February Updates


Due Diligence Fee Concerns

Recently there have been several questions and cases involving Due Diligence Fee concerns.  The common questions are: “When is the Due Diligence Fee due?” and “What happens if the buyer changes their mind and terminates the contract without paying the Due Diligence Fee to the seller?” It is important to note that if the buyer entered into a contract to purchase a home, the due diligence fee is due immediately upon contract formation.  If the buyer changes their mind and terminates later, the seller may be still entitled to the due diligence fee and other fees that may be awarded by the courts, such as attorney fees. The Commission’s, Questions & Answers on Due Diligence Fees is a great resource to review.

You are invited!

The monthly Real Estate Commission meetings are always open to the public, and you are invited to attend in person or online via Zoom.  The meeting next month is February 14th at the Carolina Hotel (South Room) 80 Carolina Vista Drive, Pinehurst, NC 28374.  A Zoom link will be available at ncrec.gov on the day of the meeting. If you plan to attend in person, please RSVP to exec@ncrec.gov on or before February 7, 2014.