Hello and welcome. This is Nolan Formalarie with DiscoverNChomes and “Nolan’s News.” And as always, thank you for having us. Today I want to discuss what conveys with a home sale.
The verbiage is actually the same in both the the North Carolina Real Estate Listing Agreement and the Offer to Purchase.
On these forms, on the listing agreement it is on page two, and on the offer to purchase it is on page four. They have several bullet point items of typical things that are considered to convey in a real estate transaction. Some of them are pretty obvious: a light fixture that is attached to the ceiling will convey, something like a ceiling fan in a bedroom will obviously convey because it’s attached. Any built-in appliances in the kitchen, meaning dishwasher, range, built-in microwave, those all convey.
Interestingly enough a refrigerator does not convey, but most sellers will convey that. But then there’s some lesser known items. I always tell sellers and buyers just to be aware of what’s there.
Something that has actually changed, has probably been five, six years ago, maybe even more and we’ve done videos on, is the fuel in a tank.
Here in North Carolina anything that is gas related is run mostly off of a propane tank cause we don’t have natural gas here. So fuel can be expensive. A full propane tank, 200-250 gallon, could have $400 to $600, maybe $700 worth of fuel in it. So I tell my sellers when they go on the market: “do not fill that tank anymore because once you sell, and hopefully you will pretty quickly in this marketplace, that fuel becomes ownership of the buyer.” At closing, we cannot get you reimbursed for that, for the fuel in the tank. So you’ve just given over if you’ve just gotten your tank filled, with the new closed home, $400 to $700 to the buyer.
And another I would say not as well known thing: the TV brackets. Those are actually considered built into the wall. Your TV – a hundred percent is yours. Take it. The TV bracket – not so much! Or the garage door opener, things like that.
So just really read again, page two of the listing agreement, page four of the contract, really read through those items. And as a seller, if you want to exclude something, you have the ability to do that. You literally need to have it though excluded in the contract. And I always tell sellers: “if you’re going to exclude it, replace it.” If you have a family heirloom, a light fixture, a dining room chandelier, or it’s from Tiffany’s, take it down ahead of time and replace it because then it’s just one less obstacle if you will, in the transaction.
As buyers, just make sure that you’re asking for everything you want. Make sure you go through that list because you may want something else that is not considered included, it’s excluded, or it’s not there in the contract and you’re not going to get that item for a full list
If you have any questions, please let me know. I will gladly send you a link or just this page from the offer to purchase or listing agreement.
Thank you for listening. We’ll talk to you soon.
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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.
