It is true that the new NC Offer to Purchase and Contract does not have a repair clause anymore, but a Home Inspection is just as important as ever. The new form that is used by most Realtors in not only our area but all of the state of North Carolina has a new due diligence period that is very similar to the due diligence in commercial real estate transactions.
The Due Diligence Period allows the home buyer time to investigate the Property that is being purchased for a specific length of time that is negotiated between the buyer and home seller. The buyer may pay a fee (Due Diligence Fee) for this due diligence time frame (or not again depending upon the negotiations between the home buyer and seller) and during this time, the buyer can decide whether they, in Buyer’s sole discretion, will proceed with or terminate the transaction. If they decide to terminate, they are entitled to receive their earnest money back as long as they provide written notice to the seller before 5 PM on the last day of the due diligence period.
During the Due Diligence Period, the Buyer (or Buyer’s agents or representatives) can conduct all desired home inspections, tests, surveys, appraisals, investigations, examinations and inspections of the Property. All of these are paid for by the Buyer.
Still have questions? The North Carolina Real Estate Commission publishes a brochure on this topic. You can read it on-line here: Questions and Answers on Home Inspections
Or you can download the brochure in PDF format – it’s free! Questions and Answers on Home Inspections
As always feel free to contact the Marti Hampton team – we can recommend some great home inspectors and help you through the home buying process.