What Is A North Carolina Residential Property Disclosure? Part I of II
Whether you are buying or selling Residential Property in North Carolina and it is a RESALE property you will need to be familiar with a North Carolina Residential Property Disclosure. To avoid confusion I have broken this post up into two parts – Part I will deal with Sellers and NC Residential Property Disclosures.
As a seller of single family residential property in North Carolina or a building with up to 4 units you are required to fill out and furnish to Buyers a N.C. Residential Property Disclosure. The Disclosure is a form with 21 questions regarding the property that you have for sale and it’s condition. You need to review the questions and answer with one of the following answers:
- YES – If you answer yes to any of the questions you need to explain your answer and either describe the problem or provide a report from either a contractor, engineer, pest control expert or other expert or public agency describing the problem. If you attach a report from an expert you will not be liable for any innacurrate or incomplete information contained in it so long as you were not grossly negligent in obtaining or transmitting the information.
- NO – By answering No you are stating that you have no knowledge of a problem. If you answer no and you are aware of a problem you may be held liable for making a intentional mis-statement.
- NO REPRESENTATION – If you answer no representation you have no duty to disclose the condition or the characteristics of the property, even if you should have known of them.
* If you check Yes or No and something happens to your property to make the Statement incorrect or inaccurate you must then promptly provide the buyers with a corrected statement or correct the problem.
A few of the questions that you will find on the disclosure are:
- Heating and AC systems
- Built-In Appliances
- and other questions…..
As a seller, whether you are FSBO or represented by a Real Estate Agent, you are REQUIRED to provide this form to a buyer no later than the time the buyer makes an Offer To Purchase on your home. If you do not, the buyer can, under certain conditions, cancel any resulting contract. For a more complete explanation of the Buyer’s Remedies you’ll need to review Part II of What Is A North Carolina Residential Property Disclosure.
If you are currently thinking of selling your home in Wake Forest NC and would like more information regarding the forms required by the State of North Carolina please feel free to call me or simply email me – your Wake Forest NC Real Estate Agent!