Updated 2024 | Original Post April 2016
Both North and South Carolina real estate Offers to Purchase and Contract are structured such that both an earnest money deposit and due diligence fee may be offered and negotiated between the parties. Many buyers and sellers ask, what's the difference between a due diligence fee and the earnest money deposit? Both the earnest money deposit and the due diligence fee are credited back to the buyer at closing. If buyer doesn't close on the transaction however, earnest money deposits and due diligence fees are handled differently.
EARNEST MONEY DEPOSIT
An earnest money deposit is offered by a buyer as 'skin in the game' and is refundable under certain circumstances. In our market a $1,000 earnest money deposit it is typical for most purchases. For offers in a multiple-offer scenario however, the seller may find a larger earnest money deposit more attractive because it means the buyer is willing to risk more.
A buyer may, for any reason or no reason, terminate a contract with refund of the earnest money deposit if he has met the due diligence date deadline and communicated his termination in writing prior to 5 o'clock of the business day of the date given for the North Carolina contract. Although the contract states that the earnest money it is to be refunded to the buyer if the terms are met, be aware that the seller must sign a specific document to release that money back to the buyer.
DUE DILIGENCE FEE
The due diligence fee is basically an offer from a buyer to the seller to take the house off the market for the due diligence period, typically from 10 days to 3 weeks or more, depending upon the overall duration of the transaction. In a typical transaction where Mr. and Mrs. Homeowner is the seller, a due diligence fee may be paid. However, if the property is owned by a bank, no due diligence fee is paid.
A due-diligence fee is similar to a reservation fee. It is unconditionally nonrefundable. Period.
Prior to advising a buyer on structuring an offer, a Buyer's Agent has the fiduciary responsibility (the responsibility to promote the buyer's best interests) to consider all aspects of an offer that may put the buyer's due diligence fee at risk, including inspection time frames, availability of scheduling home inspectors, termite inspectors, appraisers and any other conditions deemed important to the buyer, and for the reports to be returned for review.
For additional questions on this or any other real estate topic, feel free to give me a call! Text for faster service: 704.562.1030 Who do you know who's thinking of buying or selling real estate? SEARCH for your Dream Home or learn more about what clients who work with me are saying here: TheSafariGroup.com
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Chrystal Safari Roy, Broker in Charge of The Safari Group LLC, a Local Boutique Real Estate Firm and Team Lead of The Safari Group, has over 28 years experience in investing, personal property management and residential real estate sales and is a licensed REALTOR® in North and South Carolina. As a MASTERS Designation holder, she is a specialist in New Construction, Finance, Marketing, Objection Handling, Relocation, Technology, and is a multi-million dollar producer. Chrystal is a Certified Military Residential Specialist, Luxury Home Specialist, and HUD Registered Agent. Search for your Dream Home at TheSafariGroup.com. Hometown, Homegrown, HomeSOLD
DISCOUNTS STARTING FOR THOSE 50 AND OVER!
At Wendy's recently my friend Keleigh heard a guy ask for his senior discount. The girl at the register apologized and charged him less. When she asked the man what the discount was, he told me that seniors over age 55 ...get 10% off everything on the menu, every day. (But you need to ASK for your discount.)
This incident prompted me to do some research, and I came across a list of restaurants, supermarkets, department stores, travel deals and other types of offers giving various discounts with different age requirements. I was actually surprised to see how many there are and how some of them start as young as 50. The list is evolving and many chains are independently operated so discounts may vary at participating locations only.
This list may not only be useful for you, but also friends and family, too.
Dunkin Donuts gives FREE coffee to people over 55. If you're paying for a cup every day, you might want to start getting it FREE. (At participating stores only)
YOU must ASK for your discount!
RESTAURANTS:
Applebee's: 15% off w/Golden Apple Card (60+)
Arby's: 10% off (55 +)
Ben & Jerry's: 10% off (60+)
Bob's Big Boy: discount varies by location (60+)
Boston Market: 10% off (65+)
Burger King: 10% off (60+)
Chick-Fil-A: 10% off or free small drink or coffee ( 55+) At participating locations
Chili's: 10% off ( 55+)
CiCi's Pizza: 10% off (60+)
Denny's: 10% off, 20% off for AARP members ( 55 +)
Dunkin' Donuts: 10% off or free coffee ( 55+)
Einstein's Bagels: 10% off baker's dozen of bagels (60+)
Fuddrucker's: 10% off any senior platter (55+)
Gatti's Pizza: 10% off (60+)
Golden Corral: 10% off (60+)
Hardee's: $0.33 beverages everyday (65+)
IHOP: 10% off (55+)
Jack in the Box: up to 20% off (55+)
KFC: free small drink with any meal (55+)
Krispy Kreme: 10% off (50+)
Long John Silver's: various discounts at locations (55+)
McDonald's: discounts on coffee everyday (55+)
Mrs. Fields: 10% off at participating locations (60+)
Shoney's: 10% off
Sonic: 10% off or free beverage (60+)
Steak 'n Shake: 10% off every Monday & Tuesday ( 50+)
Subway: 10% off (60+)
Sweet Tomatoes: 10% off (62+)
Taco Bell : 5% off; free beverages for seniors (65+)
TCBY: 10% off (55+)
Tea Room Cafe: 10% off (50+)
Village Inn: 10% off (60+)
Waffle House: 10% off every Monday (60+)
Wendy's: 10% off ( 55 +)
Whataburger: 10% off (62+)
White Castle: 10% off (62+)
RETAIL & APPAREL:
Banana Republic: 30% off ( 50 +)
Bealls: 20% off first Tuesday of each month ( 50 +)
Belk's: 15% off first Tuesday of every month ( 55 +)
Big Lots: 30% off
Bon-Ton Department Stores: 15% off on senior discount days ( 55 +)
C.J. Banks: 10% off every Wednesday (50+)
Clarks : 10% off (62+)
Dress Barn: 20% off ( 55+)
Goodwill: 10% off one day a week (date varies by location)
Hallmark: 10% off one day a week (date varies by location)
Kmart: 40% off (Wednesdays only) (50+)
Kohl's: 15% off (60+)
Michael's: 10% off everyday (55+)
Modell's Sporting Goods: 30% off
Rite Aid: 10% off on Tuesdays & 10% off prescriptions
Ross Stores: 10% off every Tuesday ( 55+)
Salvation Army Thrift Stores: up to 50% off ( 55+)
Stein Mart: 20% off red dot/clearance items first Monday of every month ( 55 +)
GROCERY:
Albertson's: 10% off first Wednesday of each month ( 55 +)
American Discount Stores: 10% off every Monday ( 50 +)
Compare Foods Supermarket: 10% off every Wednesday (60+)
DeCicco Family Markets: 5% off every Wednesday (60+)
Fry's Supermarket: free Fry's VIP Club Membership & 10% off every Monday (55 +)
Great Valu Food Store: 5% off every Tuesday (60+)
Gristedes Supermarket: 10% off every Tuesday (60+)
Harris Teeter: 5% off every Tuesday (60+)
Hy-Vee: 5% off one day a week (date varies by location)
Kroger: 5% off (date varies by location)
Morton Williams Supermarket: 5% off every Tuesday (60+)
The Plant Shed: 10% off every Tuesday (50 +)
Publix: 5% off every Wednesday (55 +)
Rogers Marketplace: 5% off every Thursday (60+)
Uncle Guiseppe's Marketplace: 15% off (62+)
TRAVEL:
Airlines:
Alaska Airlines: up to 50% off (65+)
American Airlines: various discounts up to 50% off non-peak periods (Tuesdays - Thursdays) (62+)and up (call before booking for discount)
Continental Airlines: no initiation fee for Continental Presidents Club & special fares for select destinations
Southwest Airlines: various discounts for ages 65 and up (call before booking for discount)
United Airlines: various discounts for ages 65 and up (call before booking for discount)
Rail:
Amtrak: 10% off (62+)
Bus:
Greyhound: 5% off (62+)
Trailways Transportation System: various discounts for ages 50+
Car Rental:
Alamo Car Rental: up to 25% off for AARP members
Avis: up to 25% off for AARP members
Budget Rental Cars: 40% off; up to 50% off for AARP members (50+)
Dollar Rent-A-Car: 10% off ( 50+) Enterprise Rent-A-Car: 5% off for AARP members Hertz: up to 25% off for AARP members
National Rent-A-Car: up to 30% off for AARP members
Overnight Accommodations:
Holiday Inn: 20-40% off depending on location (62+)
Best Western: 15% off (55+)
Cambria Suites: 20%-30% off (60+)
Waldorf Astoria - NYC $5,000 off nightly rate for Presidential Suite (55 +)
Clarion Motels: 20%-30% off (60+)
Comfort Inn: 20%-30% off (60+)
Comfort Suites: 20%-30% off (60+)
Econo Lodge: up to 40% off (60+)
Hampton Inns & Suites: 40% off when booked 72 hours in advance
Hyatt Hotels: 25%-50% off (62+)
InterContinental Hotels Group: various discounts at all hotels (65+)
Mainstay Suites: 10% off with Mature Traveler's Discount (50+); 20%-30% off (60+)
Marriott Hotels: 25% off (62+)
Motel 6: 5% off (60+)
Myrtle Beach Resort: 30% off (55 +)
Quality Inn: 40%-50% off (60+)
Rodeway Inn: 20%-30% off (60+)
Sleep Inn: 40% off (60+)
ACTIVITIES & ENTERTAINMENT:
AMC Theaters: up to 30% off ( 55 +)
Bally Total Fitness: $100 off memberships (62+)
Busch Gardens Tampa, FL: $13 off one-day tickets ( 50 +)
Carmike Cinemas: 35% off (65+)
Cinemark/Century Theaters: up to 35% off
Massage Envy - NYC 20% off all "Happy Endings" (62 +)
U.S. National Parks: $80 lifetime pass; 50% off additional services including camping (62+)
Regal Cinemas: 50% off Ripley's Believe it or Not: @ off one-day ticket ( 55 +)
SeaWorld, Orlando , FL : $3 off one-day tickets ( 50 +)
CELL PHONE DISCOUNTS :
AT&T: Special Senior Nation 200 Plan $19.99/month (65+)
Jitterbug: $19/month cell phone service ( 50 +)
Verizon Wireless: Verizon Nationwide 65 Plus Plan $29.99/month (65+).
MISCELLANEOUS:
Great Clips: $8 off hair cuts (60+)
Supercuts: $8 off haircuts (60+)
NOW, go out there and claim your discounts!! Remember YOU must ASK for discount - no ask, no discount.
I Know everyone knows someone over 50 please pass this on!!!
If you've got some great offerings not added here, please share!
Now, what will you do with all those savings? Please share to Chrystal@TheSafariGroup.com
Chrystal Roy
Luxury Home Specialist
Certified Military Residential Specialist
#TheSafariGroupLLC #LeadingYouHome #LegacyBuilder #PersonalWealthBuilder #LuxuryHomeSpecialist #CertifiedMilitaryResidentialSpecialist #househunting #NoMoneyDown #dreamhome #HappyIndependenceDay
MAJOR PRICE REDUCTION Imagine your Dream Home in the beautiful Belmont Community, a hidden gem wedged between bustling Uptown and Plaza-Midwood. Belmont boasts walkability, green space, a village vibe, along with enviable access to the Center City’s restaurants, museums, and arts venues by light rail, car, trolley, bike, or your own two feet! (Source: BelmontCharlotte.org) Water and Sewer present from previous home torn down. Bring your own Builder or get connected to our excellent builder group! Survey Available. Call Chrystal Safari Roy at 704.562.1030 for more.CLICK HERE FOR MORE DETAILS: https://matrix.canopymls.com/matrix/shared/rZbLqxrzmwd/804ParkwoodAvenue
Mecklenburg County, Charlotte, NC, has released their updated tax rates as every 4 years they are required to update assessed values of all real estate.
If your home is in Mecklenburg County, you can pull up your new tax bill per the link below if you want to look to see what the new tax rate is.
Mecklenburg County tax site here: https://property.spatialest.com/nc/mecklenburg/#/
For example, for the screen shot to the left in Charlotte, the new tax rate is .7335.
EX: The new assessed value for this property is $1,093,500 so to calculate the taxes you take $1,093,500 multiply by .007335 to get the annual amount and then divide by 12 to get the monthly amount. So the monthly taxes for this property will be $668.40. You should NOT be looking at the prior year’s tax bill to obtain the property taxes since the new assessed values and tax rates are now out.
Let me know if you have any questions or want to walk through any specific situations.
TO APPEAL YOUR NEW TAX BILL
If you'd like to receive recent sales information on homes like yours CLICK HERE to appeal the new tax bill, email me your request to: Chrystal@TheSafariGroup.com Mecklenburg County gives a limited time to appeal your new tax bill.
Chrystal Roy and Team
Special thanks to Adam Goulet of Movement Mortgage for sharing this valuable information!
An important aspect of hiring a contractor to do work in your home is to understand what permits, special requirements or licensure are required for each job. Once that’s understood, you can know whether it’s best to hire a licensed contractor or a handyman.
REFERRALSBe sure to ask for referrals and references and know the relationship of those referring parties to the contractor. Ask for pictures of installations on similar jobs that have been performed for others and give those referring parties a call or visit to ask how the work was performed, the attitude during the job, coming in on budget and wrapping up on time. Discover if there are any negative remarks online or with the BBB. Be sure he or she is qualified to handle the scope and type of work needed, especially with regard to special conditions such as lead based paint, asbestos, mold, etc.
IDENTITYIf the home is occupied, if personal items are stored there or is otherwise notvacant, be sure to qualify your contractor if he’s unknown to you through online services such as mysmartmove.com or others. Get a copy of the contractors driver’s license and have him sign a w-9 to include his social security number. If you’re an investor and renovations are common for you, you may want to investigate theVerify Photo ID app recommended by Inman News.
CONTRACTNext, execute an Independent Contractor Agreement with your contractor. Be certain it has no verbiage or requirements to suggest the contractor is an employee of yours.
PHASESNow is the time to outline and understand the three phases of the renovation. The initial Phase One is paid on day 1 of the job. The subsequent draws forPhases Two and Three should be paid by the week, on a Monday or Tuesday. In constructing the phases, the contractor should budget for each item and any overages or misquote is the responsibility of the contractor, not the homeowner. Make sure your agreement covers things such as milestones, and outlines the scope and sequence of the work to be completed. The contract should include the description of all work, and condition of Customer Satisfaction such as all items completed in a workman like manner, job site left clean and tidy daily, and no items incomplete.
MATERIALSIdeally the home owner should have chosen paint colors, sheens, types for each space, cabinets, granite and whatever materials will be used in the project at the source. Have your Independent Contractor pay for those materials and have that provider deliver the materials to the job site, then reimburse the contractor immediately – this strategy avoids any appearance of establishing an employee/employer relationship. Do not pay for routine tools and supplies the contractor uses in his everyday business such as paint brushes, ladders tarps , etc.
UPDATESIf you’re not the owner occupant at the job site, require the contractor to provide daily pictures and videos of each phase when complete before scheduling a personal inspection and before payment on that phase is released. An investor can use this in the future or marketing.
COMPLETIONIn exchange for the final payment the homeowner should sign off that he is satisfied with the job, and the independent contractor should sign that he is releasing all liens in exchange for final payment.
For a No Obligation Sample Copy of my Independent Contractor Agreement, email me. I’ll be glad to help. Chrystal@TheSafariGroup.com | 980.355.9025
Chrystal Safari Roy, Broker in Charge of The Safari Group LLC, has over 21 years experience in investing, personal property management and residential and small Commercial real estate sales and leasing and is a licensed REALTOR® in North and South Carolina. As a MASTERS Designation holder, she is a specialist in New Construction, Finance, Marketing, Objection Handling, Relocation, Technology, and is a multi-million dollar producer. Chrystal is a Certified Military Residential Specialist, Luxury Home Specialist, and HUD Registered Agent. View all our properties at TheSafariGroup.com.
With 2500 homes OFF THE MARKET in the last 7 days, and 1500 Coming Soon and Listed, it’s still a Seller’s Market in the Charlotte Metro/Fort Mill areas!
#TheSafariGroupLLC #LeadingYouHome #SellersMarket #LowestRatesinLast5Weeks! #YourREaltorForLife
I look forward to helping you with all your Real Estate needs!
For more, check out TheSafariGroup.com, or call or text Chrystal at 704.562.1030, or email Chrystal@TheSafariGroup.com
Chrystal Roy is Broker/Owner of The Safari Group LLC and longtime Charlotte resident and NC native.
Her favorite things about the Charlotte Metro and Fort Mill areas include its diversity, friendliness, affordability, Lake Living on 2 different large lakes and convenience to all the necessities that make life easier. When she isn’t glued to the computer screen or driving around in her mobile office selling real estate, she enjoys spending time with her family, especially her precious granddaughter, fur grands, swimming and water aerobics in the neighborhood pool, writing inspirational and professional help books, streaming her favorite movies and cooking homemade meals. You can reach her at Chrystal@TheSafariGroup.com