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Primary Sponsor

Last Action

Ref To Com On Rules and Operations of the Senate2025-03-25

Vote Breakdown

No floor votes recorded.

Plain Language Summary

This bill limits the amount of 'due diligence funds' (nonrefundable money paid to sellers upon offer acceptance) to 1% of the purchase price in residential real estate transactions, making any higher amounts void and unenforceable. It also appropriates $10 million to the North Carolina Housing Coalition to support homebuyer education services.

Arguments in Favor

• •Supporters argue this bill protects homebuyers from excessive upfront costs that can strain finances and limit access to homeownership.
• •They contend that capping due diligence funds at 1% makes the home buying process more fair and affordable while the $10 million in homebuyer education funding helps consumers make informed decisions about one of the largest purchases of their lives.

Arguments Against

• •Opponents may argue that due diligence funds are important to sellers as protection against buyer cancellations and losses, and that limiting these funds could reduce seller incentive to negotiate fairly.
• •They may also contend that the market should determine these amounts rather than state government setting a cap, and question whether $10 million in education spending is the most efficient use of state funds.