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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.

NC REALTORS® is excited to send a delegation to the 2019 MIPIM Conference

MIPIM is an opportunity for NC REALTORS® to engage with foreign investors, bring new business to North Carolina’s commercial sector, and take the lead on encouraging local and statewide economic development. For more information about the 2019 MIPIM Conference, please visit the conference website at http://www.mipim.com/ . Click here for information about how to sign…

Brilliant Steps to Defuse Arguments with Clients

Learn the right scripts and attitudes to positively resolve disputes with clients.

DEI Organizations

This list of REALTOR® diversity organizations is a resource for those interested in connecting with like-minded real estate professionals who are passionate about diversity, equity and inclusion.

Must the Contract be amended if the Settlement Date changes?

QUESTION: The Offer to Purchase and Contract (form 2-T) states that Settlement will take place on a specified date agreed to by the parties.  An agent in my office has asked me if the parties agree that Settlement will take place on a date other than the date specified in the Contract—either before or after…

Can the “Delay in Settlement/Closing” paragraph be struck from the contract?

QUESTION: I was going over an offer with a seller whose property I have listed.  He’s okay with the financial terms but he does not like the wording in the Offer to Purchase and Contract (form 2-T) that allows a delay in Settlement/Closing of up to seven days.  He doesn’t see why the parties shouldn’t…

What happens if a delayed Settlement deadline falls on a holiday?

QUESTION: Let’s assume the seventh day of the delay period for Settlement/Closing in paragraph 12 of the Offer to Purchase and Contract (Form 2-T) falls on a holiday, thus making it impossible to close that day. Can the parties close on the next available business day without the delaying party being in breach? ANSWER: Technically…

What does it mean if the second box in the “Settlement Date” section of the Agreement to Amend Contract isn’t checked?

QUESTION: We are having a friendly difference of opinion in my office about using the Agreement to Amend Contract (Form 4-T) to revise the Settlement Date in a contract, and the effect of the parties not checking the second box under “Settlement Date.” Most of our agents think the 14-day delay period in paragraph 12…

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…

What happens to a contract after the 14-day delay period has passed?

QUESTION: If a contract written using the Offer to Purchase and Contract (Form 2-T) goes more than fourteen days past the Settlement Date but the buyer and seller are both moving forward to closing in good faith, can the initial contract be extended or does a new contract need to be executed? ANSWER: A contract…

What should a seller do if the buyer delays in delivering the Due Diligence Fee?

QUESTION: I’ve recently had a couple of instances where my listing has gone under contract, there has been a delay in the delivery of the Due Diligence Fee (“DDF”), and  the buyer backs out and refuses to pay the DDF. Can I hold on to the signed contract until the DDF is paid to prevent…

How long can a party delay after a new settlement date is agreed on?

QUESTION: I have one of my listings under contract.  We’re past the Settlement Date and now the buyer’s agent says the buyer needs a new Settlement Date because her lender has been slow in approving her loan.  My seller wants to sell his house to the buyer but he has a back-up contract in place…

How long can the buyer delay closing under Form 580-T?

QUESTION: In July, one of my commercial listings went under contract and we used Form 580-T. Closing was set for September 15th, and shortly before that date, the buyer’s lender informed us that the loan would not be ready. The buyer’s agent has affirmed that the buyer still wants to close, but it won’t be…

COVID-19 Q&A

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

Does Buyer’s Due Diligence Fee get refunded upon Seller’s breach of contract?

QUESTION:  My buyer paid a $750 Due Diligence Fee to a seller. The parties agreed on a Settlement Date in October. However, the closing attorney discovered a title problem and has said that it will take three months to resolve the issue. The buyer does not want to wait that long to close. I know…

Are the prorations of taxes and rents affected by a delay in Closing?

QUESTION: I represented the seller in the sale of a residential rental property that was scheduled to close last Friday. Everything was signed at the closing attorney’s office, the buyer’s loan was funded, and the buyer made their down payment, but the attorney was unable to record the deed and deed of trust until Monday…

Seller obligation to deliver deed no later than settlement

QUESTION: One of my listings went under contract a month ago. The night before the settlement date, the closing attorney’s office contacted me and asked me for the seller’s deed. My client and I had never discussed the deed requirement. We both assumed the buyer’s attorney would handle it. Due to the short notice, my…

Building a Brand Overseas

NC REALTORS® is building North Carolina’s brand overseas through the Global Network and its recent attendance at MIPIM 2018. MIPIM is an annual conference in which attracts the most influential players in international property markets. Established in 1990, the conference attracts worldwide investors, developers, brokers and others representing the office, residential, retail, healthcare, sport, logistics, hotel, redevelopment and industrial sectors…

What happens if a seller who is under contract dies before closing?

QUESTION: I am a listing agent. About six weeks ago, my client entered into a contract to sell her property. Unfortunately, my client died unexpectedly just a few days before the agreed-upon Settlement Date. Her daughter contacted me today and said that she had already initiated the probate process. However, the buyer’s closing attorney has…

Economic Development: New Opportunities for NC REALTORS®

NC REALTORS® is dedicated to providing the means and education to guide our members as they expand their professional interests.

Negotiating the amendment of a contract

QUESTION: My buyer client is under contract. Due to a delay in the loan process, I notified the listing agent that the buyer needed to delay Settlement for two days. The seller demanded that the buyer pay an additional Due Diligence Fee of $1,000.00. I advised the buyer that wasn’t necessary because she is entitled…