Eli Magids: Are you searching for a realtor
in Charlotte, North Carolina, or are you wondering, “If I sign a contract for a house, can I get
out of that contract?” Well, if you want to know the answer, just stay tuned. My name
is Eli Magids, and I’m a realtor here in Charlotte, North Carolina, specializing in luxury properties
and new home construction, including custom homes. If you’re looking for a home and a
life that you love, please subscribe. Hit the bell, so you’ll be notified every Tuesday,
when my new videos are hot off the presses. And stay tuned to the very end, where I’m
going to give you a free gift that’s going to be worth up to $400. And I’m not kidding
either. No joke. By the end of this video, you’ll know whether or not you can get out
of a contract. Eli Magids: As a realtor, Charlotte, North
Carolina, when I put in an offer for you, we put it in on an offer to purchase form.
That form eventually, when it’s signed, becomes your contract. In there, we, with the offer,
offer two fees, one fee the due diligence fee, which is a small fee, could be three,
$400 depending on the cost of the home, and there’s an earnest money deposit, which is
large. It’s a bigger fee, so due diligence and earnest money. Are you guys still with
me? Eli Magids: So the due diligence fee, the
small fee, is a fee that we offer when we make an offer to purchase, that gives us the
right to check out the home. We get to do a survey. We get to inspect it. We check out
the neighborhood. We check out the neighbors. We check out the dogs in the neighborhood.
We see if the moon is facing the right way. Whatever it is, we get to check it out. We
negotiate that price. That due diligence fee is negotiated by your realtor, or me, and
the amount of time is also negotiated. We usually get about three weeks, but that could
be two weeks, could be four weeks, but we have a specific amount of time to take a look
at that house. So the due diligence fee goes directly to the owner. They get to keep it.
If you purchase the home, that money will go towards the purchase of the home.
Eli Magids: However, along with the due diligence fee is the due diligence date. There’s a specific
date that we have, and by 5:00 PM on that lats day of due diligence, if you change your
mind, decide that you do not want the house, for whatever reason, you call me. We fill
out a form, I call the other broker, and we are out of the contract. The only thing that
we forfeit is that due diligence fee. The owner gets to keep it. That’s the smaller
of the fees. Your earnest money deposit, the bigger fee, which is thousands of dollars,
is safe, and you will get that back. You guys got this so far? Let me know in the comments
below. Eli Magids: So the answer to the question,
“Can you get out of the contract, Eli?” The answer is yes. We can get you out of the contract
as long as you make up your mind by 5:00 PM on the last day of due diligence. If you go
past that 5:00 PM, if it becomes 5:01 on the last day of due diligence and you change your
mind, you will lose your bigger earnest money deposit. Now, one caveat to all of this due
diligence stuff and earnest money stuff does not apply at all to new construction. New
construction is a different beast, so none of this applies for a new construction home.
Eli Magids: If you’re looking for a realtor Charlotte, NC, if you’re looking to buy a
home, sell a home, relocate, if you have any questions at all, I am here to help. Give
me a call. My name is Eli. I’m at 704-620-0060. Make sure you check out my other videos, on
neighborhoods here in Charlotte, things to do in Charlotte, everything about Charlotte.
Some of the links are going to be down in the description below, up in the cards above,
or on my YouTube channel, so check those out. Eli Magids: And now for the free gift. Go
down to the description below, click on the link that says, “Free gift, free home inspection.”
If you choose me to represent you in the purchase of a home or sale of a home, I will pay for
your home inspection, up to $400. Click on the link below, sign up for that, and I will
take care of your home inspection. If you want a home and a life that you love, make
sure you subscribe to the channel, hit the bell. You’ll be notified when my new videos
are fresh off the press. And one last question. What’s the craziest thing you’ve ever seen
in a house that said to you, “Hey, I’m not buying this house”? Please leave me a comment
below. Thank you so much for watching, and until we see each other again next time.