Due Diligence in
North Carolina Real Estate
In 2011, North Carolina introduced something new in real estate transactions: due diligence. This is to protect both homebuyers and sellers during the transaction. Let’s take a look at the benefits for each party.
During the home buying process, the buyer can back out at any time, for any reason. You will lose the due diligence fee, but that amount is much smaller than any earnest money.
If the buyer backs out, the home seller is awarded the diligence fee. And, the seller’s home stays on the market during the process, so the seller can collect back-up offers.
To make the transaction smoother, buyers should get pre-approved for a mortgage, and sellers should have a pre-inspection before they list their home. For more information and tips, check out the video below.
Have More Questions about Due Diligence?
Contact us and we will be happy to answer your questions about what this new real estate contact means for buying or selling a home in the greater Raleigh area.