New Real Estate closing forms by joint action of the NCBA and the NCAR (Realtors) went into effect on July 1, 2007 and will be used by real estate agents 120 days or so thereafter. You’ll be seeing them very soon.
Look at them carefully. There are some very significant changes made from the prior forms, and will dramatically change the advice you give your client in the future. "Time is of the essence" is now a significant factor in several portions of the contract terms in the OFFER TO PURCHASE AND CONTRACT. One attorney has commented that you may soon be asked to counsel a client who is faced with not having a loan approval and an upcoming ‘time is of the essence’ decision to terminate or waive the loan approval condition.
Click here to go to NCBA Real Estate Forms.
Notice #070827 - rhp