Due Diligence Period
The negotiated period when a North Carolina buyer investigates the property, financing, title and other concerns. Contract rights and deadlines depend on the signed agreement.
Experience Wilmington
Buyer glossary
Clear definitions for the property, coastal and North Carolina contract terms buyers encounter during a Wilmington-area home search.
Due Diligence Fee
A negotiated fee paid to the seller under the standard North Carolina resale contract. Its treatment and refundability depend on the contract and circumstances.
Earnest Money Deposit
Funds held in trust as part of the buyer’s contractual commitment. The contract determines when the deposit is refundable or forfeited.
Settlement vs. Closing
Related but distinct steps in North Carolina. Settlement includes signing and delivery of funds; closing generally occurs when the deed is recorded.
Fee Simple
A common form of real-property ownership in which the owner holds title to the land and improvements, subject to easements, restrictions and applicable law.
Townhome
An attached housing style. Ownership may be fee simple or condominium, so the recorded documents—not appearance—determine the legal structure.
Condominium
Ownership of an individual unit together with an interest in common elements. Association documents govern maintenance, use and assessments.
HOA / POA
A homeowners or property owners association that administers recorded covenants, community standards, common property, dues and possible assessments.
Special Assessment
An association charge beyond regular dues, usually approved to fund a specific repair, project or financial shortfall.
Restrictive Covenants
Recorded rules affecting property use, architecture, leasing, parking, improvements and other ownership matters.
Septic / Well
Private wastewater or water systems serving a property instead of municipal utilities. Capacity, permits, condition and maintenance should be investigated.
Municipal Utilities
Public water, sewer or other services provided by a city, county or utility authority, usually with usage and connection charges.
ICW
The Intracoastal Waterway, the protected navigation route running along the coast and influencing boating access and waterfront value.
Waterfront
Property directly adjoining a body of water. Waterfront does not automatically mean navigable, dockable or deep-water access.
Water Access
A right or community amenity allowing access to water. Verify whether the right is deeded, transferable and subject to rules or waitlists.
Flood Zone
A FEMA mapping designation used in flood-risk and insurance analysis. It is only one part of evaluating elevation, drainage and property-specific risk.
Flood Insurance
Separate coverage for certain flood losses. Availability, lender requirements and premiums depend on the property, policy and current underwriting.
Wind and Hail Coverage
Coastal insurance coverage that may carry separate deductibles, exclusions or policies. Obtain property-specific quotes early.
Dockability
Whether a property can legally and practically support a dock. Water depth, wetlands, setbacks, permits, shoreline conditions and governing rules all matter.
DOM
Days on market—the time a listing has been marketed under the applicable reporting rules. Relists and status changes can affect interpretation.
PPSF
Price per heated square foot. Useful as a cross-check, but not a substitute for comparing location, condition, lot, water influence and amenities.
CMA
A comparative market analysis prepared by a real-estate broker using comparable sales, competition and property differences. It is not an appraisal.
Active / Pending / Closed
Active is current competition; pending signals a contract with an undisclosed final price; closed provides completed-sale evidence.
Builder Incentive
A concession such as closing-cost assistance, rate support or upgrades. Incentives can affect the true economics of a new-construction comparison.
Historic District
An area recognized for historic significance. Local rules may require review or approval for certain exterior changes.
STR
Short-term rental. Eligibility depends on zoning, association restrictions, permits and other rules that must be verified for the specific property.
MLS Verification
Confirmation through the current multiple listing service record for status, listing history, remarks, concessions and other broker-level information.
This glossary is educational and does not replace legal, tax, insurance, lending, engineering or appraisal advice. Contract language and property-specific documents control.