Since we have so many relocation and first-time homebuyers, questions arise about the homebuying process.
We may do things differently in North Carolina real estate practice than you did where you relocated from.
You will sign an agency agreement with your Realtor. And a “Working with Real Estate Agents” disclosure.
You will do a written “Offer to Purchase and Contract,” and with that you will include a check for the earnest money deposit.
You should expect to provide a preapproval letter for the financing you propose to apply for.
There will be a couple additional forms.
Unless it is new construction or a foreclosure, you will sign a North Carolina Residential Property Disclosure Statement.
You may also have a Homeowners’ Association Disclosure form to sign.
There may be additional addenda.
Confirmation of Additional Compensation if the commission to your agent varies from what you agreed to in the Agency agreement.
FHA/VA Financing Addendum, if applicable.
Additional Provisions Addendum, if applicable.
And a long list of other possible addenda exists.
We generally put it in writing, negotiate details verbally, and either print the final agreement, or strike, revise, and initial a couple of terms to record the final agreement. If it is more than a couple of strikes and initials, a new contract with the final agreement terms is a good way to go.
You can try a verbal offer, but the best answer from the Listing agent is, “Why, thank you so much! My folks look forward to receiving your written offer.”
Verbal offers are conversation, and are not binding in any legal sense.
A written offer signed by the other side becomes a binding contract.