What can the buyer and seller negotiate after contract formation under North Carolina law?

Under North Carolina law, once a contract is formed, the buyer and seller have the opportunity to negotiate all terms of the contract during the contractual period. This means that even after the initial agreement has been reached and signed, both parties retain the flexibility to discuss modifications, amendments, or adjustments to the terms as they see fit. This could involve changing the settlement date, the purchase price, contingencies, or other factors that may be beneficial to either party.

This flexibility allows the parties to adapt to changing circumstances or new information that may come to light after the contract is in place. For example, if a home inspection reveals unexpected issues, the buyer might negotiate repairs or an adjustment in the purchase price. The ability to renegotiate gives both parties a chance to come to a mutual agreement that satisfies their needs, ensuring a more amicable and practical transaction process.

Other options suggest limitations on the negotiation process, either confining negotiations to a specific time frame or indicating that they cannot negotiate. These do not reflect the flexibility granted by North Carolina law which enables ongoing negotiations throughout the contractual relationship.