Updated February 16, 2022
A North Carolina residential real estate purchase and sale agreement is used by real estate buyers to make an offer to purchase a residence. The form will contain information about the buyer’s offer, the property, and the seller. In addition to giving their offer, the buyer must explain how they will finance the purchase and when their offer expires. The individual selling the property has the option to accept, refuse, or negotiate the agreement until the expiration date. State law also requires that the buyer is given a property disclosure statement that relays information regarding the residence’s utilities and any property defects or hazards. If the seller accepts the agreement, both parties can sign the contract to make the sale official.
Table of Contents |
Realtor Version
North Carolina Association of Realtors – Adobe PDF
Required Disclosures
Lead-Based Paint Disclosure – The sellers of all buildings made prior to 1978 must provide purchasers with a written statement disclosing their knowledge regarding the use of toxic lead-based paint in the building.
Residential Property and Owners’ Association Disclosure Statement (N.C.G.S.A. § 47E-4) – Sellers are required to provide potential buyers with a standardized statement that details the material condition of the property, including the water supply, sewage disposal, heating, and plumbing. In addition, a disclosure of whether or not the property to be conveyed is subject to regulation by one or more owners’ association(s) and governing documents that impose various mandatory covenants, conditions, and restrictions upon the property.
Mineral and Oil And Gas Rights Disclosure (N.C.G.S.A. § 47E–4.1) – The owner of the real property must provide the purchaser a mineral and oil and gas rights mandatory disclosure statement. This requirement applies to transfers of residential real property consisting of not less than one or more than four dwelling units.
Commercial Property
Commercial Purchase Agreement – Use this document between a buyer and seller to purchase commercial property.
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