top of page
Search

2023 Changes to NC REALTOR® Forms

The North Carolina REALTORS® (NCR) has made a number of changes to the Residential, Commercial, and Property Management forms that we use to transact every day.

We have compiled all the information about these changes and new forms for you here. As a friendly reminder, the NCR Forms Policy requires that all REALTOR® members adopt the new forms no later than August 31st, 2023.


Important Changes to Offer to Purchase and Contract (Form 2-T)


Off-Site Features

New checkboxes have been added to indicate if the property includes off-site features like a septic lot, boat slip, garage, parking space, or storage unit. These modifications aim to facilitate early discussions regarding such features and to prevent last-minute closing hitches.



In-Home Exercise Equipment

With the rise in home exercise culture, disputes over whether such fixtures are included in the sale have become common. The form now explicitly mentions that any attached equipment will transfer to the buyer at closing.


Lease Disclosures

A new paragraph has been included to declare whether the property is subject to a lease.


Property Encumbrances

There's now a clear statement that the seller only needs to convey the property free of any material encumbrances, protecting sellers from unreasonable buyer demands related to insignificant encroachments.


Government Regulation Violations

A new section requires sellers to disclose any known government regulation violations prior to the Effective Date. If a violation is discovered after this date, the seller can choose to remedy the situation or decline, allowing the buyer to proceed or get a refund of their Earnest Money Deposit and Due Diligence Fee.


While Form 2-T is by far the most popular, there were changes made to many more forms as well. Use the expandable list below to view information about changes to other forms from the NCR and full details about the changes to Form 2-T.

July 2023 Residential Forms Changes

July 2023 Commercial Forms Changes

July 2023 Property Management Forms Changes


1,537 views0 comments

Comments


bottom of page