The real estate industry is broken down into two broad categories: commercial real estate (i.e. office buildings, retail buildings) and residential real estate (i.e. single family, multi-family). In 2013, within the Charlotte area alone, there were over 35,000 residential property transactions. In many commercial and residential transactions, a broker is involved and there are standard forms approved by state associations, such as the North Carolina Association of Realtors and the North Carolina Bar Association, used in the transaction. There are also many times when buyer or seller’s counsel will draft the necessary documents for the transaction. Law firms generally have “go-by’s” which are standard templates that provide boilerplate language that serve as a starting point for transactions. However, if you are practicing on your own and do not have a library of go-by’s, a practice guide is a great place to get both comprehensive coverage of a topic, as well as, forms to serve as the basis for your transaction.
About North Carolina Real Estate with Forms
North Carolina Real Estate with Forms (Thompson/West, 2012) by Edmund T. Urban, A. Grant Whitney, Jr. and Nancy Short Ferguson contains two volumes and is organized to parallel the process of the real estate transaction from the purchase or sale to closing and recording. The last update from 2012 is contained in a supplement in the back of Volume 1 and a separate supplement for Volume 2.
Volume 1 covers the various aspects of commercial and residential real estate sales contracts and options, and includes an extensive amount of information on real estate title searches and examinations and special considerations in the closing process. Additionally, Volume 1 includes a Summary of Contents and a Table of Contents for both volumes, which is helpful to determine where your broad topic or subtopic may be located within the two volume series.
Volume 2 continues with its coverage of title searches and examinations and concludes with a comprehensive overview of the closing process and required documents. Additionally, Volume 2 includes two tables and an index. The first is a Table of Laws and Rules, which points to federal and state statutes and treatises and lists their location within the series. The second is a Table of Cases. The cases are arranged alphabetically, and the table lists their location within the series. Finally, Volume 2 includes a detailed Index. The Index is more comprehensive than the Summary and Table of Contents. For instance, if you were looking for a form for the rescission of a mortgage and relying on only the Table of Contents, you would be hard pressed to determine the relevant chapter and title. However, the Index lists the topics “Rescission” and “Mortgages and Deeds of Trust,” which also has the subtopic “Rescission,” both of which lead to the relevant chapter and title, specifically Chapter 21: Defects, Liens, and Encumbrances.
Each chapter in North Carolina Real Estate with Forms lists the forms available for each represented topic. It is important to check the most current supplement for updates to the forms. For example, the Offer to Purchase and Contract Form 2-T was completely revamped in 2011 as North Carolina moved to being a due diligence state for residential property purchases. But, the 2009 edition of this Practice Series includes the OLD Form 2-T, while the new Form 2-T is included in the 2012 supplement.
North Carolina Real Estate with Forms can be found in the “Reference: Carolinas” section at the Charlotte School of Law library with the following call number: KFN7526.U73. More information about this title and other titles in the North Carolina Practice Series can be found by searching the Charlotte School of Law library catalog with the search string “north carolina practice series,” or by visiting the library’s LibGuides, specifically the North Carolina Legal Research LibGuide.
North Carolina Real Estate with Forms is a valuable practice series for any attorney involved in a commercial or residential real estate transaction. The series gives a comprehensive overview and consideration of each aspect of the law that could impact the real estate transaction.
~ Traci Belk, L’14 ~
Class Advisor – Cory M. Lenz, Esq.