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Can a notice sent electronically be “legal notice” under the standard offer to purchase and contract?

QUESTION: My clients have a fully executed contract (Standard Form 2-T), but the buyers have not timely delivered the agreed upon earnest money deposit and due diligence fee. We know we can send a notice to the buyers demanding that they deliver the funds under paragraph 1(d) of the contract. Does the notice have to…

NC REALTORS® COVID-19 STATUS UPDATES

In light of the current situation, it is important that we provide you with updates on the goings-on in the state’s real estate industry. So, we created the STATUS UPDATE page that we will launch every time we feel that it is necessary to get you important information.

July 2023 – Summary of July 2023 Residential Forms Changes

The following residential forms have been revised effective July 1, 2023. A summary of the significant changes to each form is included. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form.

Should You Be Feeling Good or Bad About the New Tax Act?

The Tax Cut and Jobs Act of 2017 could affect your current tax liability and your future retirement. Here’s how.

July 2022 – Summary of July 2022 Residential Forms Changes

The following residential forms have been revised effective July 1, 2022. A summary of the significant changes to each form is included. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form.

What time of day controls if notice is sent from or to a different time zone?

QUESTION: I’ve just read that paragraph 20 of the Offer to Purchase and Contract (Form 2-T) was recently amended to make it clear that electronic notice is considered to have been delivered when it has been sent rather than when it has been received. That got me wondering—suppose a notice of termination of contract is…

CE at Sea

Set sail with NC REALTORS® on one of the most amazing cruise ships for our annual CE at Sea educational adventure.

Greensboro Regional REALTORS® Contributes Key Element to City’s 2040 Comprehensive Plan: Smart Growth Polling

The Greensboro Regional REALTORS® Association (GRRA) gained valuable insight into the housing and transportation priorities of the region’s residents.

July 2021 – Summary of July 2021 Residential Forms Changes

The following residential forms have been revised effective July 1, 2021.  A summary of the significant changes to each form follows the list. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form immediately preceding the summary of the forms. Jointly-Approved Forms (approved by…

Can a departing agent take their clients with them to a new firm?

QUESTION: An agent is leaving my firm and has requested that I let them take their clients with them to their new firm. Do I have to let the agent take their clients? Is the agent allowed to contact the clients and try to take them to the new firm? ANSWER: The answer to both…

Legal Quiz (November 2020)

Test your knowledge of the back-up contract addendum

COVID-19 Q&A

Answers to questions from members across the state regarding the COVID-19 pandemic.

Is an email from a buyer’s agent “terminating” a contract effective?

QUESTION: I have several questions. I am a listing agent and my client signed a contract several weeks ago. I just received an email from the buyer’s agent stating that his client was  terminating that contract. The email was received before the expiration of the due diligence period. Is an email from a buyer’s agent,…

If a sale includes a mobile home, must the Additional Provisions Addendum be used?

QUESTION: I have a question about new wording in paragraph 1(c) of the Offer to Purchase and Contract (Form 2-T) that requires the parties to indicate whether a manufactured home is a part of the sale, and if so, directs them to include the Manufactured (Mobile) Home Provision in the Additional Provisions Addendum (Form 2A11-T).…

Are All Sellers Required to Acknowledge Receipt of the Due Diligence Fee?

QUESTION: My firm listed a property for sale for a husband and wife. After the property went under contract, I received a due diligence check from the buyer’s agent. I gave that agent the “listing agent acknowledgement” which confirmed my receipt of that fee. The next day, one of the sellers (the wife) picked up…

What happens if the DDF check is lost after it’s delivered to the listing agent?

QUESTION: An agent in my office represents a buyer who just went under contract using the Offer to Purchase and Contract (Form 2-T). In accordance with the contract, my agent hand-delivered a certified check for the $5,000.00 Due Diligence Fee to the listing agent shortly after receiving notice that the seller had signed the buyer’s…

July 2022 – Summary of July 2022 Commercial Forms Changes

The following commercial forms have been revised effective July 1, 2022. A summary of the significant changes to each form is included. A marked-up copy of each form showing the exact changes may be viewed by clicking on the name of the form.

Counteroffers and the Effective Date in Standard Form 2-T

QUESTION: Yesterday, I received an offer on Standard Form 2-T for one of my listings. My clients liked all the terms of the offer except that they wanted to be able to stay in the property for six weeks after closing. My clients signed the offer, and I called the buyer’s agent to let them…

Who is authorized to sign a contract on behalf of an LLC?

QUESTION: If a limited liability company (an “LLC”) is selling or buying property, does the contract have to be signed by all of its members? Alternatively, is it sufficient for just one member to sign? ANSWER:  In most cases, the signature of one authorized person will be enough. However, if the transaction involves the sale…

Can a REALTOR® include one of my listings in her print advertising without my consent?

QUESTION:  I recently received a postcard that was sent out by a REALTOR® who lives in my neighborhood (I'll call her "Jane"). The postcard contained a list of 15-20 houses in the neighborhood and identified them as either sold, listed or under contract. While some of the "listed" properties were Jane's listings, many were not.…