Selling A Home In North Carolina
North Carolina is considered the longest state being 560 miles long. The place has many museums for kids and adults alike and has more than 200 waterfalls to boot.
The state’s real estate market continues to be strong despite a drop in residential closings. Home sellers in North Carolina are offering very competitive prices and are maintaining their homes in good shape. Real estate professionals in the capital Charlotte confirm incentives as well as a more flexible closing date are also being offered.
Consulting a lawyer on the various aspects of the selling process is a good start before putting up that home for sale by owner signage on your front yard. This is to keep you informed about the issues involved notably on the legal and financial aspects of a transaction. Doing this will also give you the confidence in dealing with potential buyers.
From there, you may start repairing the defective parts of your home. This is in preparation for the showing process to potential buyers. If needed, repaint the interior and exterior of your home, reorganize your furniture and other appliances, remove clutter from your yards as well as in the attic and basement. Remember that many buyers consider their first impressions in purchasing a home.
Real Estate Forms needed
In making transactions related to properties in North Carolina, you need to accomplish the appropriate real estate form. Approved by the North Carolina Association of Realtors, these forms are used in all real estate deals that involve either residential or commercial properties whether for sale, lease or rent.
The main real estate forms in this state are similar to those used in other parts of the U.S. These are the sales and purchase agreement forms, residential lease agreement with option to purchase as well as the offer and acceptance agreements. However, forms specific only to North Carolina include residential rental and/or lease agreements, quit claim deeds, eviction and warranty notices.
Sellers in North Carolina are required by law to provide buyers with residential property disclosure documents that describe the condition of their homes. Lead paint disclosures and the lead paint pamphlet are required as well for houses built before 1978. They may also be asked to pay for several fees such as the attorney’s fee, tax stamps (excise tax based on sales price), prorated property taxes, property association dues, unpaid loan or fees for the transfer of funds into a checking account and other costs the seller and the buyer have agreed to share.
Contracts concerning the sale of a real property must always be in writing. It is, therefore, important to consult your lawyer beforehand on various aspects of the sale of your home. Legal documents and financial matters are vital issues that should not be taken for granted. The seller must ensure that the title to his or her property is clean and free from defects.
A contract normally binds the seller and the buyer in any real estate transaction. As the seller, you are then responsible for conveying the property to the buyer according to the terms and conditions of the contract. Failure to do so may lead the buyer to sue you for breach of contract. You may be sued for either damages or for specific performance.
Closing the deal
During the closing, the ownership of a real estate deed is transferred from the seller to the buyer. The deed also stipulates a legal description of the property. The buyer then pays the seller the remaining balance of the purchase price and the real estate deed is then registered. The registration of the deed establishes ownership and informs other buyers of the transfer. In some areas, the closing is also referred to as the settlement or escrow.
The typical time frame in closing a deal is between 30 and 45 days from the date a purchase agreement was reached. The reasons behind this are the time to obtain financing, conduct a home inspection, get an appraisal and for the seller to move out of the home. Real estate experts reveal that closing the transaction longer than two months after the sale agreement may be a disadvantage to the buyer due to an increase in interest rates. There’s a chance that the buyer may not afford the home because of a longer waiting period.
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