Final answer:
In North Carolina, the property is considered closed and funds are disbursed when certain conditions are met in the standard Offer to Purchase and Contract.
Step-by-step explanation:
In North Carolina, when the standard Offer to Purchase and Contract (NCAR/NCBA) is used, the property is considered closed and funds are disbursed upon the completion of certain conditions.
These conditions typically include:
- Approval of the buyer's financing
- Satisfaction of any contingencies stated in the contract (e.g., home inspection)
- Clear title and completion of any required paperwork
Once these conditions are met, the closing process can proceed, and the property is considered closed when the funds are disbursed to the respective parties involved.