Скачать или смотреть BIC TIP 1056 Understanding the seller’s rights in the NC real estate contract.

n this BIC Tip, the Notorious BIC breaks down what sellers are actually entitled to under the North Carolina Offer to Purchase and Contract (Form 2-T) and common addenda—so you can coach your listing brokers with confidence.

What you’ll learn

Due Diligence basics (seller side): Buyer may terminate for any/no reason during Due Diligence; seller keeps the Due Diligence Fee if that happens. No obligation for seller to agree to repairs or credits unless negotiated in writing.

Earnest Money and default: When buyer fails to perform outside the Due Diligence Period and defaults, seller may have a claim to Earnest Money (subject to escrow/attorney guidance).

Delay in Settlement vs. breach: Settlement Date is a target; a brief, contract-permitted Delay in Settlement is not automatically a breach if parties act in good faith and close within the allowed period.

Property condition & risk of loss: Seller must maintain the property in substantially the same condition; if material damage occurs before Closing/recording, the contract provides options—know what the seller can insist on and what the buyer can elect.

Access & inspections: Seller has a right to reasonable notice and reasonable access terms for buyer’s inspections; invasive testing or repairs need seller consent unless already agreed.

Back-up offers: Sellers may continue to market the property and accept back-up contracts using the Back-Up Contract Addendum; learn how to explain primary vs. back-up positioning.

Possession: No keys before recording. Seller may remain in possession until the deed records unless a written pre/post-closing occupancy agreement says otherwise.

Title matters: Seller’s right to a reasonable opportunity to cure certain title issues within the contract framework before a buyer can walk.

Fees, prorations, & proceeds: What sellers can expect re: prorations (taxes/HOA), closing costs they commonly pay, and typical withholdings/escrows (think FIRPTA/state law—attorney guidance recommended).

Non-delivery of fees/funds: If Due Diligence Fee or Earnest Money is not delivered per contract, seller may have contract remedies—don’t guess; involve the closing attorney and follow firm policy.

BIC coaching cues

Set expectations at listing: explain Due Diligence vs. Earnest Money, inspection access, and “no repairs unless agreed.”

Require all concessions/repairs to be in writing via the proper NC forms; no side promises by text/email.

Train brokers on back-up contracts: how to accept, disclose, and track status without confusing parties.

Document everything: fee receipts, repair receipts, lien waivers, utility cut-offs, occupancy terms.

Coordinate early with the closing attorney on title clearance and any potential withholdings.

Rehearse the script: “Settlement is signing/funding; Closing is recording. Possession follows recording.”

Disclaimers
This video is educational, not legal advice. Always use the current NC forms, follow your firm’s policies, and consult a North Carolina real estate attorney for contract-specific questions. The NC Real Estate Commission enforces the License Law and Commission Rules; stay compliant.

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