Buying a piece of real property in North Carolina could very well be the biggest transaction someone ever completes. They may commit multiple years of their salary toward the purchase price and spend as much as 30% of their monthly income toward house payments.
Making an offer on real property is a major commitment. If a seller accepts their offer, a buyer typically has an obligation to follow through with the transaction or risk the loss of their earnest money. It is, therefore, important that the offer presented provides adequate protection for the buyer.
All too often, individuals buying real property and the agents representing them simply use boilerplate documents that they plug a few details into before submitting them to a seller. Customized real estate paperwork can offer far more protection.
Buyers need to think about every possible risk
So many things can go wrong between when someone tours a property and when the closing actually occurs. The local market could shift, leading to prices dropping significantly. A buyer could lose their job, leaving them unable to secure financing. The seller could damage the property in some way while moving. They might also refuse to vacate the property if they cannot find another home quickly enough.
Buyers will often need to integrate a variety of different contingencies into their offers. The right clauses can protect someone’s earnest money if they cancel the closing due to issues with the inspection, a low appraisal or difficulty obtaining financing. Buyers may also want to include a post-closing occupancy agreement that will protect them from a scenario in which the seller does not leave by the date when they should take possession.
Given that a home purchase is such a large commitment, many people benefit from working with an attorney in addition to a real estate agent. A lawyer can help them draft custom documents that accurately reflect their concerns and needs. A lawyer can also help resolve any issues that arise between closing and the possession date, such as damage to the property that requires some concessions from the seller.
Securing the right support while preparing for a real estate transaction can make a big difference to aspiring homeowners in North Carolina.