Real Estate Laws and Documents You Need to Be Aware Of.
Buying and selling real estate in North Carolina is a legal transaction. It is governed by the NC Real Estate Commission. The Commissions primary function is to, “license and regulate real estate agents (persons and firms who sell, lease, etc. real estate for others).” It acts under authority of “North Carolina Real Estate License Law (G.S. 93A) or rules promulgated by the Real Estate Commission (21 NCAC 58 A, B, C and E).”
The North Carolina Real Estate Commission is not the trade organization” North Carolina Association of REALTORS®” nor is the Commission affiliated with the “National Association of Realtors.”
The mission statement of the NC Real Estate Commission is, “To protect the public interest in real estate brokerage transactions.”
To that end the Commission and the North Carolina Bar Association have designed and implemented a variety of documents intended to inform, instruct and educate the general public. Licensed NC Real Estate Brokers are required to give the following documents produced by the Commission to clients and consumers at various times during their working relationship.
Some documents such as the “Working with Real Estate Agents” are a required giving at first “substantial” contact”. This means you must have a copy of this document and your Broker review it with you before any substantive conversations about real estate can occur. It is an educational brochure and not a contract. But the NC Real Estate Commission feels that the “Working with Real Estate Agents” document is so important that you will be asked to sign it after your Broker has gone over it with you.
Bellow is a list of documents you will be given at the beginning of your working relationship with a Real Estate Broker.
The titles are click through links to the actual documents. Other documents may be required depending on the situation and status of your real estate transaction.
Note: All documents bellow are in PDF format.
- Working with Real Estate Agents
- Offer to Purchase and Contract
- Exclusive Right to Represent Buyer
- Exclusive Right to Represent Seller
- Questions & Answers on Home Inspections
- Professional Services Disclosure & Election