North Carolina Realtor MUST WATCH - 2023 Contract Updates

Join me as I go page-by-page through the latest updates to the North Carolina Standard Offer to Purchase for Real Estate. If you're a realtor or involved in residential real estate sales in North Carolina, this video is a must-watch.

Some of the key changes that have been made:

Addition of Checkboxes: Checkboxes have been added to indicate whether the sale will include an off-site and/or separate septic lot, boat slip, garage, parking space, or storage unit. This addition aims to prompt agents to have earlier discussions with their clients about these issues and avoid last-minute closing issues.

Clarification on Fixtures: Due to disputes arising from in-home exercise equipment being considered fixtures, specific items are now listed to clarify that any attached equipment will be transferred to the buyer at closing. This change aims to facilitate discussions between agents and their clients.

Material Encumbrances: Language has been clarified to state that the seller only needs to convey the property free of any material encumbrances. This change aims to prevent buyers from using immaterial encumbrances to back out of the contract after due diligence.

Lease Disclosure: A new paragraph has been added to inform all parties and the closing attorney whether the property is subject to a lease. This supplements the existing representation in paragraph 13.

... and much more!