Contracts
An addendum to a North Carolina real estate contract:
AReplaces the original contract
BAdds terms to or modifies the existing contract and must be signed by all parties✓ Correct
CIs only used to extend the due diligence period
DRequires NCREC approval
Explanation
An addendum modifies or supplements the original contract and must be signed by all parties to be effective and binding.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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