North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0112 - OFFERS AND SALES CONTRACTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  broker acting as an agent in a real estate transaction shall not use a
				  preprinted offer or sales contract form unless the form describes or
				  specifically requires the entry of the following information:
(1) the names of the buyer and
				  seller;
(2) a legal description of
				  the real property sufficient to identify and distinguish it from all other
				  property;
(3) an itemization of any
				  personal property to be included in the transaction;
(4) the purchase price and manner of
				  payment;
(5) any portion of the
				  purchase price that will be paid by a promissory note, including the amount,
				  interest rate, payment terms, whether or not the note is to be secured, and any
				  other terms contained in the promissory note deemed material by the
				  parties;
(6) any portion of the
				  purchase price that is to be paid by the assumption of an existing loan,
				  including the amount of such loan, costs to be paid by the buyer or seller, the
				  interest rate and number of discount points and a condition that the buyer must
				  be able to qualify for the assumption of the loan and must make every
				  reasonable effort to quality for the assumption of the loan;
(7) the amount of earnest money, if any, the
				  method of payment, the name of the broker or firm that will serve as escrow
				  agent, an acknowledgment of earnest money receipt by the escrow agent, and the
				  criteria for determining disposition of the earnest money, including disputed
				  earnest money, consistent with Commission Rule .0116 of this
				  Subchapter;
(8) any loan that must
				  be obtained by the buyer as a condition of the contract, including the amount
				  and type of loan, interest rate and number of discount points, loan term, and
				  who shall pay loan closing costs, and a condition that the buyer shall make
				  every reasonable effort to obtain the loan;
(9) a general statement of the buyer's
				  intended use of the property and a condition that such use must not be
				  prohibited by private restriction or governmental regulation;
(10) the amount and purpose of any special
				  assessment to which the property is subject and the responsibility of the
				  parties for any unpaid charges;
(11) the date for closing and transfer of
				  possession;
(12) the signatures of
				  the buyer and seller;
(13) the date
				  of offer and acceptance;
(14) a
				  provision that title to the property must be delivered at closing by general
				  warranty deed and must be fee simple marketable title, free of all encumbrances
				  except ad valorem taxes for the current year, utility easements, and any other
				  encumbrances specifically approved by the buyer or a provision otherwise
				  describing the estate to be conveyed with encumbrances, and the form of
				  conveyance;
(15) the items to be
				  prorated or adjusted at closing;
(16) who shall pay closing
				  expenses;
(17) the buyer's right to
				  inspect the property prior to closing and who shall pay for repairs and
				  improvements, if any;
(18) a
				  provision that the property shall at closing be in substantially the same
				  condition as on the date of the offer (reasonable wear and tear excepted), or a
				  description of the required property condition at closing;
(19) a provision setting forth the identity
				  of each real estate agent and firm involved in the transaction and disclosing
				  the party each agent and firm represents; and
(20) any other provisions or disclosures
				  required by statute or rule.