How many of you are aware of the new NC Purchase Contract that went into effect on January 1, 2011? I have undergone extensive training on these new guidelines from Bill Gallagher, the best real estate instructor in the state.  Let’s try to understand this concept of the “due diligence period,” which is the right of the buyer to conduct due diligence to get an opportunity “to investigate and examine all aspects of the Property and the transaction in order to proceed with or terminate the transaction.”  If the buyer ends up terminating the agreement before the expiration of this due diligence period, the buyer gets a full refund of the Earnest Money Deposit. During this time, the buyer should research financing, property investigation, appraisal, land survey, and damage repair on the property being purchased.  What’s different?  The buyer will give over the Due Diligence Fee to the seller at the time of contract signing.  (Earnest Money is still held with the agent). Up until the end of the due diligence period, the buyer can get out of the contract. The due diligence fee is not refunded. If the buyer goes to closing the due diligence fee is credited at the closing.  

This may sound a bit overwhelming and detail-oriented, but rest-assured that I’d be able to help you navigate the entire process, with your interests at heart.  It’s all part of my “concierge service.”