Get Nc General Statutes - Chapter 47e 1 Chapter 47e. Residential ... - Ncleg

“North Carolina is a 'Buyer Beware' state, meaning it is your responsibility as a buyer to do your due diligence and know everything possible about what you are buying… the seller is under no obligation based on our NC Purchase contract to make any repairs. Properties are sold 'As-Is' unless negotiated otherwise.

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 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) in North Carolina to furnish buyers a Residential Property and Owners' Association ...

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.

When they lie, you have grounds for a lawsuit against the seller. Any kind of misrepresentation or even failure to disclose defects in the home can lead to financial compensation. Had the seller disclosed some defects, you might not have bought the home.

When it comes to disclosing that a person died in the home, both Wilcox and Hoffman said sellers aren't legally obligated to tell you. That applies to listings in both North Carolina and South Carolina. "If the buyer doesn't ask, it's not something that needs to be disclosed per se," Hoffman said.

Material Fact: Any fact that could affect a reasonable person's decision to buy, sell, or lease is considered a material fact and must be disclosed by a broker to the parties in the transaction and any interested third parties regardless of the broker's agency role within the transaction.