NC H685

Removes requirement that purchase agreements include estimated financing terms (estimated interest rate, number of years financed, and monthly payment).

Defines "initial deposit" as money paid to the dealer before midnight of the third business day after the buyer signed the purchase agreement.

Eliminates automatic contract cancellation if the dealer changes material terms of the purchase agreement and removes requirement to provide a new three-day cancellation period when financing terms change.

Allows buyers and dealers to negotiate deposit refund terms in the contract, including full refund options, while maintaining the dealer's right to retain actual damages up to 10% of purchase price for inventory homes or full deposit amount for specially ordered homes.

Effective October 1, 2017, for purchase agreements entered into on or after that date.