Real Estate Q&A Series

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Real Estate Q&A Series ·

What documents prove heirship and standing to challenge a tax foreclosure on recently inherited property? – NC

What documents prove heirship and standing to challenge a tax foreclosure on recently inherited property? – North Carolina Short Answer Under North Carolina law, an heir generally has standing to challenge a tax foreclosure if that heir can show a present ownership interest in the property. Documents that usually prove heirship and standing include a…

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Real Estate Q&A Series ·

How can I evaluate whether the buyer’s offer terms are fair, including price, contingencies, and closing timeline? – NC

How can I evaluate whether the buyer’s offer terms are fair, including price, contingencies, and closing timeline? – North Carolina Short Answer Under North Carolina law, a fair purchase offer is one that reflects current market value, uses reasonable contingencies, and allows enough time to satisfy inspections, title work, and loan requirements before closing. Price…

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Real Estate Q&A Series ·

What happens next after a buyer terminates a real estate contract, and do I need to sign anything to finalize it? – NC

What happens next after a buyer terminates a real estate contract, and do I need to sign anything to finalize it? – North Carolina Short Answer Under North Carolina law, once a buyer validly terminates a standard residential real estate contract, the contract itself usually ends without the seller having to sign anything just to…

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Real Estate Q&A Series ·

What contract terms and contingencies should I negotiate, like inspection, appraisal, financing, and earnest money? – NC

What contract terms and contingencies should I negotiate, like inspection, appraisal, financing, and earnest money? – North Carolina Short Answer In North Carolina, key residential purchase contract terms to negotiate include inspection rights and repair options, appraisal and financing contingencies, the mix of earnest money and due diligence fee, closing and occupancy dates, and seller…

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Real Estate Q&A Series ·

What disclosures about the property’s condition do I need to make to the new buyer, and what happens if something changes before closing? – NC

What disclosures about the property’s condition do I need to make to the new buyer, and what happens if something changes before closing? – North Carolina Short Answer In North Carolina, most residential sellers must give the buyer three written disclosure forms about the property’s condition, any owners’ association, and any severed mineral or oil…

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Real Estate Q&A Series ·

Can I negotiate inspection, appraisal, and financing contingencies to better protect me, and how should they be written? – NC

Can I negotiate inspection, appraisal, and financing contingencies to better protect me, and how should they be written? – North Carolina Short Answer In North Carolina, the parties may negotiate inspection, appraisal, and financing terms in a residential purchase contract, but the standard form contract already handles most of these through the “due diligence” structure…

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Real Estate Q&A Series ·

What happens if I accept the offer and the buyer backs out or can’t get financing—what are my options with the earnest money and contract remedies? – NC

What happens if I accept the offer and the buyer backs out or can’t get financing—what are my options with the earnest money and contract remedies? – North Carolina Short Answer Under North Carolina law, what happens with the earnest money and contract remedies depends mostly on the written purchase contract and on why and…

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Real Estate Q&A Series ·

What documents and timeline should we expect to get the property under contract and through closing with the new buyer? – NC

What documents and timeline should we expect to get the property under contract and through closing with the new buyer? – North Carolina Short Answer In North Carolina, a typical residential sale moves from a signed offer to purchase and contract, through a due diligence period with inspections, loan and title work, and then to…

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