Contracts
The 'due diligence period' in a North Carolina purchase contract is the time during which:
AThe seller must make all requested repairs
BThe buyer may conduct inspections and investigations and may terminate for any reason✓ Correct
CThe title company performs its title search
DThe lender processes the mortgage application
Explanation
During the due diligence period in North Carolina, the buyer may conduct inspections, review property information, and arrange financing. The buyer may terminate the contract for any reason and receive back the earnest money deposit.
Related North Carolina Contracts Questions
- A contract for the sale of real estate in North Carolina must be in writing to be enforceable under:
- A North Carolina contract is 'executory' when:
- In North Carolina, if a buyer terminates a contract AFTER the Due Diligence Period expires without a valid contractual reason, they:
- A buyer's offer in North Carolina lapses (expires) when:
- A 'novation' in a NC real estate contract replaces:
- A NC offer to purchase that expires 'at 5:00 PM on Friday' but the seller attempts to accept on Saturday morning:
- In NC, which type of contract is required for a real estate sales agreement to be enforceable?
- In NC, the right of 'first refusal' in a real estate context gives a party:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →