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. 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 ownership category for married couples called Tenants by the Entirety. This arrangement designates property as owned by the marriage rather than by either spouse individually. If one spouse passes away, the survivor automatically inherits full ownership of the property. Additionally, one spouse cannot sell the property without the other's consent. Once again, I'm not an attorney, so please consult with a qualified attorney who can explain the implications thoroughly. The law in North Carolina is different from that in other states where I have lived. You may find the same is true for you.
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