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NC S810
Bill
AI Summary
- Limits due diligence funds (nonrefundable funds paid to sellers upon offer acceptance) to a maximum of 1% of the purchase price in residential real property transactions
- Voids and makes unenforceable any contract provisions requiring due diligence funds exceeding the 1% limit
- Makes sellers liable for court costs and reasonable attorneys' fees in actions brought by offerors to recover excess due diligence funds
- Appropriates $10,000,000 in nonrecurring funds for fiscal year 2024-2025 to the North Carolina Housing Coalition to support homebuyer education services
- Due diligence fund restrictions become effective October 1, 2024, for offers accepted on or after that date; housing coalition funding becomes effective July 1, 2024
Legislative Description
Homebuyer Fairness & Protection Act
Appropriations; Budget & Management Office; Budgeting; Commerce; Consumer Protection; Corporations
Last Action
Ref To Com On Rules and Operations of the Senate
5/6/2024
Committee Referrals
Rules and Operations of the Senate5/6/2024
Full Bill Text
No bill text available