Under NC's Offer to Purchase, the buyer may request the seller to pay some of the buyer's closing costs. This is referred to as a:
Why Seller concession or seller-paid closing costs Is Correct
Answer B: Seller concession or seller-paid closing costs
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
People Also Study
Related North Carolina Questions
- Under NC's NC Offer to Purchase, who is responsible for paying the buyer's closing costs (loan origination fees, title insurance, etc.) by default?Contracts
- A NC homebuyer with limited cash uses an 'FHA 203(k)' loan to purchase a fixer-upper. This loan product allows buyers to:Finance
- Under NC's standard Offer to Purchase, what happens if the property is substantially damaged by fire between contract acceptance and closing?Contracts
- A NC seller accepts an offer for $415,000 with a 6% commission. After the commission, excise tax ($830), and $4,200 in closing costs, the seller's net proceeds from a mortgage payoff of $225,000 would be:Real Estate Math
- In NC, the standard Offer to Purchase specifies that risk of loss if the property is damaged before closing falls upon:Contracts
- The North Carolina Offer to Purchase and Contract is a standard form approved by:Contracts
Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →