Limits due diligence funds to 1% of purchase price and allocates funds for homebuyer education.

The North Carolina S453, known as the Homebuyer Fairness & Protection Act, limits the amount of due diligence funds that can be required in residential real property transactions to 1% of the purchase price. Any contract provision specifying an amount exceeding this limit is void and unenforceable. Additionally, the act appropriates $10 million from the General Fund to the North Carolina Housing Coalition to support homebuyer education services in the state.

Limits due diligence funds to 1% of purchase price and allocates funds for homebuyer education.

The North Carolina S453, known as the Homebuyer Fairness & Protection Act, limits the amount of due diligence funds that can be required in residential real property transactions to 1% of the purchase price. Any contract provision specifying an amount exceeding this limit is void and unenforceable. Additionally, the act appropriates $10 million from the General Fund to the North Carolina Housing Coalition to support homebuyer education services in the state.