This form appoints a person to act as a representative for the franchisor within a certain area.
South Carolina Area Representative Agreement
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FAQ
South Carolina requires a seller of residential property to disclose known defects, damages, and other issues to a potential buyer prior to entering into a contract for sale. While the form is required by law, it is often completed incorrectly or not at all.
The seller is obligated to complete a disclosure statement in which any possible material defects should be noted. The licensee is responsible for advising the seller of this duty and for providing an appropriate form for the seller's use.
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.
The statute requires that the disclosure statement include information on: (1) the water supply and sanitary sewage disposal system; (2) the roof, chimneys, floors, foundation, basement, and other structural components; (3) the plumbing, electrical, heating, cooling, and other mechanical systems; (4) past or present, ...
Owner is solely responsible to complete this disclosure as truthfully and fully as possible. Owner and purchasers are solely responsible to consult with their attorneys regarding any disclosure issues.
In addition to the purchase price, property description, and closing date, the document will also include any conditions the buyer will need to fulfill before purchase, such as an earnest money payment, a down payment, and acquiring financing and insurance.
If a question is answered "no representation" for any question, owner is stating that owner is making no representation regarding the conditions or characteristics of the property, but owner still may have a duty to disclose information that is known or should have been known.
Property owners are responsible for completing the statement fully and honestly, not home inspectors. If a pest control report is provided to help explain a "yes" response in the disclosure statement, the owner isn't liable for inaccurate or incomplete information in the report.