Your guide to buying a home in Charlotte.

North Carolina is the only state that uses a due diligence fee as a standard part of the purchase contract. The due diligence fee is a negotiated, non-refundable payment made directly to the seller at contract execution. It compensates the seller for taking the home off the market while you conduct inspections and secure financing. If you walk away during the due diligence period, the seller keeps that fee. Earnest money is separate, held in escrow, and generally returned to you if you terminate before the due diligence period expires. Both amounts are negotiated and neither is legally required, but both affect how competitive your offer looks to a seller.

It depends on your loan type and lender requirements. Conventional loans typically require between three and twenty percent down. Jumbo loans, which apply above the conforming loan limit (currently $806,500 in most NC counties for 2025), generally require ten to twenty percent or more. Down payment assistance programs exist for qualifying buyers. The down payment amount also affects your monthly payment and whether you pay private mortgage insurance, so running the scenarios with a lender before targeting a price range is the right sequence.

It depends on the price range and neighborhood. Entry-level inventory below $400,000 remains tight and competitive. The $500,000 to $900,000 range in established south Charlotte neighborhoods has moderated from peak competition but still moves quickly for well-priced homes. Above $1.2 million, buyers have more negotiating room and longer due diligence periods are more readily accepted. Getting a current read on the specific price range you are targeting matters more than any broad market headline.

You are not legally required to have one, but NC's purchase contract structure, particularly the due diligence fee and the obligations it creates, benefits from experienced representation. NC buyers are also responsible for their own closing attorney, separate from the seller's. An experienced buyer's agent understands how to structure due diligence amounts, negotiate repairs within the due diligence period, and navigate a contract that is fundamentally different from what buyers in most other states encounter.

Buyer closing costs in NC typically run between two and five percent of the purchase price on top of your down payment. They include lender origination fees, the appraisal, title search, title insurance, the closing attorney fee, prepaid insurance and property taxes, and any discount points you pay. NC requires a licensed attorney to handle all residential closings, which is an additional line item compared to states that use title companies. Your lender is required to provide a Loan Estimate within three business days of application that outlines these costs.