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Which of the following is a material fact that a seller must disclose in North Carolina?

Material Fact: Any fact that could affect a reasonable person's decision to buy, sell, or lease is considered a material fact and must be disclosed by a broker to the parties in the transaction and any interested third parties regardless of the broker's agency role within the transaction.

Is residential property disclosure required for new construction in NC?

A disclosure statement is not required for some transactions, including the sale of a newly constructed dwelling which has never been inhabited and a lease with option to purchase where the lessee already occupies the dwelling.

Which transfers of property are exempt from a disclosure report?

If foreclosure or bankruptcy brought on by debt triggers the transfer of the property, no disclosure is required. 3. Divorce. If a property is transferred from one spouse to another during a divorce, no disclosure is required.

Is NC A caveat emptor state?

"Caveat emptor" literally translates to "let the buyer beware." It has been recognized in North Carolina since at least 1797.

What is NC residential property and Owners Association 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 form\u2014known formally as the Residential Property and Owners' Association Disclosure Statement\u2014disclosing conditions and defects with the property.

Is North Carolina a non disclosure state?

But, there are 12 states that are still considered \u201cnon-disclosure:\u201d Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming. In a non-disclosure state, transaction sale prices are not available to the public.

Is a sellers disclosure required in North Carolina?

North Carolina law requires home sellers to give buyers a disclosure statement, but there are certain things that they don't need to disclose. Sellers also have the option to select \u201cno representation\u201d rather than a clear \u201cyes\u201d or \u201cno\u201d on the disclosure form.

Under what conditions is the residential property and Owners Association disclosure statement form not required in North Carolina?

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.

Is a sellers disclosure required in North Carolina?

North Carolina law requires home sellers to give buyers a disclosure statement, but there are certain things that they don't need to disclose. Sellers also have the option to select \u201cno representation\u201d rather than a clear \u201cyes\u201d or \u201cno\u201d on the disclosure form.

Is North Carolina a disclosure state?

North Carolina requires brokers to disclose noises, odors, smoke, or other nuisances from commercial, industrial, or military sources that affect the property. Someone dying in a home does not need to be disclosed during a sale: including suicides, accidents, or violent crimes (yes, even if it was murder).

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