator of Meek Law Firm, PC. Meek Law Firm provides comprehensive business law representation, precise and informed representation for real estate transactions in the commercial and residential markets of North and South Carolina and efficient succession and estate planning for business owners and individuals.
"He educated and did a through job with making sure that all the bases were covered in the contract reviewed. I do hope to work with again."
Shelia H.
Shelia A. Huggins is a 20-year North Carolina licensed attorney, focusing primarily on business, contracts, arts and entertainment, social media, and internet law. She previously served on the Board of Visitors for the North Carolina Central University School of Business and the Board of Advisors for the Alamance Community College Small Business Center. Ms. Huggins has taught Business and Entertainment Law at North Carolina Central University’s law school and lectured on topics such as business formation, partnerships, independent contractor agreements, social media law, and employment law at workshops across the state. You can learn more about me here: www.sheliahugginslaw.com www.instagram.com/mslegalista www.youtube.com/mslegalista www.facebook.com/sheliahuugginslaw
"I am very grateful for Ms. Huggins unwavering support through my ordeal. Ms. Huggins' showed a deep understanding of my personal situation and demonstrated empathy throughout the legal process. This helped me a great deal to get through this difficult time. I highly recommend this law firm."
Ryan D.
Ryan Duffy is a skilled attorney with extensive experience in business law and estate planning. He received his undergraduate degree in Business from Franklin & Marshall College and went on to graduate from Villanova University Charles Widger School of Law. Ryan has worked with numerous clients on matters ranging from business formation and contract drafting to estate planning and asset protection. He is dedicated to helping businesses of all sizes achieve their goals while minimizing legal risks. He also works closely with individuals and families to help them protect their assets and plan for the future. With his extensive knowledge and practical approach, Ryan can provide valuable legal guidance and support to clients in need of business law and estate planning services.
"Awesome work, really put my mind at ease during a contract dispute with a major company."
April 17, 2023
Andrew M.
Business Venture Law: Andrew Moore, Esq. focuses on solving modern business problems with common sense at affordable rates.
May 9, 2023
N'kia N.
I am a business law attorney, a business and entrepreneurship coach, and a small business owner. As an attorney, I have handled a wide range of business-related matters, including disputes involving construction, employment, intellectual property, landlord-tenant, ownership interest, professional licensure, and real estate. I am skilled at drafting demand letters and settlement agreements, as well as negotiating business buyouts, purchases, and sales. My special interests include: - employee handbooks; - independent contractor agreements; - protective/restrictive covenants (such as confidentiality agreements/non-disclosure agreements, non-competition agreements, and non-solicitation agreements); and -severance agreements. *** Any reference to a "FREE consultation" is for "Discovery Call" (legal information and/or information about my services). [All calls by appointment only.]
May 21, 2023
Maria M.
I have worked for over 20 years in the areas of family law, business formation, contracts and real estate law. In the area of family law, I represent clients in all areas of family law including child custody, child support, spousal support and marital property division as well as preparing prenuptial and separation agreements. I am experienced in real estate law, including commercial and residential leases, preparing various types of real estate related contracts. I am also experienced in business formation among other business law matters. I currently work in the area of grant management with the Small Business Administration.
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Browse Lawyers NowLawyer Reviews for North Carolina Real Estate Contract Projects
Review Real Estate Purchase Agreement
"Very knowledgeable and helpful. We would work with him again ."
Review Real Estate Contract for Land Purchase
"Scott was very responsive, professional and provided an efficient review of a land purchase contract. Good communication throughout. Always offered to discuss his suggestions."
Draft Real Estate Purchase Agreement Contract
"Dolan did incredible with my Purchase Agreement contract. He was extremely timely and efficient in his work and I greatly appreciate how quickly he was able to get this done for me and my fiance. Thank you!!"
Purchase Agreement Contract Review
"Anna C was an absolute pleasure to work with. She added language that protected us beyond what we could've imagined, was very responsive and so helpful. 10/10 recommend."
Reply From Anna C.
Thank you very much — I really appreciate the review and the opportunity to work with you on this transaction. I’m glad I was able to help strengthen the agreement in a way that gave you added protection and practical clarity. You were a pleasure to work with as well, and I truly appreciate the recommendation.
View MoreReal Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
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