Due Diligence is defined in the NC Offer to Purchase:
(h) "Due Diligence": Buyer's opportunity to investigate the Property and the transaction contemplated by this Contract,
including but not necessarily limited to the matters described in Paragraph 4 below, to decide whether Buyer, in Buyer's sole
discretion, will proceed with or terminate the transaction.
(i) "Due Diligence Fee": A negotiated amount, if any, paid by Buyer to Seller with this Contract for Buyer's right to terminate
the Contract for any reason or no reason during the Due Diligence Period. It shall be the property of Seller upon the Effective
Date and shall be a credit to Buyer at Closing. The Due Diligence Fee shall be non-refundable except in the event of a material
breach of this Contract by Seller, or if this Contract is terminated under Paragraph 8(n) or as otherwise provided in any addendum
hereto. Buyer and Seller each expressly waive any right that they may have to deny the right to conduct Due Diligence or to assert
any defense as to the enforce ability of this Contract based on the absence or alleged insufficiency of any Due Diligence Fee, it
being the intent of the parties to create a legally binding contract for the purchase and sale of the Property without regard to the
existence or amount of any Due Diligence Fee. See paragraph 23 for a party's right to attorneys' fees incurred in collecting the
Due Diligence Fee.
(j) "Due Diligence Period": The period beginning on the Effective Date and extending through 5:00 p.m. on
TIME BEING OF THE ESSENCE
Examples:
What if we find mold, wood destroying insects, structural issues during DD and the seller does not agree to fix anything. Does they buyer get their DD back?? NO
CONTACT Any Lilac Realty Agent FOR MORE INFORMATION ABOUT DUE DILIGENCE IN NC.
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