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Updated April 18, 2024

A North Carolina land contract documents the terms of a vacant land purchase and sale agreement between two parties. The buying and selling parties must create this contract through negotiating offers, ultimately reaching mutual terms such as the agreed-upon purchase price and any financial contingencies. The agreement must also include all relevant legal descriptors of the land/lot as they appear on the deed. Upon finalizing a deal, the parties will schedule a date to transfer the deed and execute the ownership transfer — a date known as “closing.” Both parties will sign the contract into effect at closing, and the seller will sign over the deed to the new owner.

Supplemental Information

Private Streets Disclosure Statement – A seller of real estate must provide potential buyers with this disclosure statement regarding the status (whether public or private) of the street upon which the property or lot front.^[1]
Where to Record? – Deeds must be filed and recorded with the Register of Deeds located in the county where the real estate is situated.^[2]