A. It is a negotiated period for buyer inspections and review. The buyer pays a nonrefundable fee directly to the seller for this right. If the buyer terminates in that window, they forfeit the fee and usually recover earnest money.
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A. The buyer pays the seller at contract signing. It compensates time off market and is credited if the sale closes.
A. Yes if the buyer cancels in the due diligence period. If the transaction closes, the fee is credited to the buyer at settlement.
A. Sellers may still offer compensation, but it is not guaranteed. If none is offered, buyer agents are paid by their clients via a buyer agency agreement - flat fee, hourly, or percentage. Agents will first try to secure seller-paid compensation.
A. Permanently attached items are typically included unless excluded in the contract. Personal property like refrigerators or washers requires explicit agreement.
A. Three common paths - sell first, buy first with bridge/HELOC if qualified, or coordinate both with rent-back, extended closings, or contingencies. Get preapproved early and plan timelines with an experienced agent.
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A. Not always. In slower markets, the first offer can be strongest. In hot markets, compare all offers by price, terms, financing strength, and timing before deciding.
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A. Set a clear deadline, compare side by side on price and certainty, counter strategically, or ask for highest-and-best. Aim for strong terms and high likelihood of closing.
A. No - you can sign in advance, use a mobile notary, or e-sign if allowed. Many sellers close remotely.
A. Use comparable sales and current competition, condition, and upgrades. Ask your agent for a Comparative Market Analysis to align with market data.
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A. Yes if you have a written rent-back agreement that sets timeline, rent, and responsibilities. Conventional loans typically allow up to 60 days of post-closing occupancy.
A. It is difficult. After both parties sign, a seller generally cannot cancel without specific contractual grounds or mutual agreement. Seek attorney guidance.
A. Overpricing. It leads to longer market times and weaker offers. Price to current data and condition.
A. Repair maintenance items, declutter, depersonalize, deep clean, improve curb appeal, and consider a pre-sale inspection. Stage well and use professional photography.
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A. Fresh paint, updated lighting and hardware, focused kitchen and bath refreshes, curb appeal, fixing deferred maintenance, and targeted energy efficiency improvements.
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A. As-is can work for speed or major work needs, but selective repairs often expand your buyer pool and support stronger offers. A pre-sale inspection helps you choose wisely.
A. Spring to early summer is historically strongest. Well-prepared listings can sell in any season depending on local demand and competition.
A. Yes - it reveals issues early, reduces surprises, and can strengthen your position with buyers.
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A. No requirement, but condition affects offers. Get quotes to understand real costs and negotiate from facts.
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A. You must disclose known structural issues. If not repairing, price and documentation should reflect scope and cost to maintain buyer trust.
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A. Yes - disclose past issues and provide documentation such as engineer letters and paid invoices.
A. They add exposure and foot traffic, but only a small percentage of sales originate from open houses. Private showings drive most sales.
A. Often 6 to 8 percent of sale price - commissions, deed and lien work, state transfer tax, and prorated taxes. Credits or repairs can add.
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A. Bi-weekly can produce one extra payment per year, saving interest. North Carolina does not have prepayment penalties. Confirm lender support.
A. Yes - apply to principal to reduce balance faster and cut interest.
A. No automatic change - assessments follow county cycles and annual rates. Closing prorates current-year taxes through the sale date.
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A. You may, depending on profit and occupancy. IRS exclusions often apply - up to $250,000 for single filers and $500,000 for married filing jointly if you meet the 2-of-5-year rule.
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A. Chapel Hill requires permits for most construction and systems work - verify locally. The state has limited exemptions under $40,000 when specific conditions are met.
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A. Major work needs permits for code compliance. Durham County also requires erosion control permits for land disturbance at 12,000 square feet or more. Projects of $40,000 or more often trigger stricter rules.
A. Yes - structural work almost always requires permits and plan review per state code.
A. Yes - structural changes require a building permit and plan review.
A. Look for local expertise, clear communication, strong negotiation, and a client-first approach. Review performance, marketing plan, and fit before deciding.