Last month’s eBulletin included a survey for licensees to provide input about tech needs. The input was very helpful in developing a plan, topics and resources that NCREC can provide to our licensees in the identified areas of need. In response to the survey results, there will now be a Tech Corner in the monthly Real Estate Bulletin and in the Update classes specifically dedicated to tech topics.
We have received calls from unrepresented sellers who were approached by investors or wholesalers who contracted to buy their property. When the buyer did not complete the closing of the contract on time, the seller assumed the contract had expired and was no longer valid. This was not necessarily the case. For example, the standard residential contract form provides that “If the Delaying Party fails to complete Settlement and Closing within seven (7) days of the Settlement Date (including any amended Settlement Date agreed to in writing by the parties), then the Delaying Party shall be in breach and the Non-Delaying Party may terminate this Contract”. In general, a written termination is best, even if the closing date has passed.
Some investors/buyers/wholesalers will put a lien on the property for their interest in the contract if it is not terminated in writing, even if they did not close by the date indicated. The investor/buyer/wholesaler then demands that the seller pay a large sum of money to clear the lien before they can sell to a new buyer. Regardless of the source of the contract, we highly recommend consulting with an attorney to look out for your best interests when termination questions arise.
You are invited!
The monthly Real Estate Commission meetings are always open to the public, and you are invited to attend in person or online via Zoom. The meeting this month is February 15th here at the Commission building. A Zoom link will be available at ncrec.gov on the day of the meeting.