Top 10 Real Estate Facts About North Carolina
North Carolina real estate is full of unique opportunities and a few surprises. Whether you are buying or selling for the first time or adding another property to your portfolio, understanding how the market works in this state can make the process smoother and more rewarding.
Over the years, I have noticed common facts about North Carolina real estate that many buyers and sellers do not realize. This guide highlights the top ten facts you should know to navigate the market with confidence and make informed decisions.
1. North Carolina is an “Attorney State.”
Real estate closings must be handled by a licensed North Carolina attorney. Attorneys oversee title searches, prepare closing documents, and record deeds.
2. Due Diligence is unique to North Carolina.
Buyers pay a non-refundable Due Diligence Fee directly to the seller when their offer is accepted. This gives them the exclusive right to inspect the property and decide whether to move forward before closing.
3. Earnest Money is separate from Due Diligence.
Earnest money is typically held in escrow and may be refunded if the buyer cancels within the due diligence period.
4. North Carolina is a “Buyer Beware” state.
Sellers are not required to disclose every defect, but they must answer the Residential Property and Owners’ Association Disclosure honestly. Buyers are encouraged to inspect thoroughly.
5. Home inspections are not required but highly recommended.
Inspectors can identify issues that could save a buyer thousands of dollars and help with negotiations.
6. Radon and termite inspections are common.
These additional inspections are typical in North Carolina, especially in certain counties.
7. Property taxes vary widely by county.
North Carolina property tax rates differ depending on local municipality and can influence your long term home costs.
8. HOA and community guidelines matter.
Many neighborhoods and condos have homeowners associations with specific rules, fees, and approval processes.
9. Flood zones and coastal regulations can affect buying.
Coastal or low-lying areas often require flood insurance, and buyers should confirm FEMA maps and elevation certificates.
10. Closing day is not always move-in day.
Because attorneys must record the deed at the courthouse, buyers often get keys later the same day or the next business day after closing.
