Your Introduction to Charlotte - the Heart of the New South©

Anatomy of a Charlotte NC Offer To Purchase (Home)

February 15th, 2009 Listed Under: Buy a Home, Real Estate

An ongoing series for first-time home buyers in North Carolina.

Buying a Home In Charlotte NC- The Offer To Purchase

Everyone who Buys a Home in Charlotte Writes an Offer to Purchase, or as sometimes called at a new home site, a  Sales Contract. In North Carolina, the standard re-sale contract is both- first an offer (with conditions) and once agreed to and signed by both parties, it becomes the binding contract.  First a word about contract types, these are ranked from lowest to highest in risk to the buyer- we’ll cover the first three in detail:

Types of Home Sale Contracts

Residential Re-Sale Contract NC– The Offer To Purchase, slightly favors Buyers

Residential Re-Sale Contract SC– slightly favors Sellers

New Home Contract– The quintessential one-sided contract,  guess who it favors

Pre-Foreclosure Contracts– Subject to Bank Approval, on bank forms, favoring? The bank.

REO- Bank owned– Subject to Bank Approval, on bank forms, favoring? The bank.

In Foreclosure- Auction- Caveat Emptor, you may be buying the liabilities. Title search is a MUST, and buying the home AS IS WHERE IS, no exceptions.

The Offer To Purchase-NC

What are the offer terms? Everyone is familiar with price, the offer price, and the knowledge that since it is a Buyers market, priceing favors the Buyer. But did you know, that because it is a Buyers market, all these other factors tilt towards the Buyer as well. There are additional important terms, terms that can limit your risk, lower your out of pocket costs and terms that can help you get the house you want in a competitive environment. The basic negotiating points (criteria)  include:

Price– The  Offer Price is the total the Buyer will pay and the Seller will receive, broken down by Deposit, Down Payment and Lender provided funds.  Closing Costs are NOT included in this total, and are paid to people other than the Seller.

Deposit– Earnest Money held in non-interest escrow. Generally 1% on re-sales, Builders may ask more.

Method of Payment: financed, subject to a financing contingency, or Cash, subject to an optional appraisal contingency.  For negotiating purposes, Cash is best. Next best, an 80% loan with a 20% Down Payment.

Closing date- 30- 45 days from contract acceptance is typical, can go to 60 without negotiating penalty. A Cash offer with a 10 day  close is the Strongest possible negotiating position.

Closing costs-Typical costs and who pays them are outlined in the sales contract. These are fairly standard except some Builder contracts require the Doc Stamps to be paid by the Buyer. The tradition is that this $1 per $500 of sales price is Seller Paid. All other costs are pro-rated:  HOA, Taxes and Interest. In North Carolina, Buyer closing costs are minimal, except for loan costs and npre-paids. Other typical buyer expense include Attorney fees, surveys and Home Inspection fees, as well as Title Search and Title Insurance

Contingencies include: financing, appraisal, and home inspection

Inspections: Alternative 1, Alternative (Option to Buy) 2

More in the next few days, I’ll review some recent cases, stay tuned


Charlotte remains a desirable  city to move to, Charlotte real estate is eminently affordable, and when combined with historic low interest rates makes buying a home in Charlotte a  smart buy, as long as you buy a home for the long term, and buy it smartly.   tm

Moving to the Charlotte Area? South Charlotte, Waxhaw, Lake Norman, Fort Mill Perhaps? Your first Charlotte home?

I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers–buying and sellingTerry McDonald Charlotte Real estate real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008.  And I helped a handful of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.

We are working to help you “buy smart” in Charlotte, and to make your relocation  easier and less stressful.

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

Charlotte NC CharlotteCommunities Charlotte Real Estate Charlotte Luxury Homes

bank of america

Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

Written By

Leave a Reply

Moving to Charlotte?

Let us be your introduction to the Queen City.

Our free online guide is full of relocation information including schools, taxes, employment, neighborhood & things to do in Charlotte.

Learn More

The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified

Charlotte Communities Online

Terry McDonald [email protected]   704-351-1519

Bobby McDonald [email protected] 704-351-1519