Raleigh North Carolina Buyer's Request for Accounting from Seller under Contract for Deed
Description
How to fill out North Carolina Buyer's Request For Accounting From Seller Under Contract For Deed?
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FAQ
In North Carolina, due diligence periods typically last anywhere from fourteen to thirty days. During the due diligence period, the buyer gets time to negotiate repairs, home owner association agreements, and review home inspection reports without the pressure of other buyers.
Due diligence money is an upfront payment, so it is usually paid within twenty-four hours of the seller accepting the buyer's offer; however, the buyer has up to five days from the date the contract is signed to make the due diligence payment.
The due diligence period is, on average, three to four weeks, depending on how competitive your offer is; the shorter the due diligence period, the better it is from a seller's perspective.
During the due diligence period, the buyer may decide not to move forward with the transaction. When this happens, the due diligence payment is forfeited. The due diligence payment is only refundable when the sale does not move forward at the seller's decision.
According to the North Carolina Offer to Purchase and Contract, both the Buyer and Seller have the right to terminate the contract in certain instances ?upon written notice? to the other party.
Short answer: no, the seller can't back out after an inspection. However, the seller may be able to get the buyer to walk away from the transaction based on a negative inspection report.
While neither due diligence money nor earnest money is mandatory in North Carolina, most contracts negotiate to include both. Due diligence money is non-refundable, whereas earnest money is refundable if the buyer decides not to buy the home within the due diligence period.
Nothing is mandatory. It's customary, and things that are customary change as the market shifts. There may be times when sellers expect minimal due diligence and no earnest money or any other combination.
In short, due diligence and earnest money are fees that are paid upfront by you when you enter into a contract to buy a home from a seller. These funds let them know that you are serious about your commitment to buying their home.
