Raleigh, New Bern, And Morehead City Lawyers Handling Real Estate Contracts in North Carolina
Competent legal team negotiates, drafts and reviews sound commercial real estate agreements
Howard Stallings assists North Carolina clients with real estate contracts involving the purchase and sale, exchange, or other conveyance of real estate. For 30 years, our firm has delivered high-quality legal service to individuals and businesses in Raleigh, New Bern, And Morehead City, and throughout North Carolina.
What provisions must a real estate contract contain?
Under the Statute of Frauds, real estate contracts must be in writing to be enforceable. Our highly respected legal team regularly helps clients create comprehensive and effective contracts. Real estate contracts must address the following:
- Identity of the parties — First, the contract must contain the full names of the parties involved.
- Identification of the real estate (property) — At a minimum, the contract must contain the address of the property you are buying or selling. However, a full legal description is ideal.
- The purchase price — Your real estate contract must contain the sales price or an appraisal.
- Signatures — For your real estate contract to be enforceable, it must be entered into voluntarily and must be signed by both parties.
- Legal purpose — If your contract calls for illegal action, the agreement is void.
- Competent parties — Contracts may be entered into only by individuals who are not mentally impaired, drugged or otherwise incompetent. A party in a contract who is a minor has the right to void the agreement.
- A meeting of the minds — Both parties must be clear and agree with the provisions laid out in the contract.
- Consideration — The most common form of consideration is money. However, consideration of value also includes other property in exchange for a promise to perform or promise to pay.
At Howard, Stallings, From, Atkins, Angell & Davis, P.A. our dedicated lawyers assist you with every aspect of purchasing and selling real estate in North Carolina, including obtaining zoning permits. We also handle commercial lease agreements and homeowners association (HOA) matters, and 1031 like kind exchanges.
Common types of contingencies
A contingency is a condition that must be met for a contract to be carried out. Although a contract is not required to include a contingency, most real estate contracts involve one of the following contingencies:
- Mortgage contingency — Purchase of the real estate is contingent on the buyer’s getting a mortgage loan.
- 72-hour kick-out contingency — Also referred to as an escape clause, a 72-hour kick-out contingency allows the seller to accept the contingent offer of a buyer, while simultaneously letting the seller keep the property on the market.
- Inspection contingency — Performance of the contract is contingent on a satisfactory inspection of the property by the buyer.
- Appraisal contingency — Purchase or sale of the real estate is based on the contract price being at or below the current fair market value.
- Another sale contingency — Sale or purchase of the property is contingent on the sale or purchase of another piece of real estate.
Let our legal team provide you with trusted real estate contract guidance
Since 1983, Howard Stallings has handled the most complex real estate matters in North Carolina. Our attorneys help you buy and sell real estate with confidence, reviewing every document that requires your signature and protecting your best interests at all times. To discuss your case with a skilled attorney, call 919-821-7700 or contact us online.