Mobile Homes and Earnest Money changes to the OTP in North Carolina are just the tip of the iceberg for changes to forms on July 1, 2022.
It is that time of year again where many forms are being updated by the North Carolina Association of Realtors. Licensees across the state should be aware of the changes so that clients can be properly advised on those changes.
Paragraph 1(c) has added checkboxes for the parties in the transaction to indicate whether a mobile home is involved in the transaction. There is also a new “Note” to discuss the new forms 2A11-T which is the Mobile Home Provision. This has been added because many agents were confused on how to use a residential form to transfer personal property.
Paragraph 4(d) is where buyers and sellers select when Initial Earnest Money will be paid. Many times, agents did not check the boxes in transactions, which created doubt about when EMD would be due. Parties will have to select when the EMD will be due. This selection of a date will not prevent a seller from requiring receipt of the EMD before signing the offer.
In addition, on Paragraph 4(d), Wire Transfers have been added to the existing wording and there is now a “Note” that emphasizes that the seller will cooperate in effecting the transfer of electronic funds.
There will be more updates in the coming days so come back to see more references.