Contents
The North Carolina Real Estate Purchase Agreement form is a crucial document for anyone involved in buying or selling property in the state. This form outlines the terms and conditions of the sale, ensuring that both parties have a clear understanding of their rights and responsibilities. Key components include the purchase price, financing details, and closing date, which are essential for a smooth transaction. Additionally, the agreement addresses contingencies, such as home inspections and financing approval, which can protect buyers from unforeseen issues. Other important elements include the legal description of the property and any disclosures required by state law. By carefully reviewing and completing this form, both buyers and sellers can navigate the real estate process with greater confidence and clarity.
Sample - North Carolina Real Estate Purchase Agreement Form
North Carolina Real Estate Purchase Agreement
This Real Estate Purchase Agreement ("Agreement") is entered into by and between ____________________ ("Buyer") and ____________________ ("Seller") concerning the purchase and sale of property located in the state of North Carolina. This Agreement adheres to all applicable state laws, including, but not limited to, the North Carolina Residential Property Disclosure Act.
1. Property
The property subject to this Agreement is located at ____________________ ("Property"). The Property includes the land and all attached improvements and fixtures.
2. Purchase Price and Terms
The purchase price of the Property is ____________________ Dollars ($__________). The Buyer agrees to pay the purchase price as follows:
- Initial deposit: ____________________ Dollars ($__________)
- Remaining balance: ____________________ Dollars ($__________), to be paid at closing.
3. Closing
The closing of this sale shall occur on ____________________, at which time ownership of the Property will be transferred from Seller to Buyer. The closing shall take place at a location mutually agreed upon by both parties.
4. Inspections
Buyer has the right to conduct inspections of the Property within ____________________ days after the Effective Date of this Agreement. Inspections will be done at the Buyer's expense. Following inspections, Buyer must notify Seller of any material defects discovered that Buyer requires to be repaired prior to closing. Should the Buyer fail to provide such notice, Buyer agrees to accept the Property "as is."
5. Title and Title Insurance
Seller agrees to provide clear title to the Property, free of any liens or encumbrances. Buyer may obtain title insurance at their own expense, which will ensure the Property's title is transferable.
6. Default
If either party fails to fulfill their obligations under this Agreement, the non-defaulting party has the right to pursue any remedies legally available to them.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina.
8. Signatures
This Agreement shall be deemed effective upon the signature of both parties.
Buyer's Signature: ____________________ Date: ____________________
Seller's Signature: ____________________ Date: ____________________
File Specs
| Fact Name | Description |
|---|---|
| Governing Law | The North Carolina Real Estate Purchase Agreement is governed by North Carolina General Statutes, particularly Chapter 47. |
| Parties Involved | The form outlines the buyer and seller, clearly identifying both parties involved in the transaction. |
| Property Description | A detailed description of the property being sold is required, including address and legal description. |
| Purchase Price | The agreement specifies the purchase price and any earnest money deposit required to secure the deal. |
| Contingencies | The form allows for various contingencies, such as financing, inspections, and other conditions that must be met for the sale to proceed. |
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