North Carolina law mandates that sellers identify any known defects in their property before a purchase contract is signed. The purpose of this is to make sure that buyers are not surprised with a problem when they move into the home: a busted air-conditioner, a termite infestation, a flooded basement, and so forth.
What are the disclosure laws in North Carolina?
47E) (“Disclosure Act”) requires owners of residential real estate (single-family homes, individual condominiums, townhouses, and the like, and buildings with up to four dwelling units) to furnish buyers a Residential Property and Owners' Association Disclosure Statement (“Disclosure Statement”).
What type of information must be disclosed to the seller?
Examples of material facts that must be disclosed include structural problems with the house, soil problems, a leaking roof, unpermitted construction, neighborhood noise problems, and anything else that a buyer would deem to be important.
Does a seller have to disclose material facts in NC?
Is North Carolina a full disclosure state?
The Residential Property Disclosure Act, or North Carolina G.S. 47E, requires sellers to complete a Residential Property and Owners' Association Disclosure Statement — a form that discloses the condition of a property and its defects.
Who is exempt from property disclosures in NC?
A disclosure statement is not required for some transactions, including the first sale of a dwelling which has never been inhabited and transactions of residential property made pursuant to a lease with option to purchase where the lessee occupies or intends to occupy the dwelling.
What do home sellers have to disclose in NC?
North Carolina law mandates that sellers identify any known defects in their property before a purchase contract is signed. The purpose of this is to make sure that buyers are not surprised with a problem when they move into the home: a busted air-conditioner, a termite infestation, a flooded basement, and so forth.
Frequently Asked Questions
What does no representation mean on a North Carolina property disclosure form?
“No Representation” allows a seller to make no claims about a particular item of their property one way or another, and, because it alleviates a seller's liability for making incorrect statements, assertions, or claims about their home – whether on purpose or by accident – many, if not most, sellers in North Carolina
Is a sellers disclosure required in North Carolina?
The Residential Property Disclosure Act, or North Carolina G.S. 47E, requires sellers to complete a Residential Property and Owners' Association Disclosure Statement — a form that discloses the condition of a property and its defects.
What is no representation?
If you check "No Representation," you are choosing not to disclose the conditions or characteristics of the property, even if you have actual knowledge of them or should have known of them.
FAQ
- Can a buyer back out of a real estate contract in North Carolina?
- If you choose to cancel the contract, carefully review the cancellation provision in the contract, and notify the seller in writing before the end of the cancellation period. In some instances, you may only need to have your cancellation notice postmarked before the deadline expires.
- What does representation mean in real estate?
Real estate agents help consumers by simplifying the process of buying and selling a home. When a Realtor represents you, it means that they put your interests above their own. They use their local knowledge and experience to help you in every way possible.
- What is the meaning of no representation?
If you check "No Representation," you are choosing not to disclose the conditions or characteristics of the property, even if you have actual knowledge of them or should have known of them.
What must seller disclose in sale of land in nc?
| When the seller makes no representations about the property's condition? | Buying a home (or other property offered for sale) “as is” means the seller makes no warranties or representations about the property's condition. In addition, it means the seller will not repair any property defects. |
| What is the no representation clause in a contract? | The clause says something to the effect that “Landlord has made no representations to Tenant other than those contained in the terms expressly stated in this Lease.” The idea of the “no representations” clause is to bar tenants from claiming that the landlord made false representations about the premises before the |
- Do you have to disclose a death in a house in NC?
- North Carolina law does not require homeowners or real estate agents to disclose any death that has occurred in the home. However, if a potential buyer asks, the seller is required to divulge the information.
- What do sellers have to disclose in North Carolina?
The Residential Property Disclosure Act, codified as North Carolina G.S. 47E, requires the seller of residential real estate (one to four dwelling units) to complete a form—known formally as the Residential Property and Owners' Association Disclosure Statement—disclosing conditions and defects with the property.