Due Diligence in North Carolina means you have time to vet the home or property before you purchase. With land or commercial, this might mean getting building plans approved and permits in place. For homes, it might mean having a home inspector, appraiser, etc come in to check the home out before you buy, so you are confident in the purchase.
In the mountains, properties undergo a lot more weathering than most places. We are exposed to harsher elements, so checking out a home before you buy can be important. Our typical due diligence period can be 25-45 days. We work with every buyer individually to determine what timeline is best for their situation.
During the due diligence period for residential homes, typically if you back out during this time you get your earnest money back. Your right as a buyer is to be able to terminate the contract within the due diligence period for any or no reason in most transactions.
Due Diligence Fee: non-refundable fee to the seller for taking the property off the market. However, if you close on the property, the fee gets credited towards the sale at closing.
Disclaimer: This blog is used to provide general information but not professional advice. We work with our clients on a case by case basis and every situation is unique.