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WHAT IS A BUYER’S AGENT?
A broker who is representing the buyer solely is a buyer’s agent. This agent looks out for the best interest of the buyer.
WHAT IS A SELLER’S AGENT?
A broker who is representing the seller solely is a seller’s agent. This agent looks out for the best interest of the seller.
WHAT IS A DUAL AGENT?
A dual agent works for the buyer and seller at the same time and represents both parties
WHAT ARE POAs, COAs, and HOAs?
POA stands for Property Owners’ Association, COA stands for Condo Owner’s Association, and HOA stands for Homeowner’s Association. These are all organizations within subdivisions, planned communities, or condominiums that manage the maintenance of parts of the property and enforce restrictive covenants.
I AM BUYING A HOUSE IN A SMALL NEIGHBORHOOD. WHY IS THERE A POA FEE?
Many of the local neighborhoods have private gravel or paved roads that are not maintained by a town or the state. These roads need snow removal and maintenance.
WHAT IS AN EARNEST MONEY DEPOSIT?
Earney Money is a “good faith” deposit that lets sellers know you are serious about buying their property. Earnest Money deposits are credited toward the purchase price of the property at closing.
WHAT IS A DUE DILIGENCE FEE?
A Due Diligence Fee is money that potential buyers give sellers while the buyers conduct their “due diligence” of inspections. In most cases, the seller get to keep the Due Diligence money even if the buyers decide not to make the purchase. Due Diligence money is credited toward the purchase price of the property at closing.
WHAT IS THE DUE DILIGENCE PERIOD?
The Due Diligence Period is the amount of time that the buyers have to conduct inspections and possibly negotiate repairs with the sellers. It is during this time that the buyer determines if the property is truly a good fit for him/her.
HOW MUCH MONEY WILL I NEED FOR CLOSING?
The amount needed for closing varies depending on factors such as the fees charged by the bank if financing is obtained. Banks provide borrowers with Truth in Lending Disclosures that tell borrowers how much their closing cost will be.
DO I NEED A LAWYER TO CLOSE ON A HOUSE?
In North Carolina, an attorney is required to conduct closing.