STATE of NORTH CAROLINA RESIDENTIAL PROPERTY and OWNERS ASSOCIATION DISCLOSURE STATEMENT Instructions to Property Owners 1 Ncrec Form
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People also ask
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What does "no representation" mean on a North Carolina property disclosure form?
If an owner selects NR, it could mean the owner (1) has knowledge of an issue and chooses not to disclose it, or (2) simply does not know. BROKERS: A licensed real estate broker shall furnish their seller-client with a Disclosure Statement for the seller to complete in connection with the transaction.
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Which of the following must be disclosed in the property disclosure statement?
Examples of material facts that must be disclosed include structural problems with the house, soil problems, a leaking roof, unpermitted construction, neighborhood noise problems, and anything else that a buyer would deem to be important.
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Which of the following is a material fact that a seller must disclose in North Carolina?
Under the RPDA, sellers in North Carolina are required to disclose a wide range of material facts about their property. This includes structural defects, malfunctioning systems (such as HVAC or plumbing), water damage, pest infestations, and any known environmental hazards like lead-based paint or radon gas.
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What is the N.C. 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 form—known formally as the Residential Property and Owners' Association Disclosure Statement—disclosing conditions and defects with the property.
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Is North Carolina a full disclosure state?
ANSWER: Under North Carolina law, sellers have very limited disclosure obligations to buyers. While sellers may not misrepresent facts, or fraudulently conceal a defect in their property, the general rule is caveat emptor, let the buyer beware.
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What is the purpose of a property disclosure statement?
In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property "As Is" will usually not exempt a seller from disclosures.
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Is North Carolina a full disclosure state?
ANSWER: Under North Carolina law, sellers have very limited disclosure obligations to buyers. While sellers may not misrepresent facts, or fraudulently conceal a defect in their property, the general rule is caveat emptor, let the buyer beware.
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Which of the following must be disclosed in the property disclosure statement?
Examples of material facts that must be disclosed include structural problems with the house, soil problems, a leaking roof, unpermitted construction, neighborhood noise problems, and anything else that a buyer would deem to be important.
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