This is probably the most difficult step in the FSBO process. When you hire a real estate professional, they meet with buyers and show them the house. Your job is simply to keep the house presentable according to your real estate professional`s instructions, get out of your way, and make the final decision on each contract that may be presented by your real estate professional. When you go FSBO, it`s all up to you. Here`s a short list of a few potential things to watch out for: (a) Browsers – there are plenty of people who just want to browse and have no intention of buying your home. Your function is to waste your time; b) nut cases and criminals – there are also predators looking for victims; and (c) Those who can`t afford to buy your home – Many people, especially first-time buyers, want to buy more home than they can afford. Once the seller and buyer have agreed on the terms of sale, everything that has been negotiated must be recorded in writing and signed by the seller and buyer. Verbal contracts or “handshakes” for the sale of real estate are unenforceable in North Carolina, and no mortgage lender will grant a loan to a buyer without a written contract. A purchase and contract offer for NC is an agreement between two parties in the Real Estate industry in North Carolina. These contracts begin with an offer and become legally binding upon acceptance of the offer. This home sale contract is one of the most important legally binding documents in any real estate transaction.

The North Carolina Association of Realtors develops purchase and contract documents that are used in sales throughout the region. Members of this association have a joint forms committee, which also includes members of the North Carolina Bar Association, which is responsible for developing forms and legal documents. Contracts for the purchase and sale of residential real estate in North Carolina are used by potential real estate buyers to make an offer to purchase a home. The form contains information about the buyer`s offer, the property and the seller. In addition to submitting their bid, the buyer must explain how they are funding the purchase and when their bid expires. The person selling the property has the opportunity to accept, reject or negotiate the agreement before the expiry date. State law also requires the buyer to receive a declaration of disclosure of real estate, transmitting information about the public services of the residence and defects or material dangers. If the seller accepts the contract, both parties can sign the contract to formalize the sale. Names: Correct names of buyers and sellersPersonal apartments: What personal belongings will remain in the house? Personal property is defined as anything that is not attached to the house and that a seller could remove and take away. Purchase Price: The amount of the total purchase price and how that price is to be paid. For example, if a home is sold for a total purchase price of $200,000, the seller may require a down payment of $2,000, with the balance of $198,000 payable at closing. Serious money deposit: how much and who will hold it? Due diligence fee: The latest contract form, used since January 2011, sets a period during which the buyer can terminate the contract at any time and without giving reasons.

The “due diligence” fee is paid by the buyer to the seller to “buy” this time. From the seller`s perspective, the longer the due diligence period should be, the higher the due diligence fees. Financing Contingencies: Previously, this was a contract. Now they are part of the buyer`s due diligence period. Closing costs: It is becoming more and more common for a buyer to ask the seller to pay discount points or a certain fixed amount of the buyer`s closing costs and record these payments in the contract. The Seller may accept such a condition, and the agreed amount will be deducted from the Seller`s proceeds upon closing. Sometimes the seller accepts a number, provided that the purchase price is increased by an amount sufficient to compensate for the “loss” by paying that amount. This is acceptable as long as the property values at least the amount of the increased purchase price. Inspection rights: Unless the property is sold “as is”, the buyer wants to ensure that the property is structurally sound and free of termites before closing the property. The property-related disclosures mentioned in FSBO STEP 4 above are not warranties or guarantees for the buyer, and North Carolina always places the onus on the buyer to inspect a home before the buyer buys it. .