![]() ![]() ![]() The contingencies. Most offers have contingencies - provisions that must be met for the transaction to go through, or the buyer is entitled to walk away from the deal with their earnest money. Therefore, the higher the earnest money, the stronger the offer.Ģ. If a buyer tries to back out of an offer for no good reason, the seller typically keeps the EMD. This money, which is typically held by a title company, will go toward the buyer’s down payment at closing.Ī standard EMD is 1% to 3% of the cost of the home (so, that would be $2,000 to $6,000 on a $200,000 house). The EMD is the sum of cash the buyer is offering to fork over when the sales agreement is signed to show the person is serious (i.e., “earnest”) about buying your home. The earnest money deposit. One important consideration when weighing an offer is the size of the earnest money deposit. When vetting offers, evaluate these five areas in addition to price:ġ. But the offer price isn’t the only thing worth considering. Your first instinct may be to just pick the highest bid on the table. You’ve gone through the time-consuming process of setting your asking price, staging your home, promoting your listing, and preparing for open houses - and should be rewarded for your efforts. Want to fetch top dollar for your home and walk away with as much money in your pocket as possible? Of course you do. ![]() 5 Important Things - Other Than Price - to Consider When Evaluating an Offer Your listing agent will have a sense of what you want financially and personally - and can help you determine whether the offer at hand satisfies those goals.īefore the first offer rolls in, here’s what you need to know about the offer evaluation process, including the main factors that should go into making a decision - accept or reject? - with your agent. Or, conversely, you may prefer speed over price, particularly if you’re moving to a new city. One buyer’s beautifully high offer might not look so good anymore, for example, if you discover that it’s contingent upon you moving out a month earlier than planned. They will understand and help you suss out the merits and faults of an offer because - believe it or not - it’s not always about price. ![]() Your listing agent will be a big help here. This requirement applies to transfers of residential real property consisting of not less than one or more than four dwelling units.Ĭommercial Purchase Agreement – Use this document between a buyer and seller to purchase commercial property.The day will come - and it will be a wonderful, joyous, do-a-happy-dance day - when you receive an offer, or multiple offers, for your home.Īnd on that day, you’re going to face a question you may not have previously considered: How do you know if an offer is the best one for you? 1) – The owner of the real property must provide the purchaser with a mineral and oil and gas rights disclosure statement. Mineral, Oil, and Gas Rights Disclosure ( N.C.G.S.A. § 47E-4) – Sellers are required to provide potential buyers with a standardized statement that details the material condition of the property, including the water supply, sewage disposal, heating, and plumbing. Property Disclosure Statement ( N.C.G.S.A. Lead-Based Paint Disclosure – The sellers of all buildings made prior to 1978 must provide purchasers with a written statement disclosing their knowledge regarding the use of toxic lead-based paint in the building. In addition, the seller is obligated to complete and give the buyer a Disclosure Statement that includes basic information on the property. The agreement will be binding when the seller has signed and acceptance has been received by the buyer. It will include the terms and conditions of the transaction including the closing date, due diligence period, earnest money deposit, and any contingencies regarding the sale. A North Carolina purchase agreement is a legal document used by a buyer to make an offer to acquire real estate. ![]()
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