You are ready to make an offer and you have many questions. Hopefully this will help.
Offer Price: What a buyer is willing to pay for the property
Contract Price: What a seller agrees to accept by signing the buyers Offer to Purchase.
Due Diligence Fee: This is non-refundable money paid directly to the seller. This money does go toward the purchase. Paid by certified bank check (no cash) and must be from the buyer’s account if there is a mortgage loan. Lenders require a paper trail to make sure the money came from the borrower.
Earnest Money Deposit: The earnest money deposit may be refunded to the buyer if the buyer terminates the purchase contract in writing before 5:00 on the “Due Diligence Date”. Paid by check (no cash) and must be from the buyer’s account if there is a mortgage loan. Lenders require a paper trail to make sure the money came from the borrower.
Due Diligence Date: This is a negotiable date on the contract. During the due diligence period the buyer should have the home inspected and appraisal. This is also the time to make sure that the mortgage loan is moving forward and the lender has everything needed for a successful loan closing. The buyer must communicate with their lender to make sure the appraiser goes out in a timely manner and that the appraisal comes back before the due diligence date. Legally the lender does not have to talk to the buyer’s Realtor. The buyer is the client of the lender and there are privacy laws in place to protect the buyer.
Closing or Settlement Date: This is the day that you sign at the closing attorneys office or in front of a notary in the event of a “mail away” closing. The property is not transferred to the buyer until the attorney records the deed at the courthouse. Signing at the attorney’s office is not the official closing. The deed must be recorded and then the keys are available to the buyer. The buyer’s closing attorney represents the buyer and there are privacy laws in place to protect the buyer. Never assume the closing attorney has informed the Realtor of anything. The attorney’s loyalty is to their client.
Can a buyer back out of the NC Offer to Purchase? Buyer please consult your closing attorney as they represent you in the purchase of the property and only an attorney can interpret legal documents.
Can a seller back out of the NC Offer to Purchase? Please consult an attorney that represents you as a seller and one that does not represent the buyer. If you plan to back out of a contract it is very important to have legal representation as a seller.
The Carswell Team consists of the following team members to serve you:
Paul Carswell 828-228-2111 Paul@CarswellTeam.com
Meredith Miller Carswell 828-850-1732 Meredith@CarswellTeam.com
Tina Bayonet 612-219-5400 Tina@CarswellTeam.com
Kimberly Lingerfelt Rogers 828-446-3661 Kimberly@CarswellTeam.com