Buying a Home in Charlotte NC: What Deposits Are Required?

If you’re planning on buying a home in the Charlotte area you will need to put down deposit funds along with your offer.

What Deposits Should You Expect? The two home buying deposits to expect and some points on each below.

Earnest Money Deposit:

– Amount negotiable between buyer and seller (just don’t think it’ll be $50!)

Held in a trust account until closing or valid refund

– IS refundable through the due diligence period

IS NOT refundable after due diligence if you fail to close

Credited to you at closing

Due Diligence Deposit:

– Amount negotiable between buyer and seller (again, $50 probably won’t cut it!)

– Paid directly to the seller(s)

IS NOT REFUNDABLE unless you successfully close

Credited to you at closing

The main difference between the two deposits is that the due diligence deposit is ONLY credited at a successful closing, if you back out or fail to close for any reason that money is gone.

There are some cases where only one of these deposits may be required but in general these are the two deposits to expect when buying a home in the Charlotte NC area.

We hope this information on home buying deposits has been helpful. Questions? Contact Charlotte’s Best Exclusive Buyers Agent at dmcdermottcharlotte@gmail.com and we’ll be happy to help.

And of course we are not attorneys so if you have any legal questions regarding earnest money or due diligence deposits please seek advice from a local real estate attorney – if you need a recommendation we have several excellent resources.

*This post does not address distressed or bank owned properties*

Ready to go mobile with your Charlotte area home search? Get access to the best house hunting app with up to date info and ALL of the available listings at your free online account – Search Charlotte NC Homes for Sale with Mobile Access

Copyright©2015 by Diane McDermott, All Rights Reserved, “Buying a Home in Charlotte NC: What Deposits Are Required?”

The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in south Charlotte NC

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About dianemcdermott

Diane is deeply passionate about serving single and divorced women home buyers, first time home buyers and new to the area buyers navigate the Charlotte area home buying process. Having navigated separation and divorce she has immense respect for the stress of transition and need for a home living situation that supports and nurtures. She connects and guides clients as they navigate the home buying process, transitioning to a space they'll love calling home. McDermott Real Estate
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