Bill Summaries: S863 (2021)

Tracking:
  • Bill S 863 (2021-2022)
    Summary date: May 27 2022 - View summary

    Enacts new Article 4, Unenforceable Real Estate Transaction Charges, in GS Chapter 22B, consisting of new GS 22B-30, providing as follows. Prohibits a seller of residential real property from requiring, as a condition of accepting an offer to purchase the property, due diligence funds (as defined) in an amount exceeding 1% of the purchase price contained in the offer to purchase. Voids any provision in a contract specifying an amount in excess of this amount. Makes the seller liable for court costs and attorneys' fees in an action to recover due diligence funds specified in a contract provision rendered void and unenforceable under this statute. Effective October 1, 2022.

    Appropriates $10 million for 2022-23 from the General Fund to the Office of State Budget and Management to be allocated as a grant to the North Carolina Housing Coalition, Inc., to support homebuyer education. Effective July 1, 2022.
    Courts/Judiciary, Civil, Civil Law, Development, Land Use and Housing, Property and Housing, Government, Budget/Appropriations, State Agencies, Office of State Budget and Management
    APPROP, GS 22B

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.