Bill > S453

This bill establishes new regulations for due diligence funds in residential real estate transactions and provides funding for homebuyer education. Specifically, the bill limits sellers from requiring due diligence funds (nonrefundable money paid to a seller upon accepting a purchase offer to investigate the property) to more than 1% of the purchase price, with any contract provisions exceeding this amount being considered void and unenforceable. If a seller attempts to collect more than the allowed amount and is challenged in court, they would be liable for the buyer's court costs and attorneys' fees. Additionally, the bill appropriates $10 million from the General Fund to the North Carolina Housing Coalition to support homebuyer education services in the state. The provisions related to due diligence funds will take effect on October 1, 2025, and apply to property purchase offers accepted on or after that date, while the funding allocation becomes effective on July 1, 2025. The overall aim of the bill appears to be protecting homebuyers from excessive upfront transaction costs and supporting educational resources for potential homeowners.

https://www.ncleg.gov/BillLookUp/2025/S453