The purchase agreement is a legal document used between the seller and the buyer to determine the conditions under which the seller will sell, and the buyer will buy a certain item.
Although the document itself doesn’t transfer any legal rights between the seller and the buyer, it is useful for providing all the terms and conditions related to the sale and purchase, which prevents potential misunderstandings and disputes in the future.
North Carolina Purchase and Sale Agreement Form
You should use the North Carolina purchase agreement for any transfer where the purchase price is over $500 or if there are a lot of conditions that must be met before the transfer can be completed.
The North Carolina purchase agreement is also known as:
Other Names for North Carolina Purchase and Sale Agreement Form
North Carolina purchase and sale agreement
North Carolina sale and purchase agreement
North Carolina sale and purchase contract
North Carolina purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in North Carolina.
Purchase Agreement North Carolina Laws & Requirements
According to the legislation, there are no prescribed guidelines for the format of a North Carolina purchase agreement. However, it is important to include certain disclosures in the purchase agreement template when completing a real estate transaction in North Carolina.
Purchase Agreement Required Disclosures in North Carolina
Here, you can find a list of disclosures required by the North Carolina legislature when drafting the real estate purchase agreement:
Lead-Based Paint Disclosure: Every seller is obligated by 42 U.S. Code § 4852d to inform the buyer about the lead-based paint hazard on the property. This applies to all the properties built before 1978 and to the properties with a known lead-based paint hazard.
Property Disclosure Statement: Every seller is required to fill out and submit the standardized form to the buyer. This form provides all the details about the property's condition, including information about the property’s water supply, sewage disposal, heating, and plumbing. (§ 47E-4)
Common Types of Purchase Agreements in North Carolina
This section provides all the types of purchase agreements used in North Carolina:
Types of Purchase Agreements
Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in North Carolina.
Stock purchase agreement. This type of purchase agreement form is used for selling the stocks of companies.
Purchase Agreement in North Carolina FAQ
Yes, the North Carolina purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, a North Carolina sales agreement needs to state the purchase price. The reason for this is that the purchase price is the main obligation of the buyer, and without it, the purchase agreement won’t be effective.
No, the North Carolina purchase and sale agreement doesn’t have to be notarized because the document itself doesn’t transfer any legal rights between the parties.
Yes, the seller can back out of the North Carolina purchase agreement. However, the only situation in which the seller can back out without consequences is if the buyer fails to meet the contingencies set out in the document.