NC S863

Caps due diligence funds in residential real property transactions at 1% of the purchase price, with any contract provisions exceeding this amount declared void and unenforceable.

Defines "due diligence funds" as nonrefundable funds paid directly to a seller upon offer acceptance in exchange for the opportunity to investigate the property within an agreed-upon time period.

Makes sellers liable for court costs and attorneys' fees in actions brought by offerors to recover due diligence funds required under void contract provisions.

Appropriates $10,000,000 in nonrecurring funds for fiscal year 2022-2023 to the North Carolina Housing Coalition, Inc. to support homebuyer education services statewide.

Due diligence fund restrictions become effective October 1, 2022 for offers accepted on or after that date; appropriations become effective July 1, 2022.