Choose the North Carolina concept that fits this description about breach remedies, termination, and refunds. Here is the description. Description: The North Carolina statutory procedure that may be used to remove certain disputed earnest money from the broker's trust account after notice and waiting period.
Correct Answer
B) Deposit with the clerk of court under G.S. 93A-12
Deposit with the clerk of court under G.S. 93A-12
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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