There have been certain discoveries and our closing is delayed. How long can we push back our closing without being in breach of contract and incurring additional expenses?
The North Carolina Offer to Purchase and Contract Form 2-T has a built-in 14-day grace period assuming all parties are acting in good faith. But the answer to whether there is a breach of contract and/or the requirement to pay additional expenses is very fact specific and will typically require additional input before a final answer is reached.
Am I entitled to my due diligence if…?
Due Diligence on a real estate contract is due the second the contract is signed by all parties and is typically not refundable to the buyer absent an agreement to the contrary. You are paying for the right to have a period of time available to you, the buyer, to conduct your inspections and whatever “due diligence” you need to conduct during which time the seller cannot sell to another person. The buyer may also terminate the contract during the due diligence period for any reason or no reason but is typically not allowed to receive a refund of those funds.
My name is the only name on the Deed and Deed of Trust. Why does my spouse need to sign?
In North Carolina, absent an agreement to the contrary, a spouse automatically gains a marital interest in property acquired by either spouse during the marriage. Even if your spouse is not on the Deed and is not a co-borrower, if there is no legal release of their marital rights in the property, the lender is likely to require your spouse to sign in order to encumber their inherent marital rights in the property. The lender is the one writing the check so they have the ultimate decision making authority on this.