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Serving the Real Estate needs of Chapel Hill, Carrboro, Chatham, Durham, and Orange Counties |
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| call us toll free today! 800-326-3577 |
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Steps to Buying
 Homes in North Carolina
Buying a home is not just about finding the right house and moving in. There are forms to sign, inspections to be performed and attornies to consult. Our REALTORS® here at The Home Team can provide you with the resources for each step. The following steps will give you an idea of what to expect when purchasing in North Carolina.
The Agreement
- An "Offer to Purchase and Contract" is completed with the assistance of your REALTOR® and you will sign it as buyer.
- You will give an "earnest money" deposit of 3%-5% of the purchase price.
- Your REALTOR® will take the "Offer" and "earnest money" to the Listing Agent who will make the presentation to the seller.
- Once the seller has reviewed the "Offer" and finds it acceptable they will sign it.
- If changes are made by the Seller to the "Offer" then the Listing Agent will bring the "Counter-Offer" back to us to decide if we will accept the changes then you as buyer will initial.
- Once all signatures and initials are in place you will now have a legally enforceable "Contract".
- Your "earnest money" will be deposited in the Listing Companies trust account until closing.
- Closing (Transfer of Title) will generally take place 30-60 days from acceptance of contract.
Contingencies
- Most contractswill have contingencies such as:
- Financing
- Inspections
- Pest Inspections
- Well/Sewer if needed
- All inspections are to be paid for by the buyer.
- All contingencies will have certain dates by which they must be satisfied.
- Once inspections and repairs are completed and approved contingencies will be removed from the "Contract".
Mortgages
- It many cases it is better to have already spoken with a mortgage company, bank, etc. before beginning your home search.
- By getting prequalified, you know that you are looking in the right price range for what you can afford.
- Many sellers require Pre-Qualification letters from a lender when reviewing an "Offer".
- Once you have found a home and have a valid "Contract" your lender will need a copy of it. They will discuss with you the best type of loan for your specific needs.
- The Lender will order the appraisal for the house prior to closing.
- You will have a certain date in your "Contract" in which to provide the seller with a Loan Commitment letter from your lender.
Closing
- You as buyer will have the opportunity to walk through the property just prior to closing (This is highly recommended) to inspect the condition of the house.
- You will have to have notified the utility companies to have services switched over to your name effective on the closing date.
- Closing is typically held at an attorney's office (you as buyer select the attorney).
- Closing will generally take about an hour.
- Once closing has occured the attorney will go to the court house and have your new deed recorded.
- Once recording has taken place, you will receive the keys to your new home.
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