What a relief! News today is that the NC Offer to Purchase and Contract will change, effective January 1, 2011, into a more straight forward and simpler form. Here's the guts of the change:
Elimination of both Alternative 1 and Alternative 2, including the concepts of "Repair Notice Date", "Cost of Repair Contingency" and the phrase "shall be performing the function for which intended and shall not in need of immediate repair".
I use to READ that "...performing the function..." paragraph to each and every client for fear that I'd be held liable should anything not work. What a relief to be given a time period, in the new changed OTP&C, in which the buyer can perform their due diligence.
Although I always favored the Alternative 2 structure for it's negotiating strength, especially with multiple offers, I could seldom convince buyers that it was in their best interest. In the few cases I actually used it, we frequently had our offers accepted (thank you to the educated agents who could explain the benefits to their sellers even when we weren't the high bidders!).
Still, it'll be a relief to have something more straightforward and logical. I, for one, can't wait.
Comments(0)