Selling a home in the Charlotte-Concord area

Transfer tax

North Carolina charges an excise tax on deeds of $1 per $500 of the sale price (often called deed or revenue stamps), paid to the county register of deeds before the deed is recorded. By custom the seller pays it. Seven counties add a local land transfer tax of 1%.

Local add-ons: Camden, Chowan, Currituck, Dare, Pasquotank, Perquimans and Washington counties levy a 1% land transfer tax.

Source: Brunswick County Register of Deeds, Real Estate Records (excise tax rate)

Seller disclosure

Yes. The Residential Property Disclosure Act (G.S. Chapter 47E) requires sellers of one to four unit homes to give buyers two forms before an offer is made: the Residential Property and Owners' Association Disclosure Statement and the Mineral and Oil and Gas Rights Mandatory Disclosure Statement. On the first form the seller may answer many questions with No Representation, and some transfers, such as foreclosures and transfers between family members, are exempt.

Source: NC Real Estate Commission Bulletin, Sellers Required by Law to Provide Two Disclosure Statements to Buyers

Who handles the closing

North Carolina closings are customarily conducted by attorneys. Legal tasks such as the title opinion, drafting documents and advising the parties are the practice of law and cannot be done by non-lawyers, although supervised staff may handle parts of the signing and disbursement.

Source: NC Real Estate Commission Bulletin, Beware Lawyerless Closings

Also worth knowing

If the disclosure statements are not delivered before the buyer makes an offer, the buyer may cancel the contract within three days of the contract being made or three days of receiving the statement, whichever comes first.

Source: NC Real Estate Commission Bulletin, Sellers Required by Law to Provide Two Disclosure Statements to Buyers

Also worth knowing

The Mineral and Oil and Gas Rights disclosure has no exemption for new construction or for sales where the parties agreed to skip the main disclosure form. Sellers must answer yes or no about whether they themselves have severed or intend to sever these rights.

Source: NC Real Estate Commission Bulletin, New Oil and Gas Disclosure Statement

Also worth knowing

In Perquimans County and six other northeastern counties, a 1% local land transfer tax applies on top of the state excise tax, and it is typically paid by the seller when the deed is recorded.

Source: Perquimans County, Land Transfer Tax

Checking an agent's license

Real estate agents in North Carolina are licensed by the North Carolina Real Estate Commission. You can look up any agent before you work with them.

North Carolina Real Estate Commission license lookup