The purpose of this comment is to closely examine the current "Offer to Purchase and Contract" in the context of a typical real estate transaction, to evaluate its important provisions, to determine whether any of its provisions are inequitable, and if so, how these inequitable provisions could be reformed. This comment will also cover applicable North Carolina law and discuss how the form should be completed to comply with the applicable law to avoid later confusion and litigation. The first section of this comment will examine the front side of the form; it will explain how to properly complete the form and suggest modifications of the form. The second section of the comment will examine the standard provisions on the reverse side of the form and suggest certain modifications which would make the contract more equitable. However, before looking at the "Offer to Purchase and Contract," some background information is in order.
Lisa Ann Finger, Offer to Purchase and Contract: Buyer Beware, 8 Campbell L. Rev. 473 (1986).