Which statement is true regarding the delay of settlement?

The statement regarding a 14-day delay being permitted is accurate because, in real estate transactions, certain contingencies may allow for extensions to the settlement date. Specifically, in North Carolina, a delay in settlement is often standard practice under various circumstances, such as the need for repairs, financing issues, or other unforeseen events. While real estate contracts can vary, it is not unusual for practice to allow for a reasonable grace period to accommodate necessary delays without jeopardizing the agreement, leading to the acceptance of a 14-day delay under certain conditions. This flexibility helps ensure that both parties have sufficient time to meet their obligations and avoid unnecessary contract disputes.

Consent from all parties is essential in most agreements, but the specific number of days for a delay is governed by the terms initially agreed upon in the contract, as well as by legal guidelines. Understanding these specifics is important for ensuring compliance and maintaining good faith in the transaction process.