Enacts new Article 4, Unenforceable Real Estate Transaction Charges, in GS Chapter 22B, consisting of new GS 22B-30, providing as follows. Prohibits a seller of residential real property from requiring, as a condition of accepting an offer to purchase the property, due diligence funds (as defined) in an amount exceeding 1% of the purchase price contained in the offer to purchase. Voids any provision in a contract specifying an amount in excess of this amount. Makes the seller liable for court costs and attorneys' fees in an action to recover due diligence funds specified in a contract provision rendered void and unenforceable under this statute. Effective October 1, 2022.
Appropriates $10 million for 2022-23 from the General Fund to the Office of State Budget and Management to be allocated as a grant to the North Carolina Housing Coalition, Inc., to support homebuyer education. Effective July 1, 2022.
Bill Summaries: S863 HOMEBUYER FAIRNESS & PROTECTION ACT.
Bill S 863 (2021-2022)Summary date: May 27 2022 - View Summary