How is Buying in NC Different Than in Other States?
I often get asked by my out-of-town buyers:
How is buying a home in North Carolina different from in other states?
Here’s the biggest thing:
North Carolina is a "caveat emptor" state, which essentially means "buyer beware."
This means that sellers have very little to no responsibility for disclosing any property defects.
Now you might be wondering, "So what about the contingencies if the house doesn't appraise or issues are found during the home inspection?” Well, in North Carolina, our standard contract does not have the normal contingencies that you might think of (financing, inspection, etc.)
Instead, we have a due diligence period, typically lasting 3-4 weeks, during which time buyers can complete all necessary inspections and secure financing.
And because it’s a caveat emptor state, it's up to the buyers to identify any issues during this due diligence period (with the guidance of their trusted agent).
That said - in general, the contracts are favorably worded to allow buyers to easily withdraw from the agreement within that time period.
Still, understanding this factor of buying a home in North Carolina is crucial, especially for out-of-state buyers.
