Residential Property and Owners’ Association Disclosure Statement
The Residential Property Disclosure Act (G.S. 47E) (“Disclosure Act”) requires owners of residential real estate (single-family homes, individual condominiums, townhouses, and the like, and buildings with up to four dwelling units) to furnish buyers a Residential Property and Owners’ Association Disclosure Statement. There is only one published form that can be used for this purpose on the NCREC.gov website.
This form is not only for the Seller to be aware of. If a Buyer does not receive the Residential Property and Owners’ Association Disclosure Statement, they may have the right to cancel the contract. Buyers should not substitute the Residential Property and Owners’ Association Disclosure Statement for a property inspection.
The seller is asked to make representation to the condition of the property with their actual knowledge. ‘No Representation’ is an option if the seller does not have the actual knowledge to make a judgement call on the question.
The next section covers information about owner’s associations and specific fees and covenants.
Need help working through the form? Thinking about Buying, Selling or Investing in Real Estate in the Charlotte and Union County markets? Contact the Collins Real Estate Agency today and we can help!