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Property disclosure statement nc 2013 form-2025

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The document is a Residential Property and Owners’ Association Disclosure Statement required by North Carolina law for owners of residential real estate to provide to potential purchasers. It outlines the obligations of property owners to disclose known issues regarding the property's condition, including structural, electrical, plumbing, and environmental concerns. The form must be completed accurately and provided to buyers before they make an offer, with specific instructions on how to respond to questions about the property's characteristics. It also details the rights of purchasers if the disclosure is not provided in a timely manner.

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What is the purpose of a property disclosure statement?

Property disclosure statements essentially outline any flaws that the home sellers (and their real estate agents) are aware of that could negatively affect the homes value. These statements are required by law in most areas of the country so buyers can know a propertys good and bad points before they close the deal.

Who can fill out the condition of the property disclosure form?

In some states, including California, your real estate agent is not legally allowed to help you fill out the form, so youll need to complete it on your own.

What is the NC residential property disclosure statement?

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 formknown formally as the Residential Property and Owners Association Disclosure Statementdisclosing conditions and defects with the property.

Which type of transaction does the North Carolina Residential Property Disclosure Act apply to?

The North Carolina Residential Property Disclosure Act requires the owner of residential real property consisting of 1-4 units, whenever the property is to be sold, exchanged, optioned, or purchased pursuant to a lease with option to purchase, to furnish to the purchaser a RESIDENTIAL PROPERTY DISCLOSURE STATEMENT

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