Unless you've purchased real estate in North Carolina recently then the chances are you're not familiar with the due diligence process. A good way of thinking about Due Diligence is to liken it to taking a car out for a test drive before actually buying the car. If you like the car then you buy it, if not, then you continue your car search.
Your property Due Diligence period will begin when you and the seller come to an agreement on the terms of the contract. The Due Diligence period begins at this point (and lasts usually 4 weeks long and allows you to secure a home inspection, have a radon test performed, test the water, inspect the roof, secure a structural assessment, secure financing, etc.).
Remember, during this Due Diligence period you can change your mind ‘for any reason OR for no reason’. I'm going to say it again... you are test driving the property before you make a final commitment.
If you elect not to buy the property during the Due Diligence period then your earnest money will be returned to you and you can terminate the contract. If you decide not to buy the property after the Due Diligence period then the seller is legally within their rights to keep your earnest money. Your agent will make sure you don’t lose your earnest money by keeping you up to date on all activity during the Due Diligence period.
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Once the Due Diligence period ends then you’ll prepare for closing. Closing will
take place between 2 and 4 weeks after the Due Diligence period ends. Your
attorney will be in touch with you and handle all of the details of closing for you.
Now, go out and 'drive' that property!
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