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

Follow Me on Pinterest

********************************************************************************

Advertisements

About dianemcdermott

Joyfully divorced, Diane is passionate about sharing her story, experience, wisdom and insight from this beautifully brutal life. Passionate about heartfelt connection in all areas of her life she is a public introvert and most enjoys connecting with and spending quality time with friends, chosen family and clients that are uplifting and inspiring. Her core values of connection, humor, integrity, authentic alignment influence all aspects of her life. She is intentional in all that she does. Diane is the founder and owner of Between the Lines LLC Ghostwriting Services and McDermott Real Estate LLC
This entry was posted in Buyers, Home Buyers, Real Estate and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s