Get the free Questions and Answers on: O F F E R A N D A C C E P T A N C E - ncrec

Questions and Answers on: OFFER AND ACCEPTANCE The purchase contract is the most important document in any real estate sale. It must reflect the entire agreement between the buyer and seller. This

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People Also Ask about

Is an accepted counter offer binding?

A written offer is a legally binding document once it is accepted by the seller. Similarly, a counter-offer is binding once it is accepted by the buyer.

How do you rescind an offer on a house?

An offer on the house is legally binding if signed, and the buyer cannot withdraw it without informing the seller first. The seller can then decide whether or not he wants to accept it. The contract is binding, and once the buyer has agreed to buy, they cannot back out of it even if they find a better deal elsewhere.

What makes a contract legally binding in North Carolina?

In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.

What are the four requirements of a legally binding contract?

A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

Who determines the amount of earnest money deposit?

The amount of earnest money required will be determined by the seller, generally in consultation with their listing real estate agent. Amounts typically range from 1% to 5% of the purchase price. Sometimes the amount is a fixed dollar amount.

What contracts must be in writing in North Carolina?

In North Carolina, a Statute of Frauds requires that all contracts or agreements to sell or convey land or any interest in or concerning land, including easements, options to purchase, rights of first refusal, and certain leases, must be in writing and signed by any party against whom enforcement is sought.

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