Shore Realty Outer Banks Home Sales

Earnest Money

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When an offer is written on a piece of real estate, one of the items that needs to be addressed is the earnest money. The Merriam Webster online dictionary defines earnest :a serious and intent mental state <a proposal made in earnest> So the idea behind earnest money is to show the seller that you are serious about the offer and hope that the offer becomes a contract.

The laws in North Carolina are very clear about earnest money and how it has to be handled. Earnest money is most often applied to the purchase price of the real estate and is held in a trust account.

The purpose of an earnest money deposit is to show the seller that the buyer is serious about buying the property. By law, the real estate broker who has the earnest money has 3 days to either deposit the money into a real estate trust account.

The attorney will apply the earnest money to the closing. If the property does not close, the only way the real estate broker can release the earnest money from the trust account is if both the buyers and sellers agree as to how the money will be dispersed or by order of a judge.

Because of the strict laws pertaining to earnest money funds, sellers should not expect to see large earnest money deposits from buyers.

It is possible for a seller to cause a sale to not take place and then not release the earnest money and the buyer has to go to court to get their money back. With this in mind, buyer's are reluctant to pay the large amounts of earnest money that you might see in some other states.

At Shore Realty, we try to help our buyers limit their financial exposure while satisfying the seller at the same time.

Exclusive Buyer Agency

Signing an exclusive buyer agency agreement/contract sounds like a good idea. Right? Having an agent work for you is a good idea, isn't it? The problem is the agent doesn't work exclusively for you but you will have to work exclusively with the agent... read more.

Out of State Purchases

If you find the property that you would like and are considering buying it but you live out of sate and you have to go back home, don't worry... read more

Rental Rebate

When you buy a house that already has rental reservations, there might have been money collected, and it belongs to you... read more

Flood Insurance

All of the Outer Banks is in some type of flood zone... read more

Home Inspections

We strongly recommend that every buyer have a home inspection done on the house or condo they are trying to purchase before the closing takes place... read more

Rental Agencies

There are many different styles of managing a vacation rental house. Each rental department has their own characteristics and there are deferent strategies involved... read more

Beach Access

Just because you are at the beach does not mean that every location is a good one... read more

Ground Floor Enclosures

If there is a ground floor enclosure, you or your real estate agent need to do some investigating... read more

Not Ready Yet

Not quite ready to take the big step? No hurry, just start doing your homework now... read more

Attorneys

The buyer and the seller each need to hire their own attorney... read more

Square Footage

The actual square footage of the houses might not be what is advertised... read more

Title Insurance

Title insurance protects your deed against any problems which show up after you make your home purchase... read more

Seasonal Buying Trips

Long distance traveling to look at houses you might consider purchasing requires some planning. Here are a few weather related tips for planning your trip.

Spring This is the time to get your foot in the door and have all of the prepaid rental reservation money refunded to you at closing... read more

Summer Once the the summer vacation season arrives it becomes much harder to look at homes for sale... read more

Fall This is when a seller is in their best position to make a deal... read more

Winter When the cold set in, the Outer Banks becomes deserted and deals can be found... read more

Vendors Information about the various service providers necessary to complete a real estate transaction can be found HERE.

Real Estate Forms For Buying

Here you will find some of the various forms used in purchasing real estate in North Carolina... HERE

Shore Realty of the Outer Banks Inc. - Locally Owned & Operated
252-441-3416 OR 800-647-1868

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