For due diligence fee, due diligence period, and Effective Date, identify the North Carolina term or document described here. Match the description to the correct term. Description: The negotiated payment made by buyer to seller for the right to conduct due diligence under the standard contract.
Correct Answer
B) Due diligence fee under current North Carolina rules
Due diligence fee
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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