A real estate transaction involves a bunch of paperwork. Essentially we are taking a piece of land and the home and binding it to a person via the legal process.
Most of these docs will apply if you're buying new construction as well. The major difference is the contract. In most cases we'll be using the builder's contract.
I'll always get a copy of the contract from the builder ahead of time. This gives us time to review it before you're asked to sign.
Let's take a look at the docs you'll be using in the course of a normal transaction when buying a home.
Working with Agents is a brochure that explains a broker's responsibilities when working with clients.
It’s NC State Law that we present and discuss this information with every potential client before we receive confidential information.
The Buyer Agency Agreement is the contract used to hire your Agent — Yay!
This doc helps you keep track of the people that perform a service for you throughout your transaction. It's also a nice reference sheet you can use to refresh your memory later if you need to contact one of the companies.
The Offer to Purchase and Contract lays out the terms between the buyer and seller in a real estate transaction.
In NC the State says the seller should tell prospective home buyers what they know about the property. Except for a couple of cases, the seller is required to give buyers this doc.
This is one of the forms that Only the Seller can fill out. It details a lot of information about the property from the seller's point of view. This is also where you'll find information about the Home Owners Association.
You'll be able to see how much the dues are, how often they're paid, and what type of services are performed.
The Mineral and Gas Rights Disclosure is a NC mandatory disclosure given to the buyer by the seller.
The seller is required to let the buyer know if he or she has severed the mineral rights from the property.
Since the seller can retain (keep) the mineral rights and sell his property, the State requires them to let the buyer know if they've done so.