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  • Summary date: May 2 2024 - View Summary

    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, 2024.

    Appropriates $10 million for 2024-25 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, 2024.