Pinehurst Real Estate and NC Seeing Changes in Offer to Purchase and Contract Form

by pinehursthomes on December 8, 2010

Get ready Pinehurst Real Estate and all of NC | A new Offer to Purchase and Contract Form is coming for the new year.

Pinehurst Resort

We have many changes coming to our offer and contract form here in Pinehurst and all of NC.  Here are some of the major changes:

  1. No more Mortgage Contingencies
  2. No more Inspection Contingencies
  3. No more Contingencies without an Addendum
  4. Due Diligence Fee
  5. Due Diligence Period
  6. Buyer can walk for any or no reason during Due Diligence Period
  7. If buyer walks, loses fee negotiated with the contract but gets earnest monies back
These are just the highlights. The buyer and seller negotiate a due diligence fee and a period of time in which the buyer does inspections, surveys, title search and mortgage approval. If during this period, the buyer doesn’t want to buy the house, he can walk for any or no reason. All he loses is this due diligence fee.
It will be interesting doing negotiations in the Pinehurst Real Estate Market with this new Offer to Purchase and Contract Form.
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