Questions and AnswersLooking 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" – 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.
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