Paperwork

Real Estate Forms Explained

A Quick Guide to Common Real Estate Transaction Paperwork: March 2025

Navigating real estate transactions can feel overwhelming, but understanding the key paperwork makes it easier. Here’s a simple breakdown of the most common forms you’ll encounter, with links to real examples:

1. Exclusive Property Management Agreement

This contract is used when a property owner hires a manager to rent out and oversee their property. It covers things like the manager’s fees (e.g., a percentage of rent), their responsibilities (like finding tenants and handling repairs), and how long the agreement lasts. It’s perfect for landlords who want someone else to handle the day-to-day.

2. Exclusive Right to Sell Listing Agreement

This is the deal between a seller and a real estate firm to sell a property. It gives the firm the sole right to market and sell the home, including setting a listing price, advertising it (like putting up signs or hosting open houses), and earning a fee (usually a percentage of the sale price) when it sells. It’s the go-to for most home sellers.

3. Exclusive Buyer Agency Agreement

This agreement connects a buyer with a real estate firm to help them find and buy a property. The firm works only for the buyer, assisting with offers and negotiations, and gets paid a fee (often a flat amount or percentage of the purchase price). It’s great for buyers wanting dedicated support.

Why These Forms Matter

These NCREC forms are critical for Greensboro, NC, buyers and sellers to ensure a fair, transparent real estate process. The WWREA Disclosure sets expectations with your broker, while RPOADS and MOGS protect buyers by revealing property details upfront. The Offer to Purchase and Contract locks in your agreement, and the Recovery Fund application offers a safety net. At Joy Watson Real Estate, we guide you through these documents to streamline your journey—whether you’re exploring first-time buyer programs or mastering MLS search tips.

Tips for Using NCREC Forms

• Buyers: Review the WWREA with your agent early, and study the RPOADS/MOGS before making an offer. Need help? Check our Down Payment Assistance Options blog for financing insights.

• Sellers: Complete the disclosure forms accurately to avoid liability—our Greensboro Market Insights can help you price competitively.

• Both: Consult your broker or legal counsel if unsure, and keep copies of all signed forms.

Get Started Today

Ready to buy or sell in North Carolina? Download these NCREC forms and explore our blog for more resources tailored to Greensboro real estate. Contact Joy Watson Real Estate to connect with our team—we’re here to turn your real estate dreams into reality with expert guidance and personalized service!

NCREC Forms for Buyers and Sellers

1. Working With Real Estate Agents Disclosure (WWREA)

   • Purpose: This mandatory disclosure explains agency relationships (e.g., buyer’s agent, seller’s agent, dual agency) and must be provided by brokers at first substantial contact with a prospective buyer or seller, per NCREC Rule 58A.0104(c). It’s a one-page, double-sided form—sellers on one side, buyers on the other—designed for clarity and simplicity.

   • When It’s Used: Early in the process, before signing agreements, to define how your broker represents you.

   • Download: Buyer Working With Real Estate Agents Disclosure PDF or Seller Working with Real Estate Agents Disclosure PDF

2. Residential Property and Owners’ Association Disclosure Statement (RPOADS)

   • Purpose: Required by NC law (G.S. 47E) for most residential sales (1-4 units), this form details the property’s condition, including defects, repairs, and owners’ association details, helping buyers make informed decisions. Sellers must provide it unless exempt (e.g., court-ordered sales).

   • When It’s Used: Before an offer is made, typically at listing or during due diligence.

   • Download: RPOADS PDF

3. Residential Property Owners Association Disclosure and Mineral and Oil and Gas Rights Mandatory Disclosure Statement (MOGS)

   • Purpose: Also mandated by G.S. 47E, this form discloses whether mineral, oil, or gas rights are included with the property, protecting buyers from surprises about subsurface ownership. It’s required alongside the RPOADS unless an exemption applies.

   • When It’s Used: Same as RPOADS—before the offer, often at listing.

   • Download: Residential Property Owners Association Disclosure PDF and Mineral Oil and Gas Disclosure PDF

4. Offer to Purchase and Contract (Form 2-T)

   • Purpose: While not an NCREC form (it’s from NC REALTORS®), it’s commonly used and reviewed by NCREC for compliance. This contract outlines the terms of sale between buyer and seller, including price, contingencies, and closing details.

   • When It’s Used: When a buyer makes an offer, accepted by the seller to formalize the deal.

   • Download: Offer to Purchase Contract.

5. Application for Payment from Real Estate Recovery Fund (Form REC 4.17)

   • Purpose: This form allows buyers or sellers to seek compensation from the NCREC’s Recovery Fund if they suffer financial loss due to a broker’s misconduct (e.g., fraud). It’s a consumer protection tool, not a transactional form.

   • When It’s Used: Post-transaction, if a licensed broker’s actions cause verifiable loss.

   • Download: REC 4.17 PDF