News & Events

FIVE IMPORTANT THINGS FOR THE BUYER TO KNOW
By: James E. Scarbrough, Association Attorney

1. North Carolina is a "buyer beware" state. That means the buyer is on his own and must check out the condition of the property.
   
   
2. State licensed home inspectors should be used to determine the condition of the home. Even if the buyer is a "handyman", leave the building inspection to an expert.
   
   
3. The earnest money deposit is not the only thing the seller will get if the buyer breaches. It is a common misconception that the buyer can refuse to close and will only "lose the deposit money". The seller can sue for breach of contract damages totaling much more than the earnest money deposit.
   
   
4. Choosing the lender is important. It makes good sense to use local lenders, banks, and mortgage brokers. You can always go to their office and get results. Selecting a lender on the internet can be a mistake if the lender does not have a local office.
   
   
5. Communication is the key. Communication with the lender and the closing attorney's office is crucial. Check out the attorney's office and make sure there is a good staff of real estate paralegals to assist you.

HINT: Use local professionals to help you purchase a home. Local realtors, home inspectors, attorneys, and mortgage lenders will make for a smooth transaction.