Just the Facts Ma'am
This category includes issues that are within property lines, such as: structural issues, roof leaks and drainage issues.
What is Facts about the property itself
The violation of any term of a contract without legal excuse
What is Breach of Contract
The rights of quiet enjoyment, disposition, exclusion, possession, and Control are know as
What are the bundle of legal rights
Form used to elect or waive specific services used by buyers or sellers.
What is Professional Services and Elections Disclosure
When due diligence fee is due
What is the effective date
A broker's obligation when it comes to material facts summed up by these two words.
What are Discover and Disclose
A consensual and written agreement to represent both parties
What is Dual Agency
This legal test would be used by the courts to determine which party should legally retain certain items IRMA could also help
What is the total circumstance test
This form using time is of the essence would indicate a time and date acceptance should be given.
What is the Additional Provisions Addendum
A drop dead time for investigations, reviewing of documents, applications for insurance, among other things.
What is the due diligence period
The reasonableness standard is used by this group to determine if a broker should have known about a particular material fact.
Who is the NCREC or North Real Estate Commission
A person who is able to only perform certain tasks in a real estate office
What is an unlicensed assistant/employee
How married people automatically take title in North Carolina.
What is tenancy by the entirety
These forms dictate the terms between a client and the firm.
What are agency agreements
DAILY DOUBLE
This item is the responsibility of the seller until recordation of the deed. Its all about the risk.
What is homeowners insurance
By reading local newspapers, watching the news, attending meetings or networking the NCREC could determine if a broker had this
What is Common Knowledge
Metes and bounds, Rectangular government survey and reference to a recorded deed -these should be complete enough that a surveyor could locate and identify a property.
What is are types of legal descriptions
to own the right of a property using a unit of time with multiple others over at least 5 years
What is a time share
This provision has a drop dead date by which discovery should be made by consumers of real property
What is the due diligence period
Could happen at closing, but sometimes before or maybe after.
What is possession of the property
Upon visual inspection a broker could potentially find this
What is or are Red Flags
A person who conveys property to another
What is a grantor
**DAILY DOUBLE**
Meaning the life of another is the name of this type of life estate
What is Pur Autre Vie
One "specific" remedy for a buyer should the seller breach.
What is Specific Performance
Upon breach of the buyer, its all the seller will receive due diligence fee and earnest money know by this term
What is Liquidated Damages