Buyer Handbook - Christine Keagy

Buyer Agency Handbook

About Us Who We’re the people you want at your side.

Friends at heart. Professionals in practice and mind.

We train our agents to be the best. Then we back them up with a world-class team.

Every agent of ours must meet a certain experience level and criteria to join us.

LO CATI O N S

2330 Randolph Road Charlotte, NC 28207 dickensmitchener.com 704.342.1000

Where Charlotte. The Queen City. Our first love.

Our home.

As agents, we know this city’s neighborhoods like our closest circle of friends.

We tend to this relationship as much as we do our connections to you.

Place matters. Knowledge counts.

How Agents who help more people end up better at their jobs. It’s like going to the gym — the more you go, the better your results. This is why we only have full-time, fully committed agents. We train them constantly on the changing market, new tech, negotiation strategies and people skills.

We get to work with top-of-the-line agents. You get what you want, wrapped in the best possible experience.

hello neighbor!

About Me •

Keagy is a summa cum laude graduate with a degree in elementary education.

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She put her degree to use as a teacher in both Ohio and Charlotte prior to the birth of her first daughter.

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After years of being a full-time mother, she earned her real estate license and embarked on a career in real estate.

Christine Keagy R E A LT O R ®/ B R O K E R

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real estate process from pre-approval to closing on their dream home.

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offer.

Fun Facts •

Milestones & Memberships •

Canopy Multiple Listing Services

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Canopy REALTOR® Association

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National Association of REALTORS®

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North Carolina Association of REALTORS®

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South Carolina Association of REALTORS®

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Seller Representative Specialist (SRS)

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Accredited Buyer’s Representative (ABR®)

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Real Estate Negotiation Expert (RENE)

Keagy put down roots in Charlotte over 25 years ago and enjoys showing newcomers everything the city has to

704-577-7321 ckeagy@dickensmitchener.com

She enjoys educating first-time home buyers about the

In her free time, she enjoys cooking, reading and spending time with her family.

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Keagy is a plant enthusiast who enjoys nurturing her houseplants and bringing life to her living space.

THE IMPORTANCE OF BUYER REPRESENTATION YOUR HOME BUYING ADVOCATE AND TRUSTED ADVISOR Having representation from a Buyer’s Agent is the only way that you can be confident that you have someone looking out for your best interests and allowing you to make informed real estate decisions.

ALIGNMENT WITH A PROFESSIONAL Our high quality reputation is backed by its membership in Leading Real Estate Companies of the World® an invitation only global community in over 70 countries. Membership is awarded to firms based on rigorous standards for service and performance.

UNPARALLELED MARKET KNOWLEDGE Our brokerage is rooted in the communities we serve. We possess deep local knowledge, an understanding of local housing regulations and trends to help you make smarter, informed decisions. We bring an authentic “Main Street” perspective to real estate that many of our competitors cannot claim.

NEGOTIATION WITH MARKET EXPERTISE Understanding your goals, desires and concerns Is fundamental to skillful negotiation, coupled with strong market knowledge and financial acumen.

Your Buyer’s Agent will work on your behalf and negotiate the best possible price and terms for your home purchase.

SERVICES TAILORED TO YOUR NEEDS Our services are distinctive, extensive, and personalized for you, as our longstanding reputation was built on consistently delivering high performance to every client. Our strong local culture is well-aligned with your market-specific needs.

A STREAMLINED PROCESS Your Buyer’s Agent will simplify the process and guide you through the necessary steps making the most efficient use of your time. From your home search and negotiation to contract and closing. These are just some of the steps where your Buyer’s Agent will facilitate.

®

© 2023 Leading Real Estate Companies of the World.

All Rights Reserved. N-Buyer Representation. 11.23

✓ Market Analysis ✓ Lender Pre-Approval ✓ Offer ✓ Negotiation ✓ Contract Review and Approval ✓ Purchase Agreement Finalized ✓ Home Loan Approval

✓ Inspection/Due Diligence ✓ Apply for Home Insurance ✓ Title Exam ✓ Loan Approval ✓ Prepare Finances and Documents for Closing

The Process

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THE PROCESS

The Home Buying Process Step 1

Meet With A Real Estate Broker Discuss the type of home you’re looking for, including style, price and location.

The Real Estate Broker will review Working with Real Estate Agents Disclosure/ and the Exclusive Buyer Agency Agreement with you. You will be asked to sign these agreements to hire our firm to represent you.

Step 2

Get Pre-Approved You will need pay stubs, W2s and bank statements. Knowing what you can afford is critical to a succesful home buying experience.

Step 3

Search For Homes The fun part! Your agent will schedule showings and help you find the perfect home.

A DVA N C E D S E A RC H : not all real estate websites are the same. Your real estate professional has tools and systems to ensure you see every available home that meets your criteria.

Step 4

Make An Offer Your agent will prepare the offer based on the price and terms you choose. At this time we will determine who is paying the buyer agency fee: you the Buyer, the Seller, or a combination of the two.

Step 5

Negotiating & Contract Your agent will offer advice on best strategies and negotiate.

D E P O S IT S : Due diligence fee is due immediately upon going under contract, with the Earnest Money due within 5 days.

Step 6

Under Contract You and the seller have agreed to the price and terms.

Step 7

Due Diligence You will hire an attorney and inspector. You will order a survey and appraisal.

Step 8

Preparing For Closing You will be finalizing your loan, reviewing documents and securing your homeowners insurance policy.

Step 9

Closing The transfer of funds and ownership. An attorney typically acts as an independent third party to facilitate the C LO S I N G .

Step 10

Welcome Home!

CONSUMER GUIDE TO WRITTEN BUYER AGREEMENTS Why am I being asked to sign this?

If you’re a homebuyer working with an agent who is a REALTOR®, it means you are working with a professional ethically obligated to work in your best interest. As of August 17, 2024, you will be asked to sign a written buyer agreement after you’ve chosen the professional you want to work with. Here’s what you should know about these agreements: What is a “written buyer agreement?” What does it do? A written buyer agreement is an agreement between you and your real estate professional outlining the services your real estate professional will provide you, and what they will be paid for those services.

Why am I being asked to sign an agreement? Written buyer agreements became a nationwide requirement for many real estate professionals as a part of the National Association of REALTORS®’ proposed settlement of litigation related to broker commissions. The requirement went into effect on August 17, 2024.

Are these agreements new? In some places, yes. Many states have required them for years, while some have not. As a result, it is entirely possible you or others you know have not used them in the recent past. Regardless, they are now a nationwide requirement for many real estate professionals.

Are these agreements negotiable? Yes! You should feel empowered to negotiate any aspect of the agreement with your real estate professional, such as the services you want to receive, the length of the agreement, and the compensation, if any. Compensation between you and your real estate professional is negotiable and not set by law. In the written agreement, the compensation must be clearly defined (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended or a range. Only sign an agreement that reflects what you have agreed to with your real estate professional.

How do I benefit from these agreements? These agreements clearly lay out what services you (as a homebuyer) expect your real estate professional to provide, and what your real estate professional will be paid. These agreements make things clear and reduce any potential confusion at the outset of your relationship with your real estate professional.

When do I need to sign an agreement? You will be asked to enter into a written buyer agreement with your real estate professional before “touring” a home with them, either in-person or virtually. If you are simply visiting an open house on your own or asking a real estate professional about their services, you do not need to sign a written buyer agreement.

Does this mean I have to pay my real estate professional out of pocket? Not necessarily. While you are responsible for paying your real estate professional as outlined by your agreement, you can still request, negotiate for, and receive compensation for your real estate professional from the seller or their agent.

Do agreements dictate a specific type of relationship I need to have with my real estate professional? No—you are allowed to enter into any type of business relationship with your real estate professional allowed by state law where you live.

Can I change or exit an agreement? Yes. You and your real estate professional can mutually agree to change your agreement. Agreements may have specific conditions under which they can be exited, so read the text of the agreement and speak with your real estate professional if you would like to change or exit your agreement.

Please visit facts.realtor for more information, and consult your real estate professional or attorney for more information about state law where you live.

REALTORS® are members of the National Association of REALTORS ®

THE PROCESS

Due Diligence Timeline CONTR ACT DATE

Due Diligence Period This is your opportunity to conduct inspections, perform surveys, and work with your lender to arrange financing (if applicable).

Buyer’s Right To Terminate You may terminate your contract during this period for any reason or no reason. If you terminate, you forfeit your due diligence fee only. If you continue to closing, your due diligence fee is credited towards your purchase price.

D U E D I LI G E N C E PE R I OD E N D DATE

After DDP Ends After your DDP ends, you may have several days or weeks before closing (depending on the terms of your contract).

Termination after DDP Ends Should you terminate your contract after your due diligence period ends, you will forfeit both your due diligence fee AND your earnest money deposit.

C LOS I NG DATE

THE PROCESS

Under Contract Guide In order to provide you with the very best service, the following is a guide to let you know what to expect as we move toward closing.

ON C E CONTR ACT IS SIGNED & D E LIVE R E D TO YOU

Immediately proceed with your loan process & inform me of the lender you’ve chosen

D U R I NG D U E D I LI G E N C E PE R I OD

Set file up for closing with an Attorney Perform inspections & specialized evaluations Negotiate repairs with Seller Attorney to perform title search & order a property survey Lender to order appraisal and other HOA documents Review any restrictive covenants, bylaws if applicable Obtain homeowners insurance Confirm your desire to move forward with the contract 2-3 WE E KS B E FOR E C LOS I N G

Arrange for utilities to be connected or transferred for the day of closing (see Convenience List) Schedule re-inspection of repair items and obtain proof complete Determine if you prefer re-inspections or a walk-through and we can schedule those Schedule final walk-through on the day before closing Confirm day and time keys will be released to you Schedule movers & deliveries Schedule appointment to wire funds to Attorney for closing DAY OF C LOS I N G OR DAY B E FOR E C LOS I NG

Perform a final walk-through of your new home Receive and review your Closing Disclosure statement Wire funds to Attorney All Buyers must bring drivers license to close

AF TE R C LOS I NG

Welcome Home!

THE PROCESS

Applying For A Loan Lenders require that you complete several forms for your home loan application. Some of the forms need to be entirely filled out, signed and dated. Others only need to be signed and dated in certain sections.

Below is a list of items that your lender will need from you.

Photo I.D.

Employment history for the past 2 years

Bank statements for the past 2 months

W2’s/1099 for the past 2 years

Pay stubs for past 30 days

Past two years’ federal tax returns

Address history for the past 2 years

Signed copy of offer to purchase & contract

I F APPLI CAB LE :

Gift letter (If you are having someone help you with the down payment)

Divorce decree (if applicable)

Year-to-date profit and loss statement and balance sheet (if self-employed)

Complete bankruptcy documents (if you have declared bankruptcy in the last 10 years)

List of any other properties owned

THE PROCESS

Buying Costs & Fees Below is a list of typical buying costs and definitions. Some charges may not apply to your situation.

Appraisal Fee: $400-$800 varies by loan type and property. Charged by the appraiser for an estimate of the value of the home.

Attorney Fee: $800+ charged by the Closing Attorney providing title search & facilitating closing.

Buyer Agency Fee: This is compensation to our firm for services outlined in the Exclusive Buyer Agency Agreement.

Credit Report: $15-$75, obtained through a credit reporting agency to ascertain the Buyer’s debts, payment habits, etc.

Discount Points: If desired to reduce the interest rate, one point is 1% of the loan amount. They are charged by the Lender as a yield on a certain interest rate.

General Home Inspections: $450+, professional evaluation of the condition of the home.

Homeowners Insurance: Usually 14+ months required at closing for first years worth of coverage plus extra for escrow account.

Loan Origination Fee: Usually 1% of the loan amount, charged by the Lender for processing the loan documents and the closing documents.

Prepaid Interest: Interest is charged at closing for the day of closing plus any days left in the month of closing.

Private Mortgage Insurance: Fees differ depending on percentage of down payment. Required to offset foreclosures on loans with less than 20% down.

Recording Fees (Deeds): $25+ charged to record the legal documents that transfer title to the property.

Real Property Taxes: Annual tax bill will be pro-rated at closing.

Structural Inspection: $500+ if required, checks potential structural defects of the house.

Survey: $500+. Provides plat with lot dimensions, easements, encroachments, setbacks.

Termite Letter: $85-$120, required by the Lender to be certain the home is free from wood destroying insects & pests.

Title Insurance: $2/$1000 of sales price. Protects Buyer from loss sustained by back taxes, liens or encumbrances.

Forms

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This form is required for use in all sales transactions, including residential and commercial.

Working With Real Estate Agents Disclosure (For Buyers) IMPORTANT This form is not a contract. Signing this disclosure only means you have received it. ● ●

●

In a real estate sales transaction, it is important that you understand whether an agent represents you.

Real estate agents are required to (1) review this form with you at first substantial contact - before asking for or receiving your confidential information and (2) give you a copy of it after you sign it. This is for your own protection.

Do not share any confidential information with a real estate agent or assume that the agent is acting on your behalf until you have entered into an agreement with the agent to represent you. Otherwise, the agent can share your confidential information with others.

Note to Agent: Check all relationship types below that may apply to this buyer.

Buyer Agency: If you agree, the agent who gave you this form (and the agent's firm) would represent you as a buyer agent and be loyal to you. You may begin with an oral agreement, but your agent must enter into a written buyer agency agreement with you before making a written offer or oral offer for you. The seller would either be represented by an agent affiliated with a different real estate firm or be unrepresented.

Dual Agency: Dual agency will occur if you purchase a property listed by the firm that represents you. If you agree, the real estate firm and any agent with the same firm (company), would be permitted to represent you and the seller at the same time. A dual agent's loyalty would be divided between you and the seller, but the firm and its agents must treat you and the seller fairly and equally and cannot help you gain an advantage over the other party.* Designated Dual Agency: If you agree, the real estate firm would represent both you and the seller, but the firm would designate one agent to represent you and a different agent to represent the seller. Each designated agent would be loyal only to their client.* *Any agreement between you and an agent that permits dual agency must be put in writing no later than the time you make an offer to purchase.

Unrepresented Buyer (Seller subagent): The agent who gave you this form may assist you in your purchase, but will not be representing you and has no loyalty to you. The agent will represent the seller. Do not share any confidential information with this agent.

Note to Buyer: For more information on an agent's duties and services, refer to the NC Real Estate Commission's “Questions and Answers on: Working With Real Estate Agents” brochure at ncrec.gov (Publications, Q&A Brochures) or ask an agent for a copy of it.

Buyer's Signature

Buyer's Signature

Agent's Name

Agent's License No.

Date

Firm Name

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''( )*+ , -(.'('/ 1 2.'('3 SAMPLE FORMS

Overview of Standard contract form In North Carolina, many real estate agents use the standard “Offer to Purchase and Contract” (form 2-T) for North Carolina residential real property transactions (the “Standard Contract”). The Contract is jointly approved by the NC REALTORS® and the NC Bar Association and is widely used across the State of North Carolina.

This Overview highlights some of the most important aspects of the Standard Contract and the contract process. It is not a substitute for a review of the Standard Contract itself. A real estate agent may assist a buyer or seller in completing a pre-printed sales contract form and is expected to possess a basic understanding about the buyer and seller’s rights and responsibilities under the Standard Contract.

However, if a buyer or seller has questions about the Standard Contract or the adequacy of the form for a specific transaction, they should consult a North Carolina real estate attorney before they sign it.

CONTRACT FORMATION

EARNEST MONEY

When does the Standard Contract become binding?

It is common, but not required, for earnest money, called an “Earnest Money Deposit” in the Standard Contract (“EMD”), to be paid by a buyer as an indication of the buyer’s intention and ability to buy the property. The contract provides that the buyer may negotiate to pay initial and/or additional EMD.

According to the Standard Contract, the contract becomes binding: • when it has been signed by both the offering party and the party to whom the offer has been made, and • the party to whom the offer has been made has communicated that they have signed to the offering party.

Is the contract binding if any fee payable by the buyer hasn’t been delivered?

Yes; however, the buyer’s failure to timely deliver any fee gives the seller the right to terminate the contract if the buyer fails to deliver the fee within one banking day following notice from the seller.

Who holds EMD? The EMD is held in trust by an Escrow Agent (typically a real estate firm representing the seller or buyer or an attorney who will “close” the transaction).

When is the Initial EMD due?

The EMD must be made payable and delivered to the Escrow Agent within 5 days of the Effective Date. If the EMD is not timely delivered, then the seller may demand in writing that the EMD be paid.

Page 1 of 5 Created by Sarah Szczodrowski with SkySlope® Forms

STANDARD FORM 780 Revised 7/2024 © 7/2025

Overview of Standard contract form If the EMD is then not delivered within one banking day, seller may terminate the contract and seek recovery of the Due Diligence Fee (defined below) as well as any EMD that has been paid or is payable.

Refund of EMD The EMD is refunded to the buyer under certain circumstances, including: • buyer’s notification to seller prior to the end of the Due Diligence Period (defined below) that buyer is terminating the contract • seller’s inability to complete the transaction.

Loss of EMD If buyer “breaches” the contract, the EMD is payable to the seller as “liquidated damages,” which means that the seller’s damages will be limited to the amount of the EMD.

Due Diligence Fee Although not required, in many cases a negotiated fee, called the “Due Diligence Fee” (“DDF”) is paid to the seller in exchange for the buyer’s right to terminate the contract during the Due Diligence Period.

• DDF non-refundable. Unlike an EMD, the DDF is paid directly to seller and generally is non-refundable; however, if seller is unwilling or unable to complete the transaction, buyer may be entitled to a refund of the DDF. In the event of a material breach of the contract by seller, recovery of the DDF may be timeconsuming and costly if seller does not voluntarily refund it.

• Credit to purchase price. The DDF will be credited toward the purchase price if buyer completes purchase.

BUYER’S “DUE DILIGENCE” PROCESS The Standard Contract permits the buyer, at buyer’s cost, to investigate the condition of the property and the financial aspects of the transaction (financing, appraisal, insurance, etc.) for an agreed-upon period of time, called the “Due Diligence Period.”

Buyer termination rights Buyer may terminate the contract for any reason or no reason during the Due Diligence Period, but only if the buyer has paid any agreedupon Due Diligence Fee. Unless the buyer has a lawful reason to terminate, such as the seller’s breaching the contract first, the buyer’s terminating the contract after expiration of the Due Diligence Period will be a breach of contract and may result in loss of the EMD.

How much “due diligence” money should be paid?

The amount of any DDF is entirely negotiable between buyer and seller, and is influenced by market forces such as availability of housing inventory, desirability of the property, as well as seller’s motivation to sell the property and buyer’s motivation to buy it.

When is the DDF due and payable?

The DDF is due immediately when the contract becomes effective. If the DDF is not delivered within one banking day after written demand from the seller, seller may terminate the contract and seek recovery of the DDF as well as any EMD that has been paid or is payable.

How long should the Due Diligence Period be?

Like the amount of any DDF, the length of the Due Diligence Period is entirely negotiable between buyer and seller. The Due Diligence Period should be of sufficient length to permit buyer:

Page 2 of 5

STANDARD FORM 780 Revised 7/2024 © 7/2025

Overview of Standard contract form • to conduct any desired inspections of the property during the Due Diligence Period

terminate the contract. The seller is under no obligation to extend the Due Diligence Period.

• to pursue qualification for any loan that the buyer may obtain, taking into account time needed for an appraisal to be completed, and for the lender to provide sufficient information for the buyer to decide whether to proceed with or terminate the contract.

Access to the property The seller is obligated to provide reasonable access to the property through the entire course of the transaction to the buyer and buyer’s agents and representatives in order for the buyer to conduct buyer’s due diligence.

• to be reasonably satisfied, prior to the end of the Due Diligence Period, that closing on other property the buyer needs to sell in order to qualify for a new loan or to otherwise complete the purchase of the seller’s property will take place prior to the Settlement Date of the Contract with the seller.

BUYER’S SALE OF OTHER PROPERTY

What things should buyer investigate during the Due Diligence Period?

The Standard Contract gives examples of things the buyer should consider investigating during the Due Diligence Period.

May the buyer ask the seller to make any repairs/improvements?

As a result of the buyer’s investigation of the property, the buyer may request that the seller make repairs or improvements. The seller may be willing to negotiate repairs or improvements.

The buyer may also request that the seller give a credit or concession at closing to the buyer instead of performing repairs, subject to lender approval. The seller has no obligation under the contract to agree to any repairs or concessions.

What if the buyer is not satisfied?

If the buyer is not satisfied with the results of the buyer’s Due Diligence or the progress of repair/ improvement negotiations, the buyer is strongly advised, before the end of the Due Diligence Period, to enter into a written agreement with seller to extend the Due Diligence Period or

Sale of buyer’s property is part of the due diligence process.

If the buyer must sell or lease other real property in order to qualify for a new loan or to otherwise complete the purchase of the property from the seller, the buyer should seek to close on the buyer’s other property prior to the end of the Due Diligence Period or be reasonably satisfied prior to the end of the Due Diligence Period that closing on the buyer’s other property will take place prior to the Settlement Date of the contract with the seller.

May the buyer terminate the contract if their property doesn’t close?

After the end of the Due Diligence Period, the buyer does not have a right to terminate the contract if their existing property doesn’t close.

Attorney-drafted contingency The contract states that the buyer must buy the property even if the buyer’s current home does not sell before closing. There are no contingencies in this contract for the sale of buyer’s property or otherwise. If the buyer and seller wish to make their contract contingent on a sale of other property owned by the buyer, an appropriate contingency agreement should be drafted by an NC real estate attorney and added to the

Page 3 of 5

STANDARD FORM 780 Revised 7/2024 © 7/2025

Overview of Standard contract form contract. It is advisable for a party presented with a contingency drafted by an attorney representing the other party to have the contingency reviewed by their own attorney to ensure that their interests are protected.

Disclosure of need to sell other property Any fact directly affecting a buyer’s ability to complete a transaction, including but not limited to any need to sell and/or close on a current property before the buyer will be able to close on the purchase of the seller’s property, is a material fact that must by law be disclosed by the buyer’s agent. A real estate agent working with a buyer cannot hide any material fact relating to the buyer’s ability to complete the transaction and should not be asked to do so.

FINANCING Part of Due Diligence Process If a buyer intends to finance the purchase of a property and the Standard Contract is used in the transaction, they should pursue qualification for and approval of any loan during the Due Diligence Period.

The buyer should consult with their lender prior to signing the Contract to assure that the Due Diligence Period allows sufficient time for any appraisal to be completed and for the lender to provide sufficient information for the buyer decide whether to proceed with or terminate the transaction.

Lender pre-approval/Appraisal • A buyer should consider seeking pre-approval from a lender prior to writing an offer. A preapproval letter should state that the lender has reviewed the buyer’s credit report, credit worthiness, and cash to close, and pre-

approves the buyer for the loan, subject to an acceptable appraisal of the property.

• Seller may ask the buyer to produce a preapproval letter or request documentation showing the buyer has sufficient funds to buy the property without a loan.

• The appraiser will normally work for the lender, not the buyer. A seller has no obligation to negotiate with the buyer based on the appraiser’s opinion of the property’s value.

CLOSING/CLOSING ATTORNEY Closing “Closing” is defined in the Standard Contract as the completion of the legal process that results in the transfer of the title to the Property from the seller to buyer.

Closing Steps Closing includes a number of steps, including “Settlement.” Settlement is the signing and delivery to the closing attorney of all documents (deed, settlement statement, loan documents, etc.) and all funds necessary to complete the transaction.

Settlement commonly takes place at the closing attorney’s office.

Once Settlement is complete, Closing will occur after the closing attorney performs a title update, receives authorization to disburse funds, and records the deed and any deed of trust as the final step. Unless the parties have agreed otherwise, the buyer is only entitled to receive the keys and take possession of the property after Closing is complete. It is common that Settlement and Closing will occur on the same day, although that is not always the case.

Page 4 of 5

STANDARD FORM 780 Revised 7/2024 © 7/2025

Overview of Standard contract form What does the closing attorney do?

Among other things, the closing attorney will perform an examination of the property’s title to ensure that the seller can convey clear title to the buyer, obtain title insurance, prepare and/or supervise the execution of all closing documents, and record the deed and any deed of trust (the document the buyer signs pledging the property as collateral for repayment of any loan).

Who pays special assessments?

Unless otherwise agreed by the parties, Special Assessments that are confirmed prior to Settlement must be paid by the seller, including payments that may become due after Settlement if their amount is known. On the other hand, Special Assessments that are under consideration but have not been approved prior to Settlement are the responsibility of the buyer.

Use of attorney It is the position of the NC Bar Association and the NC REALTORS® that all buyers should hire an NC-licensed attorney to perform the closing. A real estate agent may be able to assist the buyer in finding a North Carolina real property attorney.

Delays in Settlement/Closing Sometimes, a party is unable to complete the Settlement by the agreed-upon “Settlement Date.”

Common examples include the buyer’s lender needing more time, or the closing attorney’s discovering a title issue the seller needs to fix.

In such cases, the contract permits the “Delaying Party” up to 7 days after the Settlement Date, without penalty, to complete Settlement and Closing. If parties wish, they can negotiate extensions longer than 7 days, although neither the buyer nor the seller has any obligation to do so.

Who pays the closing attorney?

The Standard Contract provides that the closing attorney is selected and paid by the buyer.

Does the seller need an attorney?

The closing attorney may prepare the deed and all other documents necessary for the seller to perform seller’s obligations under the contract, or the seller may retain their own attorney to prepare the seller’s documents. In either case, the seller will be responsible for paying the attorney.

Who is responsible for costs of Closing?

The Standard Contract allocates responsibility to the buyer and seller for the payment of various costs and fees associated with closing the transaction, including but not limited to real estate taxes, attorneys fees, loan-related costs, dues and fees charged by any owners association or owners association management company, and any “Special Assessments,” which are defined in the Standard Contract as certain charges against the property by a governmental authority or owners association.

Seller Closing Duties The seller has many obligations under the contract as part of turning over possession to the buyer on Closing. The seller must leave on the utilities through Closing (regardless of the time Closing occurs) and deliver the property to the buyer in substantially the same or better condition as when the offer was made. The seller must unpair smart devices, remove any fixtures that do not convey to the buyer, complete any agreed-upon repairs, and remove all personal property and garbage. Seller should consult with their agent to ensure they are fulfilling all their obligations under the contract leading up to and including Closing.

Page 5 of 5

STANDARD FORM 780 Revised 7/2024 © 7/2025

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Dickens Mitchener Alerts Wire fraud is on the rise — please be careful Only receive wiring instructions directly from the receiver or their verified office. Never wire funds based on email instructions from anyone. Before sending any funds, contact the receiver or receiver’s office directly to verify all instructions, or have your financial institution verify and execute a wire on your behalf.

Due Diligence Non-Refundable A due diligence fee is paid to the seller in exchange for the buyer’s right to terminate the contract during the Due Diligence Period. These funds are paid directly to the seller and are non-refundable, unless there is material breach by the seller. Recovery of the Due Diligence Fee may be time consuming and costly if the seller does not voluntarily refund it.

Delays in Settlement/Closing If one side can’t close by the agreed Settlement Date (for example, due to lender delays or title issues), the contract allows up to a 7-day grace period to close without penalty. Extensions beyond 7 days can be negotiated, but neither party is required to agree.

Client Signature

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Resources

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RESOURCES

Homebuyer’s Glossary Appraisal: A written analysis of the estimated value of a property prepared by a qualified Appraiser.

Buyer Agent: Agent who acts solely on the Buyer’s behalf. The Agent has full fudiciary responsibilities, which includes reasonable care, individual loyalty, confidentiality and full disclosure. This means the Agent places the Buyer’s interest above all else.

Buyer Agency Fee: This is compensation to our firm for services outlined in the Exclusive Buyer Agency Agreement.

Private Mortgage Insurance: Fees differ depending on percentage of down payment. Required to offset foreclosures on loans with less than 20% down.

Closing: A meeting at which a sale of a property is finalized by the Buyer signing the mortgage documents paying closing cost and transfer of the deed to the property.

Closing Disclosure: A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction.

Competitive Market Analysis (CMA): A comparison of the prices of recently sold homes that are similar to the home listed in terms of location, style and amenities.

Contingency: A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding.

Counteroffer: A new offer made in response to an offer received. It has the effect of rejecting the original offer, which cannot be accepted thereafter unless revived by the offeror.

Deed: A document which, when properly executed, conveys title of real property.

Deed of trust: An instrument used to create a mortgage lien by which the Borrower conveys title to a Trustee, who hold it as security for the benefit of the note holder (the Lender).

Disclosure: By law, a Seller of real property must disclose facts that affect the value or desirability of the property. Unless exempt, the Seller completes and signs specific disclosure forms, including the Residential Property Disclosure Statement, to disclose those material facts.

Due Diligence: The due diligence period in a home purchase contract is the time during which the Buyer conducts any and all inspections of the home that she/he chooses.

Due Diligence Fee: This is a non-refundable fee directly to the Seller in order to have time to inspect, appraise and do their due diligence in determining if they will close on the home.

Earnest Money Deposit: A deposit made by the potential Buyer to show that he/she is serious about buying the house.

Fixture: An item of personal property that has been converted to real property by being permanently affixed.

RESOURCES

Homebuyer’s Glossary Foreclosure: The legal process by which a Mortgage Lender (Mortgagee) or other lien holder obtains a termination of a Mortgage Borrower (Mortgagor’s) equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).

Home Inspection: A thorough inspection that evaluates the structural and mechanical condition of a property.

Homeowners Association (HOA): An organized group of homeowners whose members help to regulate and enforce the rules and standards of their respective communities.

HVAC: An acronym for heating, ventilation and air-conditioning.

Loan-to-Value Ratio: The relationship between the amount of the mortgage loan and the value of the real estate being pledged as collateral.

Listing Agent: The person(s) who represents the Seller in the real estate Market Value: The most probable price property will bring in an open market under normal conditions.

Multiple Listing Service (MLS): A marketing organization composed of member Brokers who agree to share their listing agreements with one another in the hope of producing ready, willing and able Buyers for their properties more quickly than they could on their own.

Radon: A naturally occurring inert and radioactive gas formed by the decaying chair of uranium in the earth. It is an odorless, colorless gas and hence, undetectable to the human sense. The particular hazardous chemical can only be detected by correct testing by a professional.

Realtor®: A person who acts as an agent for the sale and purchase of buildings and land; a real estate agent.

Recording: The act of entering or recording documents affecting or conveying interest in real estate in the recorder’s office established in each county. Until it is recorded, a deed or mortgage ordinarily is not effective against subsequent purchasers or mortgages.

Short Sale: A sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the lien’s full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.

Survey: A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachment and other physical features.

Time is of the essence: A phrase in a contract that requires the performance of a certain act within a stated period of time.

Title Insurance: A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel real estate, other than encumbrances, defects and matters specifically excluded by the policy.

M A J O R U T I L I T Y P R OV I D E R S

Settling In Electricity Duke Energy

ElectriCities

EnergyUnited

800-POWERON

919-760-6000

800-522-3793

NC Electric Membership Corp.

Union Power Cooperative

800-662-8835

704-289-3145 800-922-6840

Natural Gas

Cable Television

Dominion Energy

Piedmont Natural Gas

Spectrum

877-776-2427

800-752-7504

855-243-8892

Spectrum

AT&T

Windstream

855-243-8892

855-874-3147

866-445-5880

Telephone

Water/Sewer & Waste Removal Suppliers of water service, sewage, and solid waste removal vary with the counties and municipalities. For details about specific providers that serve your community, contact your municipal or county clerk.

Additional Info / Resources

Supporting our Community

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Own A Home?

O P E N U P P O S S I B I L I T I E S FO R OT H E R S T H E R E ’ S ST R E N GT H I N N U M B E R S . Never has that been truer than when coming together in the real estate community to combat homelessness.

T H E H O M EOW N E R S I M PACT F U N D, a designated 501(c)3 nonprofit, invites participants who are in the home closing process to make a small donation that adds up to a substantial gift to local organizations working to lift men, women and children out of homelessness. Because when you harness the power of community, you can weather any storm.

HOW IT WORKS If you’re fortunate enough to have a roof over your head, please consider supporting the Homeowners Impact Fund to help others in need. Funds raised are distributed directly to reputable nonprofit organizations that support individuals and families in finding a path out of homelessness.

Every day, you experience the joy of a place to call home.

Every day, more than 3,000 people in the Charlotte area experience homelessness.

Every day, more than 580,000 people across the US experience homelessness.

Together, we can make a difference.

M A K E A N I M PACT Become a supporter by following this link: homeowersimpactfund.org/donate For more information, email info@homeowersimpactfund.org

www.homeownersimpactfund.org We are #InWith10 #AHomeForAll

Proudly Serving T H E S E O R G A N I Z AT I O N S

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