Wilmington, NC Real Estate Blog

365 Things to Do in Greater Wilmington, NC and the Cape fear Region - Day 99 ---- holidays definitely get you off track, but we are back.....  Don't miss the Island of Lights new Years celebration starting at 9pm at Kure Beach Pier, NC. This is free and you will experience the dropping of a giant lighted beach ball......fireworks and a DJ plus dancing.    What fun and tomorrows weather looks pretty mild according to the forecasters.  Be there for the count down...something you won't want to miss.

Here in North Carolina the Residential Sales Offer to Purchase and Contract has been changed again!  For better or worse, it is much more simplified. 

A joint forms task force made up of NC REALTORS, and lawyers from the NC Bar Association have been hard at work for the past eighteen months or so, to create a new form that hopefully will eliminate lots of problem areas.  We will be using what is called a "Due Diligence Period" concept that has been used for several years when purchasing commercial real estate. This new form takes place this January 1, 2011

In a nutshell what this new contract is trying to accomplish is to have two dates...One for the closing date and one for the parties (and more specifically the buyer) to have the ability to unilaterally terminate the contract for ANY reason or for NO reason within a specified period of time (due diligence)

Sounds simple right?  We (REALTORS) are required to take a 4 hour update course on the workings, use, and understanding of this new EASIER contract.  It may be easier and more simple, along with fewer dates, yet it did increase the number of pages to 9.  That's right 9 pages!  Nine pages of legal-ease to purchase a home here in North Carolina.  It used to be 1, one page, however, this is a much needed change, and one that I'm looking forward to. 

What do you think?  Any others using this type of agreement?  Any unforseen problems?  Is it well received (it really doesn't matter....it becomes the law 1/1/2011...if you practice law or brokerage in NC)

Dick Beals