On the other hand, due diligence money can be between $500 and $2,000 or more, depending on the price of the home and whether you`re competing with other buyers for the same home. If a buyer terminates a contract before the due diligence date, the only money that is at risk is due diligence money; Your serious money will clearly come back to you. So if you make your offer, you need to think about the process and think about how much money you are willing to lose if you terminate the contract. Please note that the higher the amount of the DD fee, the longer my seller can talk. The smaller the amount of the DD fee, the sooner my seller will want the buyer to do their due diligence. The due diligence period allows a buyer to discover all the items that need to be repaired or relevant. The buyer will then decide if there are any larger repair items that they need to repair before closing the seller. With the help of his broker, the buyer has a multitude of possibilities to negotiate an agreement that satisfies him in the face of the important discoveries of the inspection. It should be noted that the duty of care does not apply to the purchase of new buildings.
The due diligence phase is over, the inspections are all underway, the repairs have been negotiated and you are heading towards the conclusion. What if you wanted to get out of the contract now? That is where the second revision comes from. What is the property that has been valued much less than the sale price? Can I get my due diligence money back if the seller doesn`t want to change the price? Thank you, I explained how due diligence fees and serious money deposit work in North Carolina and especially in the Triangle region of Durham, Raleigh, Chapel Hill and Cary. Remember that each state has different real estate laws and even within a state, conventions can vary between cities and regions. If you are considering buying or selling a home, you should consult an experienced real estate agent near you, and if you have any questions about the laws in your country, a real estate lawyer can provide you with the legal advice you need. If you have any questions about how Due Diligence works in North Carolina, please contact us! I would like to help you in any way I can and put you in touch with excellent real estate lawyers in the Raleigh-Durham, North Carolina area. Due diligence fees are negotiable and can range from $0 to 1% of the purchase price or more, depending on the strength of the offer, the circumstances of the seller or buyer, and market conditions.