The minimum requirement for Selling a house is a Sales Contract (or an Offer to Purchase Agreement) , a Sellers Property Disclosure Statement, and a Lead Based Paint Addendum. If selling without a real estate agent, you will also need an Escrow Agreement to handle the Buyer’s ‘earnest money’ deposit (often called a ‘binder’).
Sales Contract (Nc_Real_Estate_Purchase_Contract.doc): Fill in the information that will not change plus your asking price at the top of paragraph 2, and print several copies. Paragraphs 2 and 3 can’t be filled out without a potential buyer who has agreed to your price and is prepared to say how much cash he or she can offer as a down payment and what kind of mortgage loan he or she will try to get.
Seller’s Property Disclosure Statement Nc_Residential_Property_Disclosure.doc): Answer a series of questions about the property with “Yes”, “No” and “Don’t know.” Make several copies, and attach a copy to each Sales Contract or Offer to Purchase Agreement. “Don’t know” is a perfectly acceptable answer.
Lead Based Paint Addendum (Lead_Paint_Disclosure_form.doc): If the home was built in 1978 or later, indicate that and attach the basically blank form to the Sales Contract. If the home was built prior to 1978, answer the questions and print several copies for attachment to Sales Contracts.
Escrow Agreement (Escrow_Agreement.doc): The purpose of the Escrow Agreement is to name the person who will hold the Buyer’s deposits, usually for earnest money or a binder. The Escrow Holder can be the Buyer’s real estate agent, the Seller’s lawyer, or anyone the Seller and Buyer agree on. The Escrow Holder can sign as a witness. State designated Escrow Agents or Escrow Officers can often act as the closing attorney, and will hold all deposits.
Offer to Purchase Conract (Nc_Offer_To_Purchase_Contrac.doc): This is an alternative to our basic Sales Contract. It is a sales contract usually used by Buyers making an offer to purchase, but often used by Sellers who prefer a more flexible contract, with more options for allocating costs between Buyer and Seller.
Counter Offer (Counter_Offer.doc): This is essentially a blank form that provides a medium for either the Seller or Buyer to describe terms they would like made to the currently offered Purchase and Sale Agreement. For simple changes like the purchase price amount the Seller or Buyer can simply draw a line through the offered amount and write an acceptable price directly onto the Purchase and Sale Agreement. The Counter Offer provides a more formal method of making complex changes.
Homeowner’s Association Disclosure (Home_Assoc_Disclosure.doc): Most homes built after 1980 are in sub-divisions where owners are required to join Homeowner’s Associations and pay dues to maintain common property. Fill out this form if your Buyer will be required to join a Homeowner’s Association.
Sample Purchase Contract (Sample1stPage_of_Nc_PurchaseConract.doc): This is the filled out first page of a sample sales contract. In most cases the first page requires more information from the Seller than the rest of the pages combined. Much of it requires input from a potential Buyer willing to say how much cash he or she will provide for a down payment and the size and type of mortgage loan he or she will seek.
Forms for estimating net cash to Seller, and a Buyer’s ability to afford the asking price.
Net to Seller: This form allows user to enter estimates of all closing costs (balance on current mortgage loan, attorney’s fee, Title search, etc). The user manually subtracts the total estimated cost from the Purchase Price to get the amount of cash the Seller will receive at closing.
Buyer Pre-Qualification: This form records the prospective Buyer’s annual income and expenses and provides manual calculation formula to determine if Buyer can afford the asking price.
Buyer Pre-Qual Sample: Buyer Pre-Qualification form filled out for a Buyer with $48,000 annual income. Based on the sample Buyer’s monthly expenses, the form estimates that Buyer can afford a $144,000 house.
Additional forms and contracts for selling Property:
Brokerage Attachment (BrokerageAttach.doc): If Seller or Buyer is represented by a real estate broker, the broker must state who they are representing and in what capacity. Most real estate brokers and agents use a version of the Sales Contract with a Brokerage section already included.
Certify Non-Foreign Status (Certify_Non_Foreign_Status.doc): The Internal Revenue Service requires Buyers to withhold taxes from the purchase price of homes sold by foreign persons. This is true in every state but is primarily enforced in areas such as world-class resorts where foreign ownership is common.
Condominium Sales Contract (Condominium_sales_Contract.doc): This is essentially a Sales Contract (or offer to Purchase Agreement) with special paragraphs to handle the requirements of a codominium sale.
Amendment To Purchase and Sale Agreement (General_Amendment.doc): This is essentially a blank form to provide space for the Seller and Buyer to specify terms not included in the Purchase and Sale Agreement. In most cases, the new terms can be copied from our Special Stipulations form, or ‘cut’ and ‘pasted” into the blank space on the Amendment.
Vacant Land Purchase and Sale (Vacant_Land_PurchaseandSale.doc): A Sales Contract without many of the paragraphs dealing with improvements and inspection of buildings. Special paragraphs dealing with vacant land are inserted.
Mold Condition Disclosure (Mold_Disclosure.doc): Seller is required to tell the Buyer what Seller knows about mold and mold-forming inspections of the Property, and the results of any such tests. As the mold problem spreads north, more states now require Sellers to fill out similar forms.
Special Stipulations (Special_Stipulations.doc): This is a plain text document with 24 clauses (paragraphs) that describe situations Sellers and Buyers often want to include in the Purchase and Sale Agreement. For instance, a Buyer may want to make the contract subject to approval of a father-in-law who is financing the purchase. These stipulations are in plain text format so they may easily be ‘cut’ and ‘pasted’ into the Special Stipulations section following paragraph 15 in the Purchase and Sale Agreement.They can also be pasted into the blank space of an Amendment to Purchase and Sale Agreement.
Documents for renting the property
Rental Application (Rental_Application.doc): The first page of this three page document is designed to be filled out on line by the landlord while the other pages are for the rental applicant to fill in by hand.
Rental Residential Lease (Rental_Residential_Lease.doc): A standard residential lease designed to be filled out on-line by the landlord.
Rental Walk Through checklist (Rental_Walk_Through_checklist.doc): Designed to be filled in by hand, this document can be filled out on-line by typing above input descriptors such as “Tenant Name”. The purpose of the document is to records the status of the property when the tenant moves in and again when the tenant moves out.
Seller Financing: The following documents assist the Seller in providing financing to a Buyer with insufficient cash or loan capacity. Seek the advice of a real estate attorney before using these documents.
Lease with Purchase Option (Lease_With_Purchase_Option.doc): Allows a potential Buyer to lease the property and specifies a date by which this Buyer/Renter can opt to purchase the property at a specified price.
Seller Financing multiple document (Seller_financing.doc): This document includes the following four documents. Each can be filled out and printed separately by selecting the appropriate pages.
Balloon Note: This is a mortgage loan with fixed monthly payments similar to a 30 year fixed rate mortgage, but the entire balance comes due usually within three years. The 3 years gives the Buyer time to arrange permanent financing through a regular mortgage loan provider. If the Buyer makes his or her payments on a timely basis but is unable to get permanent financing at the end of the loan period, the Seller will usually extend the Balloon Note for another 3 years (at a negotiated interest rate).
Balloon Note Sample: A sample balloon note filled out for a $45,000 loan that must be fully repaid within two years.
Mortgage Bond: Creates a regular mortgage loan from Seller to Buyer. This can be a first mortgage loan to fully finance the purchase, or a second mortgage to cover the difference between the price of the property and what the Buyer can finance.
Discharge of Mortgage: Used to certify that a mortgage loan from Seller to Buyer has been completely paid.