offer to purchase and contract: NC Due Diligence Periods, and Deals Failing in Cary
- 04/28/11 04:59 PM
I'm hearing more reports about contract terminations in Cary, NC, since the initiation of new standard forms revolving around the revised NCAR/NC Bar Offer to Purchase and Contract that we adopted as of 1/1/11. We are in a transition.We are in the beginnings of a major change in selling and buying property in North Carolina. One major goal of the Forms Committee was to press Buyers and Sellers to be better prepared for the oncoming transaction. Accelerate the process by doing some of the heavy lifting prior to entering into contract.That seems sensible to me. Sellers should prep their property better for … (5 comments)
offer to purchase and contract: Memo to North Carolina Association of REALTORS®: Please. Next time.....
- 01/03/11 03:08 PM
Please. Next time we have forms update, with no phase in, like we did over the weekend, can we NOT schedule it for the first of the New Year, when New Year's Day falls on Saturday? Mind you, now, we're talking about Saturday Night, 1/1/11I mean, the folks from ZipForm and DotLoop were sleeping in or sleeping off, or getting bailed out of LockUp, or admiring their new tattoos and wondering where they got them and whose lampshde they had pulled over their heads, or whatever, but the newly revised Offer to Purchase and Contract, Standard Form 2-T, just did not … (2 comments)
offer to purchase and contract: A New Year, and New Standard Forms from NC Association of Realtors
- 01/01/11 02:20 AM
2011 is here and North Carolina REALTORS® have entered a new world of forms. Anchored by a new NCAR Standard Offer to Purchase and Contract with significant revisions, approximately 20 standard forms and addenda to the Offer to Purchase and Contract have been changed. While there was some housekeeping on several forms and a few points in the Offer to Purchase and Contract, the marquee change driving many of the revisions is the revision of the Offer to Purchase and Contract to incorporate a "Due Diligence Period" into the transaction. "Due Diligence Period" replaces the former "Alternative 1" and "Alternative 2" Property … (7 comments)
Yep. We are going to have a new path through the wilderness.....
Gone are inclusions of language regarding extent of repairs, negotiable repairs, and various timeline deadlines. Gone are Alternative 1 and Alternative 2. And the form has been massively reorganized, to bring several components of the contract into proximity in the form, … (2 comments)
I'm hearing more reports about contract terminations in Cary, NC, since the initiation of new standard forms revolving around the revised NCAR/NC Bar Offer to Purchase and Contract that we adopted as of 1/1/11.
;)
;)
;)
