Due Diligence is a fairly new term here in Jacksonville North Carolina. It’s basically time, time to investigate, time to inspect, time to do your homework. When you are looking to buy or sell a property there is the time from when you have a property under contract until you go to the closing table. Until Due Diligence came into the picture we had and “inspection period”, where the buyer would have their home inspection, septic inspection, survey, etc. Anything that might make the buyer reconsider making the purchase would have to be discovered before the date that is in the contract. That is still how it is, the term has just changed and there is more flexibility for the buyer. They can terminate the contract for any reason or no reason as long as it’s before the Due Diligence Date in the contract.
The other new thing that came along with the Due Diligence term is Due Diligence Money. Every buyer needs to know that Due Diligence money goes directly to the seller, you CANNOT get that money back, unless the seller breaches the contract in some way. Due Diligence money will be credited to the buyer at closing, provided that closing takes place. The best way I can describe Due Diligence money is, it’s like a “lay a way” plan. And if you decide that you are not going to get what you put on the lay a way, you don’t get the money you have paid already back. It basically buys you time, nothing more. So, don't put down more Due Diligence money than you are comfortable wiith losing. If any, just because there is a place on the Offer to Purchase and Contract for Due Diligence money, does not mean you have to put any Due Diligence money down, you can just put down Earnest Money.
When searching for homes in the Camp Lejeune, New River Air Station, Jacksonville, Sneads Ferry, Hubert, Swansboro and Onslow County area please click here to search all active listings.
Ellen Hough, Jacksonville NC Real Estate , specializing in guiding home buyers and sellers through the home buying and selling process. Working at EXIT Independence Realty, call or text me @ 910-330-6103 (Cell)