Quick Guide to NC Residential Property Disclosure For Sellers - 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:
- Roof
- Plumbing
- Heating and AC systems
- Foundation
- Built-In Appliances
- Sewer/Septic
- Drainage
- 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!
Whether you are buying or selling Real Estate in Wake Forest NC it just makes sense to use a Realtor® that knows the area! I live here, work here and play here - I call Wake Forest NC home! For more information regarding homes for sale in Wake Forest NC be sure to visit my websites:
- Leesa Finley- Homes for Sale in Wake Forest NC, Wake Forest NC schools, restaurants, shops, entertainment and MORE....
- Wake Forest NC House Chick -
My company website with information for the entire Raleigh NC area
including Cary, Apex, Garner, Franklinton, Youngsville, Holly Springs
and MORE....
I AM your Wake Forest NC Real Estate Agent of Choice......
Don't forget to check out Discover Wake Forest NC
for all the latest new listings in Wake Forest, Home Buyers and Home
Sellers Tips and the most up to date calendar of events in Wake Forest
NC!
