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What is earnest money when buying a home in North Carolina? Earnest money is typically 1% of the contract price. Again, negotiated.

This form will express the terms of the purchase (purchase price, closing date, etc.) that you are proposing to the seller. The most common residential offer form in North Carolina is the “Offer to Purchase and Contract” (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®.

The most common residential offer form in North Carolina is the “Offer to Purchase and Contract” (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®. Many standard “addenda” forms also are available to add provisions of special importance to the parties.

Agreement for Purchase and Sale of Real Property (Standard Form 580-T): This type of contract is used for the sale and purchase of commercial real estate and can be used for any form and format of commercial property, including vacant land to be developed commercially and commercial properties that are either owner- ...

In standard form 2-T, Paragraph 1(i) states that the due diligence fee is nonrefundable unless the seller materially breaches the contract, the buyer terminates the contract under Paragraph 8 (“Seller Obligations”) or Paragraph 12 (“Risk of Loss”), or in ance with any addendum attached to the contract.

The due diligence fee is a negotiable (by your realtor) and is typically between $500 and $2000, depending on the market competition and on the purchase price of the home. Just like the earnest money deposit discussed in our other blogs, a higher due diligence fee makes your offer more enticing to a seller.