NCREEA Fall Conference
NCREC recently attended the 2023 North Carolina Real Estate Educators Association (NCREEA) Fall Conference in Winston-Salem, and presented Commission and Legal Updates. The Conference was well attended and offered education opportunities for instructors to improve their technology and gamification in the classroom, a parade of ideas from experienced instructors, and sessions on creating elective courses, making a difference and more. Congratulations to Matt Davies who was installed as President of NCREEA, and award winners Cheryl Sain – 2023 Program of the Year, and Melea Lemon – 2023 Instructor of the Year.
Is due diligence refundable?
NCREC often receives questions about due diligence fees and if they are refundable. Standard form 2-T Paragraph 1(i) states the Due Diligence Fee shall be non-refundable except in certain specific events. These are material breach of the contract by the seller under Paragraph 8 (“Seller Obligations”) or Paragraph 12 (“Delay in Settlement/Closing”), damage or destruction to the property under Paragraph 11 (“Condition of Property/Risk of Loss”), or in accordance with any addendum attached to the contract. A buyer and broker should closely examine the specific contract they are considering using to understand their rights and remedies related to due diligence fees.
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 next meeting is tomorrow, November 8th here at the Commission building. A Zoom link will be available at ncrec.gov on the day of the meeting.