Who needs an Offer to Purchase and Contract — Vacant Lot/Land?
This contract is designed for unimproved real property that Buyer will purchase only for personal use and does not have immediate plans to subdivide. This Contract cannot be used to sell property that is being subdivided unless the property has been platted, approved and recorded as of the date of the contract.
If the purchase transaction implies a construction of a new family dwelling prior to closing, the parties should use the standard Offer to Purchase and Contract — New Construction (Form 800-T) or, if a construction is already done, the parties to the contract should use the Offer to Purchase and Contract (Form 2-T) with the Form 2A3-T attached.
What is the Offer to Purchase and Contract — Vacant Lot/Land for?
A person in North Carolina willing to sell a residential property — the Seller — has to agree upon certain terms and conditions with the Buyer by completing and signing the Offer to Purchase and Contract. This contract provides strict terms regarding the price, its due date, and taxation which, if not followed, can lead to a breach of the contract.
Is the Offer to Purchase and Contract — Vacant Lot/Land accompanied by other forms?
When the owner is about to sell the vacant lot, they are obligated to provide the buyer with the North Carolina Residential Property Disclosure Statement, unless the person who is about to purchase the real estate has occupied it for some time.
When is Offer to Purchase and Contract — Vacant Lot/Land due?
Time of performance of the contract is stipulated in a separate line of the treaty. In case of violation of the terms of this transaction, the contract can be invalidated, if alternatives are not provided.
How do I fill out Offer to Purchase and Contract — Vacant Lot/Land?
The contract, as well as any other legal document, must clearly identify the parties, which are the Buyer and the Seller, their rights and obligations, and the Escrow Agent. It must also include the address and legal description of the vacant lot, its price, the closing date, the provisions and all the terms that have been agreed upon.
Where do I send Offer to Purchase and Contract — Vacant Lot/Land?
So far as the contract is to establish the Buyer-Seller relationship, it is aimed for the parties to agree upon, to sign and to keep. Copies of the contract should be kept by the parties and their respective realtors.