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.
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Meet some of our North Carolina Real Estate Contract Lawyers
Brian J R.
Immigration expert with over 30 years’ experience focused on start-up companies H-1, L-1, E, O-1 visas. PERM and extraordinary ability immigrant visas. Complex family immigration cases and waivers. I also assist early stage comapnies in entity formation and general legal matters for start-up companies in the areas of Telehealth, Technology and International Trade.
September 15, 2023
Sarah F.
Sarah brings together her accounting and legal background to help solve client problems. Sarah couples her broad, general commercial legal background with our client’s international and business problems to arrive at elegant solutions that work for their business.
November 16, 2023
Robert W.
I am an experienced Intellectual Property attorney registered with the USPTO and have managed my solo practice for over a decade. As part of my practice, I handle trademark and patent concerns for my clients. I’ve performed extensive prior art searches, drafted patent applications, and prosecuted patents across a broad range of technologies. I've helped my clients secure protection for both standard character and special form marks across a a variety of classes from candles to dog collars. I believe, as an IP attorney, that I can facilitate the development of new technologies by protecting your rights from infringement or helping you enter the market by establishing those rights from the ground up. More importantly, I believe it should be an open and affordable process that’s accessible to anyone pushing the bounds of innovation.
December 7, 2023
Adam T.
Legal professional with 10+ years of Fortune 500 in-house and AmLaw 50 law firm experience in crafting multi-pronged litigation, regulatory, and public policy strategies and negotiating pioneering, high-stakes global cloud services and digital content distribution deals.
December 8, 2023
Carmen M.
Carmen Joseph Marzella is the founder and Managing Partner of the Marzella Law Group, PLLC. Carmen focuses his practice on providing legal counsel to small and mid-sized businesses, with particular concentration on Franchising, Purchase and Sale of Business, Commercial Transactions, Partnerships and Joint Ventures and Commercial Leasing, and the Purchase and Sale of Commercial Real Estate. Carmen has a diverse background with significant experience in Business and Restaurant Development, Commercial Litigation, Complex Commercial Transactions, Stock and Asset Sales and Acquisitions, Complex Commercial Real Estate Transactions, Real Estate Development, Environmental, and Project Finance. Carmen is frequently consulted regarding the succession of a closely held or family business, estates, estate planning, and trusts. Carmen also provides counsel to Franchisees in a variety of industries on the formation, operation and expansion of their business networks, franchise related disputes, financing, and franchise sales and acquisitions. Carmen has represented clients in numerous states around the country. In addition to his impressive professional credentials, Carmen was a multi-unit franchise owner of Dunkin’ Donuts / Baskin Robbins stores and has served on the Dunkin Brands, Inc. Brand Advisory Council as the Combo-store Representative. He has also served on the Dunkin’ Donuts Regional Advisory Council for the Southeast Region.
February 20, 2024
John V.
Education: Georgetown Law (83), Yale (75- BA in Economics), Hotchkiss School (1970). Practice areas have included commercial litigation, individual litigation, and securities litigation and arbitration.
February 27, 2024
V. Yvette S.
I am a highly skilled attorney, fluent in English and Spanish with 20 years of legal experience and 8 additional years of real estate, project finance, banking, financial, securities, and start-up company experience. I worked 6 years with 2 international law firms and handled extremely complex work for all types of clients, 3 years with a Federal Government Regulator, and 5 years in various compliance management positions at national and international financial institutions. I am licensed in New York and North Carolina. I will handle federal litigation on a non-contingency basis. I also practice Appellate Advocacy for constitutional, employment, consumer, and corporate laws. I am skilled in many different NY and NC laws. I have successfully represented clients with state and federal regulatory investigations. I can help you with the FDA, SEC, OCC, CFPB, FDIC, FR and certain state regulators.
Find the best lawyer for your project
Browse Lawyers NowReal 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
Real 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
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
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.
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Real Estate Purchase Agreement Drafting
Location: Texas
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 4
Bid Range: $745 - $3,000
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