Paralegal Services Contract Template With Payment
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FAQ
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.
A disclosure statement is not required for some transactions, including the first sale of a dwelling which has never been inhabited and transactions of residential property made pursuant to a lease with option to purchase where the lessee occupies or intends to occupy the dwelling.
ANSWER: To answer your first question, the Mineral and Oil and Gas Rights Mandatory Disclosure Statement does not have to be provided by owners of unimproved property, just as the owner of unimproved property does not have to provide a Residential Property and Owners Association Disclosure Statement.
The Residential Property Disclosure Act, or North Carolina G.S. 47E, requires sellers to complete a Residential Property and Owners' Association Disclosure Statement ? a form that discloses the condition of a property and its defects.
The State of North Carolina Mineral and Oil and Gas Rights Mandatory Disclosure Statement requires all sellers of a new or existing homes in NC to disclose whether the mineral, oil and gas rights for the property are owned by someone other than the seller. The purpose of this new law is to protect the buyer.
This means that if sellers have "severed" their mineral rights, the third party or company could potentially have the perpetual right to drill, mine, explore and remove any of the subsurface mineral resources on or from the property.