This form is a Seller's Disclosure Statement. This disclosure statement concerns the condition of property described in the document. The seller acknowledges that the information contained in the form is true and accurate.
Nc Residential Property Disclosure Statement With Owners
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How to fill out Seller's Real Estate Disclosure Statement?
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FAQ
NC Real Estate Disclosure law mandates that sellers identify and disclose any known defects in their property before a purchase contract is signed. The purpose of this is to ensure that buyers are not surprised by a problem in the home and to defend the sellers from legal proceedings.
The disclosure of material facts are mandatory and must be disclosed freely to all parties in a transaction. The broker cannot decide to refrain from disclosing the material fact to any party because they believe that the material fact was common knowledge.
A disclosure statement in such a case might read: ?The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper?.
The transfer disclosure statement (TDS) evaluates the condition of a property. Every residential seller must complete the TDS document. It will let the buyer know about major defects at the property.
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.