are they different from the forms used in other states, for example which form do we use for owner finance, is there a standard for all states? can anyone clear up the forms confusion for me and where do you get them
I can't speak specifically the NC law, however in general almost all terms of a deal are negotiable. So there is no need to use a specific form. While some states have specific requirements for real estate contracts, that doesn't mean you have to use a specific form.
Your local board of Realtors will have a standard form they use. I don't like Realtor contracts but they will get the job done. My guess is they have nothing specifically for owner financing and that would just be done as an addendum spelling out the specific terms.
there are also contracts under the resources tab above in the FIlePlace.
I would first get my license in North Carolina and then I would find the oldest real estate broker that I could find,
then I would get a real estate contract attorney that knows the NC judges in case you were brought to court
I think if you want to get some forms off of a public forum, you're asking for trouble.
I train my students to talk to Sellers and ask them questions about what they want to do with your house
The next step is filling out a "letter of intent to lease or purchase"
Then the final step is to have my attorney draft a possible solution, whether it be subject to, lease purchase, wraparound mortgage purchase, subject to and a note, lease and a ROFR, etc
Your contract attorney should be your best friend. I guarantee you Raleigh is not Wilmington which is not Ashville. Real estate is local .
Find a real estate contract attorney that is in court talking to Judges all day. This is an investment of you staying out of trouble legally.
Remember, if your real estate investor doing deals, you are the expert,
It is your A$$
See also NC Standard Form 2-T, specifically the 6th line under 1(d) on page 1, and NC Standard Form 2A5-T. These forms are available from a real estate attorney as the forms were drafted from the NC Bar Association.
There is no standard for all States. Each state, and often city, has their own particular nuances and disclosures. You can get the forms from a local agent, broker or RE attorney.
I'm a North Carolina real estate broker, investor, and attorney. The NC Association of Realtors and the NC Bar Association co-draft the NC forms and thus NC realtors and NC attorneys have access to them. As you might imagine, these forms are frequently used by buyer and seller agents but they are not required by law. And, as other posters here have alluded to, every real estate deal is different and merely completing a form is not likely to cover all nuances of a particular deal. Hiring a local professional is always an intelligent decision. Feel free to e-mail me regarding this or other NC-related questions:
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing