Once all the documents are signed, the final lawyer collects the graduation funds from the buyer. Funds must take the form of a bank transfer, certified fund, cash or other equivalent “cash” funds in accordance with the North Carolina Good Funds Settlement Act. Once the final attorney is satisfied that he has the right height and nature of the fence funds and that all documents have been duly signed and notarized, the final attorney will update the title and register the documents in the County Register of Deeds (in the county where the property is located). The final lawyer will not distribute the net proceeds of the sale to the seller until all this has been done. The FSBO seller must ensure that it asks the final counsel when the seller can reasonably expect to receive the seller`s net proceeds. Since 1977, the standard form for entering into a real estate contract in North Carolina has been Form No. 2 (also known as North Carolina Association of Realtors Standard Form No. 2). The form is entitled “Offer to Purchase and Contract” and becomes a fully binding contract once it has been signed by both the buyer and the seller.
The contract form is copyrighted as a joint effort of North Carolina attorneys and real estate professionals and is therefore not available for download from the Internet. An FSBO seller may be able to save empty copies of a lawyer or broker`s form in North Carolina, but our recommendation is that an FSBO seller get in touch with a real estate attorney in North Carolina. The lawyer can meet with the seller of the FSBO to go through the contractual process, fully understanding that the lawyer will design the final version of the contract. Many FSBO sellers bypass MLS and online advertising and simply advertise with direct traditional methods, such as newspaper and magazine ads and an FSBO sign on the farm Once the contract has been fully concluded and written, it must be reproduced in at least four (4) equivalents – one for the buyer. Seller, lender of the buyer and the person who holds the serious deposit. The buyer is then required to strive to meet all conditions such as financing and inspections. The mortgage process can take anywhere from a week to six weeks depending on the property and the borrower, and the buyer may not be able to qualify for the mortgage needed to close it. . .