North Carolina Residential Purchase and Sale Agreement

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North Carolina Residential Purchase and Sale Agreement

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Last updated January 23rd, 2023

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The North Carolina residential purchase and sale agreement is used by home buyers and sellers to come to an agreement regarding the purchase and sale of a residential property. This document includes the legal description of the property, the purchase price, closing costs, and financing conditions.

North Carolina law stipulates that the seller disclosure the property condition and known defects to the buyer; however, there are certain exemptions from these disclosures, such as the transfer of property between spouses. Once both parties agree to all provisions they may sign the document and finalize the transfer of ownership.

Contents

Realtor Version

North Carolina Offer to Purchase and Contract – This standard purchase and contract agreement is used by members of the North Carolina Association of REALTORS® to conduct residential real estate transactions.

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Required Disclosures (3)

Lead-Based Paint – If the property was constructed prior to 1978, then this disclosure must be provided to homeowners revealing the existence or absence of lead-based paint on the premises.

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Property Disclosure Statement (G.S. 47E-4(b)) – Unless exempt under § 47E-2, a disclosure statement must be provided to the buyer detailing information about the property such as its age, utility information, the presence of wood-destroying insects, radon gas, and any known defects.

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Mineral, Oil, and Gas Rights (§ 47E-4.1) – Any purchaser of a property must be furnished with this document describing the mineral and oil and gas rights on the property. This applies to single-family homes, townhouses, and buildings with up to four (4) units. A unit is exempt if a lessee purchases the property through a rent-to-own lease.

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