Choose the North Carolina concept that fits this description about due diligence fee, due diligence period, and Effective Date. Match the description to the correct term. Description: The North Carolina contract period during which the buyer may investigate the property and usually terminate for any reason or no reason
Correct Answer
D) Due diligence period
Due diligence period
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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