Which term or document is being described in this North Carolina item on breach remedies, termination, and refunds? Description: The return-of-funds outcome that often follows a routine buyer termination during the due diligence period under the standard contract.
Correct Answer
A) Seller keeps due diligence fee; earnest money is usually refunded to buyer
Seller keeps due diligence fee; earnest money is usually refunded to buyer
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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