Earnest money is collected in connection with a residential purchase contract in North Carolina. The parties have elected to utilize the 2-T Standard Offer to Purchase and Contract from NC REALTORS. The buyer of the property has elected to terminate the contract due to major structural defects found during a home inspection. At the time of termination, the buyer is still within their Due Diligence Period as specified in the agreement. Based on this information:
A) The buyer is entitled to a refund of the earnest money deposit.
B) The buyer forfeits the earnest money deposit.
C) The seller is entitled to the earnest money deposit.
D) The buyer is entitled to a refund of the earnest money deposit if the defects are not disclosed.