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A contract for selling a home is a legally binding agreement and one of the most important documents in a real estate transaction.
Most of the Raleigh home sales are written with contracts developed by the North Carolina Association of REALTORS. These forms are developed by a Joint Forms Committee which is made up of members of the North Carolina Association of REALTORS and members of the North Carolina Bar Association.
When you find a home that you decide you would like to buy, a Raleigh Real Estate agent will go over all the terms and conditions of buying a home in Raleigh. Your agent will then write your offer on a form titled "Offer to Purchase and Contract." Your offer will include, of course, the price you are choosing to offer, plus other very important aspects of your offer. These will include items and issues such as: Due Diligence fee and time period, Earnest Money, Settlement date, any personal property that the seller will or will not leave with the home, loan conditions, requests for closing cost, or home warranty. Your offer may also include additional addendums that are specific to the home like HOA conditions and fees, any assessments on the property, and various other aspects which may pertain specifically to your offer.
This form is 14 pages long, without any addendums. It is very detailed and extremely important. Your Raleigh Realtor should be very familiar with this form and therefore, be able to go over all parts of it with you.
Your agent will present this form to the seller's agent, who will go over it, in detail, with the sellers. At this point it is simply an offer from you to buy the seller's home.
The home owners who are selling a Raleigh home have options when they receive your offer. They can accept your offer as it is written, they can reject the offer completely, or they can say, "I agree with these things - but not those things."
If the seller decides to change any aspects of your offer, a counter offer will be prepared. The seller's agent will deliver the seller's counter offer to your agent who will go over it with you in detail.
This now is one of the negotiation periods where the offer may go back and forth a couple of times. It is critical that you have a Raleigh Real Estate agent who is a stellar negotiator and is able to champion your offer.
Once all aspects of the offer have been agreed upon, the buyer will sign the agreement followed by the seller's signature. When both sides have signed and dated, and, if applicable, your checks for earnest money and due diligence fee are delivered to the seller's agent, the offer it is said to be "executed." When an offer is executed it becomes a contract. This contract is legally binding to both sides - buyers and sellers.
Periodically the Joint Forms Committee will make changes to the NC Offer to Purchase and Contract. Changes may result because of changes in the law or to better define aspect of the form. It is very important to make sure that the most current form is being used.
Click on the link below for a sample of the most current Offer to Purchase and Contract. It is a good idea to read over this contract if you're thinking of buying a home in Raleigh or selling a home in Raleigh. It will give you a "heads up" on this aspect of the process.
Again there are a plethora of addendums that can, or must accompany an offer to buy a home. Some of the more common addenda are: Additional Provisions, Contingent Sale, Back-up Offer, FHA/VA, Lead Based Paint, Short Sale, and Aircraft Noise, etc.
When buying a New Construction home in Raleigh there may be different "Offer to Purchase" forms that specific builders will require.
Buying a home has become a process which includes an incredible amount of required forms. Make sure you have an excellent and experienced Realtor to walk you through this paper maze. One great team to call is the Erin Bohner Team, 919-280-2726.
