On September 19, Buyer made an offer to purchase a residential property using the NCAR/NCBA Standard Form 2-T Offer to Purchase and Contract. Buyer's offer was accompanied by checks for the Due Diligence Fee and the Initial Earnest Money Deposit. Per the offer, the Due Diligence Period would expire on October 20 and the Settlement Date would be October 31. Seller accepted Buyer's offer as written and acceptance was properly communicated. The property appraisal, received by the lender on October 19, indicated a much lower estimate of value than the sales price. On October 21, Buyer notified Seller in writing that Buyer was terminating the transaction because his mortgage loan application was denied. According to the standard contract provisions, who is entitled to the Due Diligence Fee and the Earnest Money Deposit?
A) The seller is entitled to both the Due Diligence Fee and the Earnest Money Deposit.
B) The buyer is entitled to both the Due Diligence Fee and the Earnest Money Deposit.
C) The seller is entitled to the Earnest Money Deposit, and the buyer is entitled to the Due Diligence Fee.
D) The buyer is entitled to the Earnest Money Deposit, and the seller is entitled to the Due Diligence Fee.