The real estate landscape is ever-evolving, and staying informed about the latest changes is crucial for both buyers and sellers. In a recent video by Nolan from Discover NC Homes and Nolan’s News, some noteworthy changes to North Carolina’s real estate contracts were discussed. These alterations have been introduced by the North Carolina Real Estate Commission to provide clarity, protect consumers, and address issues that have arisen in the past. In this article, we’ll delve into the key changes Nolan highlighted in the video.
- Due Diligence and Earnest Money (Page 2):
One of the prominent changes focuses on the due diligence and earnest money clauses. The revisions now provide a much clearer description of when and how due diligence and earnest money should be delivered. This clarity is especially important as delays in the delivery of these funds can cause complications in real estate transactions.
- Included Property Features (Page 4):
Another change pertains to what is included in the contract. While it’s common knowledge that fixtures attached to a house are part of the sale, the new additions to the contract include attached exercise equipment and rain barrels or attached water features for landscaping. These additions might seem minor, but they serve to avoid misunderstandings during transactions.
- Lease on Residential Property (Page 9):
Page 9 introduces a checkbox that requires parties to specify whether there is a current lease on a residential property. This change likely stems from past issues where the presence or absence of a lease became a source of contention.
- Governmental Compliance (Page 10):
One significant change involves the addition of a paragraph on governmental compliance. This means that the contract now explicitly addresses whether the property is violating zoning restrictions or any other government standards. This change likely reflects a need to ensure that all properties adhere to regulatory standards.
- Property Contents (Page 12):
Page 12 of the contract now specifies the items that should be included with the property at closing. In addition to keys and garage door openers, the contract lists amenity passes, mailbox keys, and key fobs for community access. These specific inclusions are intended to prevent disputes about what should be transferred with the property.
Real estate contracts are dynamic documents that adapt to the evolving needs and challenges of the market. The changes highlighted in this article reflect North Carolina’s commitment to transparency, clarity, and the protection of all parties involved in real estate transactions. Staying informed about these changes is essential for anyone navigating the real estate market in North Carolina. For more information or if you have questions about these changes, reach out to a trusted real estate professional in your area.
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About Nolan Formalarie
Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.
