Property Discolsure
Under the North Carolina Residential Property Disclosure Act, most residential sellers are required to provide prospective buyers with a "Residential Property Disclosure Statement" prior to receiving offers from them. The new law seems to have been generally well-accepted by both buyers and sellers as well as by real estate agents. Nevertheless, many agents are still somewhat confused about the disclosure law and their duties under it.
The law applies to:
- most transfers of residential one-to-four-unit dwellings by sale
- exchange, installment land sales contract or option
- transfers by a lease with an option to purchase, unless the lessee occupies or intends to occupy the dwelling
- whether or not there is a real estate broker or salesman assisting with the transaction
