NC S453

Caps due diligence funds at 1% of the purchase price for residential real property transactions; any contract provision exceeding this limit is void and unenforceable

Defines "due diligence funds" as nonrefundable payments made directly to sellers upon offer acceptance for the opportunity to investigate the property within an agreed timeframe

Sellers who include void due diligence provisions are liable to buyers for court costs and reasonable attorneys' fees in recovery actions

Appropriates $10,000,000 in nonrecurring funds from the General Fund to the North Carolina Housing Coalition, Inc. to support homebuyer education services

Due diligence cap takes effect October 1, 2025 for offers accepted on or after that date; appropriation becomes effective July 1, 2025