Looking for property near the ocean? With more than 300 miles of ocean shoreline, North Carolina boasts some of the most spectacular beaches in the nation. But before buying, you should be aware of other factors that accompany the pleasures of owning property at the beach.
Most oceanfront real estate in North Carolina is located on one of the state’s many barrier islands. These narrow strips of land between the sea and the sound are particularly vulnerable to ocean forces such as storms and beach erosion which can pose a threat to your prospective property and undercut its value.
Purchasing Coastal Real Estate in North Carolina
Here are some questions you should ask as a potential purchaser of coastal real estate. Whether you are considering an undeveloped lot or an existing building, there are critical issues you should examine before committing to purchase.
When buying or selling real property, you may find it helpful to obtain the assistance of a real estate agent. Real estate agents (brokers and salesmen) are licensed and regulated by the North Carolina Real Estate Commission.
In today’s real estate market, agents can work with you in many ways. You may choose to work with one who will represent only you. Or one who will represent only the other party in the transaction. Or an agent who will represent both you and the other party(ies). If you choose to have an agent represent you, the agent must promote your best interests. Your agent must also be loyal to you and follow your lawful instructions, exercise reasonable skill, care and diligence; account for all funds he handles for you; and disclose any information to you which could influence your decision in the transaction.
Before a real estate agent can represent you, the agent must have you sign a written “agency agreement” ï¿½ typically a “listing contract,” “buyer agency contract,” or “dual agency contract.” Real estate agents must disclose to buyers and sellers whom they represent.
Who Real Estate Agents Represent
Here we introduce the various agency relationships you may encounter in real estate transactions, and answer some of your agency questions.
In the past, home ownership typically involved a single family house with a yard. But today, due to increased prices of single family homes and changes in lifestyles, many people either cannot afford or simply prefer not to own traditional single family homes. In response to their needs, alternative forms of home ownership have been developed. Among these are multifamily housing complexes containing townhouses and condominiums (often referred to as “condos”). Condos and Townhouses
Here we focus on questions frequently asked about purchasing and owning a townhouse or condo. what are homeowners’ associations? What are my responsibilities as an owner of a condo or townhouse? what are the developer’s responsibilities? These are some of the subject areas addressed.
The reader is cautioned however that the legal aspects of condo and townhouse ownership are too complex to be treated in detail here. Therefore, prospective purchasers and owners of condos and townhouses are advised to consult their attorneys for specific guidance.