Buyer's Notice of Intent to Vacate and Surrender Property to Seller under Contract for Deed - North Carolina 2025

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The buyer must give written termination notice to the seller on or before 5 p.m. local time where the property is located on the last day of the option period in the contract.
If a buyer chooses not to close at this late stage, theyre more likely to face consequences. If the buyer has no contingencies left to void the contract, and [still] decides not to sign, the buyer is likely in default of the contract, says Rodgers. This could mean loss of deposit, but it could even go beyond that.
A notice of termination is used to protect both the buyer and the seller in a real estate transaction. It gives the buyer the option to back out of the deal if they discover any issues with the property or are unable to obtain financing.
The due diligence period is a designated timeframe during which the buyer can investigate the property, conduct inspections, secure financing, and review all pertinent documents. Impact: During this period, the buyer can back out of the contract for any reason, usually without losing their earnest money deposit.
Financial Consequences If youve already made your earnest money deposit, walking away from the deal may mean forfeiting it permanently. Also, if the seller has paid for contractually required services, like inspection or appraisal, you may be on the hook to cover those costs as well.
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People also ask

Yes. As long as an offer is not accepted by the other party, theres no contract that has been made. The only exception to this would be the ``option contract, which technically is a different contract, that gives one party time to decide whether or not to go through with the contract.

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