A FEW WORDS ABOUT BUYING AND S G AND SELLING IN NORTH CAROLINA
If your potential buyers are relocating from out of state, they may not be familiar with certain aspects of North Carolina real estate transactions. First is Due Diligence money, which is offered and paid directly to the seller to take their home off the market, allowing the buyer to further investigate the property for a specified period. During this time, the buyer can withdraw from the sale for any reason, or for no reason at all, before the end of that period. After the Due Diligence period concludes, the buyer is obligated to purchase the home. There are, of course, legal considerations and some loopholes to keep in mind, so you should consult a real estate attorney about these matters. As potential buyers are providing you, the seller, with a Due Diligence check that is generally non-refundable, it indicates their strong commitment to purchase. A significant amount of Due Diligence money strongly signifies their interest. Even if issues arise during their inspections, you retain that money unless you misrepresented something or other legal technicalities come into play. Keep in mind that buyers typically want to pay the least amount possible, as it's money they would forfeit if they decide to withdraw from the sale. Earnest Money is different; it is held in escrow and is usually returned to the potential buyer if the sale does not proceed, though this is subject to various legal considerations that should be discussed with a qualified attorney. This makes Earnest Money a significantly weaker proposition for the seller. In the Southern Pines/Pinehurst market where I conduct much of my business, we rarely see Earnest Money deposits, as sellers typically rely on Due Diligence money.
Another difference from many other states is a unique
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