Click Here to view a printable PDF version of this page.

At Access, we understand that everyone who buys property is not exactly real estate tycoon.  So for the inexperienced home buyer or even the experienced, we would love to offer you help to buy your next home.  Here on our website we offer for links with information to help you further your knowledge of the home buying process.  Remember, these links are here as a reference for your inquiries, but if you have further questions, or are interested in a property anywhere on the island then the wonderful sales team here at Access would love to assist you. 

Key Terms for Buying a Home
[back to top]

Working with A Real Estate Agents Form: 
This is a form that explains the concept of agency relationships in North Carolina.  Your real agent will explain Buyer Agency, Seller Agency and Dual Agency relationships and ask you to sign a form before any pertinent information is shared.  By signing this document, a Buyer/Seller is merely acknowledging that the concept of agency relationship has been explained to them.  This form is NOT A CONTRACT.

Agency Forms:
These forms are a Contract between the real estate agent and his/her client that outlines the Agent's and Client's responsibilities and compensation.  The two most commonly used Agency forms are the Exclusive Right to Sell (Listing Agreement), and the Exclusive Buyer Agency.

Offer to Purchase and Contract:
This is the contract that your Real Estate Agent will draft for his/her client when a house has been chosen and an "offer" is ready to be made.  The Offer to Purchase and Contract outlines the price that their client is willing to pay, with any contingencies to the purchase.  Once delivered to the Seller, the Seller has the right to accept or reject the offer if it does not meet their selling criteria.

Earnest Money:
Money a Buyer pays to the Seller when an Offer to Purchase and Contract is delivered to show good faith in the purchase of a property.

Home Inspections:
This is an evaluation of the major electrical, structrual and mechanical systems and components of a home (plumbing, roof, etc.) and is intended to give the Buyer a better understanding of the home's condition.  It is also important to know that a home inspection is NOT an appraisal. 

Pre-Approval Letter :
This is a letter from the clients’ lender that, based upon initial review, he/she has credit that appears sufficient to qualify you for the necessary loan amount.      

Prorating:
Certain items (real estate taxes, some utility bills, occasionally special assessments, etc.) are prorated at closing.  “Prorating” occurs when you and the seller are each responsible for a portion of an expense. 

Special Assessments:
Local governmental agencies can assess property owners for certain improvements to their property such as sidewalks, sewer lines, street repairs, and drainage systems.

Survey:
A survey provides an accurate measurement of the property; its precise total area; the location of buildings and other improvements on the property; and any encroachments, easements and possible setback violations.

Closings:
Closings in N.C. are completed when the Seller conveys the title by deed, purchase money is exchanged, and the appropriate documents are recorded with the Register of Deeds in the county where the property exists.  After recordation the Buyer will receive the keys to their new home.

[back to top]

Types of Homes in the Coastal NC Region
[back to top]

Single Family

Duplex

Condominium

Town Homes

[back to top]

How Can Real Estate Agents Help?
[back to top]

1st – Real Estate agents pay dues to their local board to have access to the MLS (Multiple listing Service).  This service allows them to see all of the homes that are for sale, under contract, or sold in that specific area.

2nd – Real Estate agents have yearly “continuing education” which requires them to take classes to stay up to date with the current market.

3rd – Real Estate agents act to serve the best interest of their clients.  They work to get the best price and best product for their client.

4th – Real Estate agents have been trained to write purchase agreements.  Can you write an Offer to purchase and Contract or an Exclusive Right to sell contract?  Most of the buying public can’t so Real Estate agents handle that tedious process for you. 

The 5th and most important reason – If you choose to use a Real Estate Professional, they can assist in seeing the homes that fit your family needs.  But if you do not choose to use a Real Estate Professional, then you will be limiting your selection to roughly 20% of the properties for sale.  This is because 80% of all properties on the market are listed with Real Estate agents.

[back to top]

The Home Buying Process
[back to top]

1st – Decide what location you want to live in.

2nd – You call a local Real Estate company to find out what homes are available, and exactly where they are.

3rd – When you start discussing your specific needs, the Real Estate agent is required to disclose the NC Real Estate Commission’s: “Working with Real Estate agents” brochure.  This is not a contract with the agent; it is just to disclose your rights as a home buyer and what type of agency that you are comfortable with.

4th – After explaining agency to you the Real Estate agent will probably ask you if you are ready to sign an Exclusive right to represent Buyer Contract.  At this point you are given the opportunity to have an agent represent you personal interest in the home buying transaction.

5th – Then the agent does a Market analysis on his/her local MLS and comes up with a list of homes.  He/She then calls the Listing agents for the different properties to set up showings for you.

6th – You and the agents tour the homes which that match the description of your wants and needs.  While touring these homes, you stumble upon your dream home.  This home is located in a perfect area, looks awesome, and is priced right.

7th – You tell your agent that this is the house you want.  The agent then asks, ‘what price would you like to offer”.  You tell the agent, and the agent draws up the document.  You sign the Offer to purchase and Contract, and the agent delivers it to the Listing agent. 
 
8th – The listing agent presents this contract to the seller and the seller likes the price! They sign the contract and we all go to closing.

[back to top]

“There comes a time in everyone’s life when they decide to sell their home. 
When that time comes, let Access Realty help you find the right buyer and make this process as profitable as possible!”

Call a Real Estate Agent
The first step to selling your home is to call an experienced sales agent in your local area.  Sales professionals are trained to help you.  They work in this field all day, everyday.  Sales professionals are the best tool you can use to sell your home in the quickest and most profitable timeframe.

“The Interview”
The Agent will call you into his/her office to meet with you about possibly listing your home with their company.  There you will interview the agent for the job of selling your home (just like any other job interview).  The agent will tell you what he/she and their respective company can provide for you and give you some examples.  If you decide to hire this agent, the agent will give you a brochure provided to them by the NC Real Estate Commission called “Working with Real Estate Agents”.  The agent will explain the brochure and will get you to sign it and then you will move on to the employment contract.

Exclusive Right to List Property
This is a Contract that you as a home owner sign to give the Agent the right to market your home (on the internet, Signage, or Newspapers).  This is more or less a job employment contract with the agent; and like any normal employer you can fire the agent at any time if he/she is not fulfilling his or her duties up to your standards. 

Market Analysis
The first beneficial thing that a Sales Professional can do to help you sell your house is to do a Comparative Market Analysis for you.  A Comparative Market Analysis is where the Agent searches his/her local MLS (Multiple Listing Service) to find a home that is similar in various categories (i.e. size, style, #beds/baths, location, and time they sold).  This analysis will help you and your agent determine the best price at which, to list and market your home.  Of course the client gets the final say in pricing the home, but the analysis is used as a starter to inform the client about what his/her best asking price is.

Marketing Your Home
Working in the business of selling homes, a good Sales Agent will have done research to find out where the best place to put his or her marketing dollars to sell your home.  The most commonly used form of marketing is to place your home on the local Multiple Listing Service (MLS).  If a sales agent is a member of a local board, they will be required to place the listing on their local MLS within a certain timeframe.  Placing a listing on the MLS allows all agents in the area to view the information on your home (i.e., location, amenities, price, style, etc).  At this point most agents will place a sign in the front yard advertising that the home is FOR SALE.  On a busy highway, enough traffic may pass the home per day that the agent only needs to place a sign in the front yard to get a lot of interest.  In other cases the agent may take pictures and do video tours of the property and place them on different websites.  The agent can do many other things and for more info on this call a Sales Representative at Access Realty.

Showing the Property
“Showing the Property” includes allowing agents and perspective buyers to walk through and view your home.  Your agent will ask you as the homeowner if there are any times which your home will not be available for showing.  They will then enter this information onto MLS so other agents will know.

Let’s Make a Deal
An interested buyer makes an offer to purchase your home.  It is now time to for the agent to negotiate on your behalf to get the best price for you.  Alright, they come back with a second offer and you will accept this one.  The agent is now responsible to keep this deal together until closing.  They accomplish this by having Home Inspections, Appraisals, deposits and scheduled visits done on time.  It is now time for Closing!  This is where the new deeds get registered, final disputes get handled, pro-rations of taxes and other items are made and this is where you get PAID.

[back to top]