If you missed the first post on Quick Guide to NC Residential Property Disclosure For Sellers you can certainly catch up! Just click over to Quick Guide to NC Residential Property Disclosure for Sellers Part I of II
Part I of this series was focused solely on the responsibility of the Property Seller. However, as a potential Home Buyer you are entitled to receive a NC Residential Property Disclosure prior to making an offer or shortly thereafter. Here is how it would come into play for you as a Home Buyer.
Once you find the property that you are interested in making an offer on, your Buyer’s Agent would receive the signed NC Property Disclosure from the Listing Agent. The form should be filled out completely and signed by the sellers. Please read the Property Disclosure carefully! It will have listed on it important information that will help you make an informed decision about the property. If there are any boxes that are checked “Yes” you will want to be sure that there is an explanation on the form or attached letter to adequately describe the problem and/or the “fix”. If there any boxes checked “No Representation” you need to understand that it doesn’t mean the sellers are trying to hide anything. They simply may not know the status of an item listed. However, while Home Inspections are optional, I would strongly suggest having one performed to satisfy the unknowns.
If there is not a signed NC Residential Property Disclosure available at the time you are making an offer you have options. You may still place an offer on the property and have the right to terminate the contract WITHOUT PENALTY if whichever of the following occurs first:
- Within three (3) calendar days of receipt of the disclosure
- the end of the third calendar day following the date the contract was made, or
- closing or occupancy by the buyer in the case of a sale or exchange.
Please note that by signing the NC Residential Property Disclosure you are acknowledging that you have read the disclosure and understand the disclosure. Also, the disclosure is in no way a warranty by the seller or the seller’s agent.
There are “some” exemptions from the NC Residential Property Disclosure. The two most common are Foreclosures and New Construction – neither of which are required to provide the disclosure.
If you have ANY questions regarding the NC Residential Property Disclosure and how it applies to you as either a Buyer or Seller then, by all means, speak with you Real Estate Agent! It is critical that you understand this form, how it applies to your transaction and what your rights are!