The Difference Between Due Diligence Money and Earnest Money
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Read our real estate blog for the latest Charlotte real estate news and opinion. In your previous response to my question, you mentioned Earnest Money.
What is Earnest Money? Is it non-refundable like Due Diligence Money? For residential real estate sales in North Carolina and South Carolina, Earnest money is a refundable deposit, typically collected at the time of Contract, that is credited back to the Buyer at closing. In the event that the Buyer defaults on the purchase of the home and it is a breach of the Contract, the Seller can claim the Earnest Money Deposit for damages.
In North Caorlina, Earnest Money is fully refundable so long as the Buyer terminates the Contract during the Due Diligence Period. In South Carolina, Earnest Money is refundable so long as the Buyer terminates the Contract before completing milesone date property inspection, financing contingency, etc.
In either state, the Earnest Money should be refunded in any situation where there is a material breach of the Contract by the Seller. Charlotte NC Homes For Sale. May 25, By Jonathan Osman 1 Comment. This week, it was announced that the real estate marketing company Zillow is piloting a program in select markets that will allow homeowners to receive offers on their homes from a group of hedge fund investors.
Many of these are the same hedge funds that are buying houses at the courthouse during the foreclosure process […].
Earnest Money Deposit in North Carolina | Charlotte Real Estate Guru
May 21, By Jonathan Osman Leave a Comment. Home buyers are connected and are looking for a home that matches their connected lifestyle.
Adding smarthome features to your house like a connected thermostat, connected lighting, even a video door bell may pay dividends when it comes time to sell your property but these are simple improvements that you can enjoy now. May 16, By Jonathan Osman Leave a Comment. The last time that Charlotte had a housing supply greater than 5 months meaning that it would take 5 months to sell every […]. Licensed in North Carolina, South Carolina.
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