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THIS CONTRACT FOR SALE OF REAL ESTATEThis Contract for Sale of Real Estate (“Contract”) is made on this ______ day of ________, 20______ (“Effective Date”), by and between the undersigned purchaser, ______________________________ (“Buyer”) and the undersigned seller, ______________________________ (“Seller”).
1. PROPERTYSeller agrees to sell and Buyer agrees to buy the property located at _____________________, North Carolina, and legally described as ______________________ (“Property”).
2. PURCHASE PRICEThe purchase price is ______________________ dollars ($_______), payable as follows: ______________________.
3. EARNEST MONEYUpon execution of this Contract, Buyer shall deposit earnest money in the amount of ______________________ dollars ($_______) with ______________________ as escrow agent.
4. CLOSING DATEThe closing of the sale shall occur on ______________________ at ______________________ or as otherwise agreed by the parties.
5. POSSESSIONSeller shall deliver possession of the Property to Buyer at closing, free and clear of all occupants and personal property, unless otherwise agreed in writing by Buyer and Seller.
6. TITLE AND DEEDAt closing, Seller shall deliver to Buyer a deed conveying marketable title to the Property, free and clear of all encumbrances, liens and defects except as otherwise provided in this Contract.
7. CONDITION OF PROPERTYSeller represents to the best of their knowledge that the Property, including all improvements, are in acceptable operating condition and repair, unless otherwise specified in this Contract.
8. INSPECTIONSIn accordance with North Carolina law, Buyer shall have the right to conduct any and all inspections of the Property and to review any and all information and documentation pertaining to the Property that Buyer deems necessary or desirable.
9. RISK OF LOSSRisk of loss for the Property shall remain with Seller until the closing and delivery of the deed.
10. GOVERNING LAWThis Contract shall be governed by and construed in accordance with the laws of the State of North Carolina.
11. ENTIRE AGREEMENTThis Contract contains the entire agreement of the parties and there are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Contract. By their execution, the parties have demonstrated that they have read, understood, and agreed to the terms and conditions of this Contract. ______________________ Buyer ______________________ Date ______________________ Seller ______________________ Date
In addition to understanding the specifics of a Contract For Sale Of Real Estate In North Carolina, it is also crucial to familiarize yourself with the intricacies of a Contract For Deed Template in North Carolina. Similarly, if you’re considering leasing a property, you should review a Contract For Rental Property in North Carolina to ensure all terms and conditions are favorable and legal.