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When purchasing residential property in North Carolina, understanding the Residential Property and Owners’ Association Disclosure Statement is crucial. This form, mandated by the Residential Property Disclosure Act, aims to protect buyers by ensuring they receive vital information about the property’s condition and any potential issues. Homeowners must furnish this disclosure when selling properties that include single-family homes, condominiums, and townhouses with up to four dwelling units. The form outlines necessary details regarding the property, such as structural integrity, plumbing, electrical systems, and any known defects. Notably, certain transactions may be exempt from this requirement, such as the first sale of an uninhabited dwelling or when the lessee plans to occupy the property. Completing the form involves answering specific questions that reflect the owner’s actual knowledge of the property. In cases where the owner acknowledges problems, they must provide explanations or attach expert reports. The completed Disclosure Statement must be provided to the buyer before an offer is made, allowing room for transparency and informed decision-making. This process not only safeguards the buyer but streamlines the transaction, benefiting all parties involved.

Nc Disclosure Statement Example

STATE OF NORTH CAROLINA

RESIDENTIAL PROPERTY AND OWNERS’ ASSOCIATION DISCLOSURE STATEMENT

Instructions to Property Owners

1.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) to furnish buyers

aResidential Property and Owners’ Association Disclosure Statement (“Disclosure Statement”). This form is the only one approved for this purpose. A disclosure statement must be furnished in connection with the sale, exchange, option, and sale under a lease with option to purchase where the tenant does not occupy or intend to occupy the dwelling. 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. For a complete list of exemptions, see G.S. 47E-2.

2.You must respond to each of the questions on the following pages of this form by filling in the requested information or by placing a check (√) in the appropriate box. In responding to the questions, you are only obligated to disclose information about which you have actual knowledge.

a.If you check "Yes" for any question, you must explain your answer and either describe any problem or attach a report from an attorney, engineer, contractor, pest control operator or other expert or public agency describing it. If you attach a report, you will not be liable for any inaccurate or incomplete information contained in it so long as you were not grossly negligent in obtaining or transmitting the information.

b.If you check “No,” you are stating that you have no actual knowledge of any problem. If you check "No" and you know there is a problem, you may be liable for making an intentional misstatement.

c.If you check "No Representation,” you are choosing not to disclose the conditions or characteristics of the property, even if you have actual knowledge of them or should have known of them.

d.If you check "Yes" or "No" and something happens to the property to make your Disclosure Statement incorrect or inaccurate (for example, the roof begins to leak), you must promptly give the buyer a corrected Disclosure Statement or correct the problem.

3.If you are assisted in the sale of your property by a licensed real estate broker, you are still responsible for completing and delivering the Disclosure Statement to the buyers; and the broker must disclose any material facts about your property which he or she knows or reasonably should know, regardless of your responses on the Disclosure Statement.

4.You must give the completed Disclosure Statement to the buyer no later than the time the buyer makes an offer to purchase your property. If you do not, the buyer can, under certain conditions, cancel any resulting contract (See "Note to Buyers" below). You should give the buyer a copy of the Disclosure Statement containing your signature and keep a copy signed by the buyer for your records.

Note to Buyer: If the owner does not give you a Residential Property and Owners’ Association Disclosure Statement by the time you make your offer to purchase the property, you may under certain conditions cancel any resulting contract without penalty to you as the buyer. To cancel the contract, you must personally deliver or mail written notice of your decision to can- cel to the owner or the owner's agent within three calendar days following your receipt of the Disclosure Statement, or three calendar days following the date of the contract, whichever occurs first. However, in no event does the Disclosure Act permit you to cancel a contract after settlement of the transaction or (in the case of a sale or exchange) after you have occupied the property, whichever occurs first.

5.In the space below, type or print in ink the address of the property (sufficient to identify it) and your name. Then sign and date. Property Address:

Owner’s Name(s):

Owner(s) acknowledge(s) having examined this Disclosure Statement before signing and that all information is true and correct as of the date signed.

Owner Signature: 

 

Date

 

,

Owner Signature: 

 

Date

 

,

Buyers acknowledge receipt of a copy of this Disclosure Statement; that they have examined it before signing; that they understand that this is not a warranty by owners or owners’ agents; that it is not a substitute for any inspections they may wish to obtain; and that the representations are made by the owners and not the owners’ agents or subagents. Buyers are strongly encouraged to obtain their own inspections from a licensed home inspector or other professional. As used herein, words in the plural include the singular, as appropriate.

Buyer Signature: 

 

Date

 

,

Buyer Signature: 

 

Date

 

,

REC 4.22

Page 1 of 4

 

 

REV 8/21

 

 

 

 

Property Address/Description: 

The following questions address the characteristics and condition of the property identified above about which the owner has actual knowledge. Where the question refers to “dwelling,” it is intended to refer to the dwelling unit, or units if more than one, to be conveyed with the property. The term “dwelling unit” refers to any structure intended for human habitation.

No

Yes No Representation

1. In what year was the dwelling constructed?

 

.

Explain if necessary:

 

 

 

2.Is there any problem, malfunction or defect with the dwelling’s foundation, slab, fireplaces/chimneys, floors, windows (including storm windows and screens), doors, ceilings, interior and exterior walls, attached garage,

 

patio, deck or other structural components including any modifications to them?

 

3.

The dwelling’s exterior walls are made of what type

of material? ­ Brick Veneer

Wood

Stone

 

Vinyl Synthetic Stucco Composition/Hardboard ­

Concrete Fiber Cement Aluminum

Asbestos

 

Other

 

 

 

 

 

(Check all that apply)

4.

In what year was the dwelling’s roof covering installed?

 

 

(Approximate if no records are

 

available) Explain if necessary:

 

 

 

 

 

 

5.

Is there any leakage or other problem with the dwelling’s roof?

 

6. Is there any water seepage, leakage, dampness or standing water in the dwelling’s basement, crawl space, or slab?

7.Is there any problem, malfunction or defect with the dwelling’s electrical system (outlets, wiring, panel,

switches, fixtures, generator, etc.)?..................................................................................................................

8. Is there any problem, malfunction or defect with the dwelling’s plumbing system (pipes, fixtures, water heater, etc.)?

9. Is there any problem, malfunction or defect with the dwelling’s heating and/or air conditioning?...................

10. What is the dwelling’s heat source? Furnace Heat Pump Baseboard Other (Check all that apply) Age of system:

11. What is the dwelling’s cooling source? Central Forced Air Wall/Window Unit(s) Other (Check all that apply) Age of system:

12.What are the dwelling’s fuel sources? Electricity Natural Gas Propane Oil Other (Check all that apply)

If the fuel source is stored in a tank, identify whether the tank is above ground or below ground, and whether the tank is leased by seller or owned by seller. (Check all that apply)

13.

What is the dwelling’s water supply source? City/County

Community System

Private Well Shared

 

Well

Other

 

 

 

(Check all that apply)

 

14.

The dwelling’s water pipes are made of what type of material?

Copper Galvanized

Plastic

Polybutylene

 

Other

 

 

(Check all that apply)

........................................................................

 

15.

Is there any problem, malfunction or defect with the dwelling’s water supply (including water quality, quantity,

 

or water pressure)?

 

 

 

 

 

 

16.

What is the dwelling’s sewage disposal system?

Septic Tank Septic Tank with Pump

Community

 

System

 

Connected to City/County System

City/County System available Straight pipe (wastewater

 

does not go into a septic or other sewer system [note: use of this type of system violates state law])

 

Other

 

(Check all that apply)

 

 

 

 

 

 

17.If the dwelling is serviced by a septic system, do you know how many bedrooms are allowed by the septic system permit?

If your answer is “yes,” how many bedrooms are allowed? No records available

18. Is there any problem, malfunction or defect with the dwelling’s sewer and/or septic system?...........................

19.Is there any problem, malfunction or defect with the dwelling’s central vacuum, pool, hot tub, spa, attic fan, exhaust fan, ceiling fans, sump pump, irrigation system, TV cable wiring or satellite dish, garage door openers,

gas logs, or other systems?...............................................................................................................................

20. Is there any problem, malfunction or defect with any appliances that may be included in the conveyance

(range/oven, attached microwave, hood/fan, dishwasher, disposal, etc.)?..........................................................

Buyer Initials and Date

 

Owner Initials and Date

Buyer Initials and Date

 

Owner Initials and Date

REC 4.22

Page 2 of 4

REV 8/21

 

 

No

Yes No Representation

21. Is there any problem with present infestation of the dwelling, or damage from past infestation of wood

destroying insects or organisms which has not been repaired?..........................................................................

22. Is there any problem, malfunction or defect with the drainage, grading or soil stability of the property?..........

23. Are there any structural additions or other structural or mechanical changes to the dwelling(s) to be conveyed

with the property?...........................................................................................................................................

24.Is the property to be conveyed in violation of any local zoning ordinances, restrictive covenants, or other land- use restrictions, or building codes (including the failure to obtain proper permits for room additions or other

changes/improvements)?.................................................................................................................................

25.Are there any hazardous or toxic substances, materials, or products (such as asbestos, formaldehyde, radon gas, methane gas, lead-based paint) which exceed government safety standards, any debris (whether buried or covered) or underground storage tanks, or any environmentally hazardous conditions (such as contaminated

soil or water, or other environmental contamination) located on or which otherwise affect the property?.........

26. Is there any noise, odor, smoke, etc. from commercial, industrial, or military sources which affects the property?

27. Is the property subject to any utility or other easements, shared driveways, party walls or encroachments from

or on adjacent property?..................................................................................................................................

28.Is the property the subject of any lawsuits, foreclosures, bankruptcy, leases or rental agreements, judgments, tax liens, proposed assessments, mechanics' liens, materialmens' liens, or notices from any governmental agency that

could affect title to the property?...........................................................................................................................

29. Is the property subject to a flood hazard or is the property located in a federally-designated flood hazard area?

30. Does the property abut or adjoin any private road(s) or street(s)?....................................................................

31. If there is a private road or street adjoining the property, is there in existence any owners’ association or maintenance

agreements dealing with the maintenance of the road or street?..................................................................................

If you answered “yes” to any of the questions listed above (1-31) please explain (attach additional sheets if necessary):

In lieu of providing a written explanation, you may attach a written report to this Disclosure Statement by a public agency, or by an attorney, engineer, land surveyor, geologist, pest control operator, contractor, home inspector, or other expert, dealing with matters within the scope of that public agency’s functions or the expert’s license or expertise.

The following questions pertain to the property identified above, including the lot to be conveyed and any dwelling unit(s), sheds, detached garages, or other buildings located thereon.

32.Is the property subject to governing documents which impose various mandatory covenants, conditions, and restrictions upon the lot or unit?.....................................................................................................................

If you answered “yes” to the question above, please explain (attach additional sheets if necessary):

33.Is the property subject to regulation by one or more owners’ association(s) including, but not limited to, obligations to pay regular assessments or dues and special assessments? If you answer is “yes,” please provide the information requested below as to each owners’ association to which the property is subject [insert N/A into any blank that does not apply]:

No

Yes No Representation

• (specify name)

 

 

 

 

 

 

 

 

 

whose regular assessments

(“dues”)

are $

 

 

per

 

 

. The

name, address and telephone number of the president of the owners’ association or the

 

 

 

association manager are

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• (specify name)

 

 

 

 

 

 

 

 

 

whose regular assessments

(“dues”)

are $

 

 

per

 

 

. The

name, address and telephone number of the president of the owners’ association or the

association manager are

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buyer Initials and Date

 

 

 

 

 

 

Owner Initials and Date

 

 

 

Buyer Initials and Date

 

 

 

 

 

 

Owner Initials and Date

 

 

 

REC 4.22

Page 3 of 4

REV 8/21

 
No
Yes No Representation
No
Yes No Representation

*If you answered “Yes” to question 33 above, you must complete the remainder of this Disclosure Statement. If you answered “No” or “No Representation” to question 33 above, you do not need to answer the remaining questions on this Disclosure Statement. Skip to the bottom of the last page and initial and date the page.

34. Are any fees charged by the association or by the association’s management company in connection with the conveyance or transfer of the lot or property to a new owner? If your answer is “yes,” please state the amount of the fees: 

35. As of the date this Disclosure Statement is signed, are there any dues, fees, or special assessments which have been duly approved as required by the applicable declaration or bylaws, and that are payable to an association to which the lot is subject? If your answer is “yes,” please state the nature and amount of the dues, fees, or special assessments to which the property is subject: 

36. As of the date this Disclosure Statement is signed, are there any unsatisfied judgments against, or pending lawsuits involving the property or lot to be conveyed? If your answer is “yes,” please state the nature of each pending lawsuit, and the amount of each unsatisfied judgment: 

37. As of the date this Disclosure Statement is signed, are there any unsatisfied judgments against, or pending lawsuits involving the planned community or the association to which the property and lot are subject, with the exception of any action filed by the association for the collection of delinquent assessments on lots other than the property and lot to be conveyed? If your answer is “yes,” please state the nature of each pending lawsuit, and the amount of each unsatisfied judgment:

38. Which of the following services and amenities are paid for by the owners’ association(s) identified above

out of the association’s regular assessments (“dues”)? (Check all that apply).

Management Fees..........................................................................................................................................

Exterior Building Maintenance of Property to be Conveyed..........................................................................

Master Insurance...........................................................................................................................................

Exterior Yard/Landscaping Maintenance of Lot to be Conveyed....................................................................

Common Areas Maintenance........................................................................................................................

Trash Removal...............................................................................................................................................

Recreational Amenity Maintenance (specify amenities covered) 

Pest Treatment/Extermination.......................................................................................................................

Street Lights..................................................................................................................................................

Water.............................................................................................................................................................

Sewer............................................................................................................................................................

Storm water Management/Drainage/Ponds...................................................................................................

Internet Service.............................................................................................................................................

Cable.............................................................................................................................................................

Private Road Maintenance.............................................................................................................................

Parking Area Maintenance.............................................................................................................................

Gate and/or Security......................................................................................................................................

Other: (specify) 

Buyer Initials and Date

 

Owner Initials and Date

Buyer Initials and Date

 

Owner Initials and Date

REC 4.22

Page 4 of 4

REV 8/21

 
Get Nc Disclosure Statement PDF Form

Form Characteristics

Fact Title Description
Legal Requirement The Residential Property Disclosure Act (G.S. 47E) mandates that owners of residential real estate provide a Disclosure Statement to buyers.
Scope of Properties This form applies to single-family homes, condos, townhouses, and buildings with up to four units.
Disclosure Obligations Sellers must answer all questions truthfully, based only on their actual knowledge of the property.
Exemptions Certain transactions are exempt, such as the first sale of an unoccupied dwelling and sales where the tenant occupies the home.
Submission Timeline The completed Disclosure Statement must be provided to the buyer no later than when they make an offer.
Impact of Inaccuracies If information in the statement changes, the seller must promptly issue a corrected Disclosure Statement to the buyer.

Guidelines on Utilizing Nc Disclosure Statement

Completing the NC Disclosure Statement is an important step in the property selling process. Once you have the form ready, you will need to gather relevant information about your property and provide truthful answers. It’s vital to disclose any knowledge you have regarding the condition of the property, as this will help protect both you and the buyer.

  1. Begin by checking the first page of the form for general instructions and prepare to fill in your property details.
  2. Type or print the property address clearly at the designated area.
  3. Enter your name as the property owner(s) in the appropriate space.
  4. Respond to each question on the form. For each question:
    • If the answer is "Yes", provide an explanation about the issue or attach a relevant report.
    • If the answer is "No," you are stating that you have no actual knowledge of any problem.
    • If you select "No Representation," note that you are choosing not to disclose certain conditions.
  5. Make sure to answer all questions truthfully to the best of your knowledge.
  6. After answering all questions, review the completed form for clarity and accuracy.
  7. Sign and date the form as needed.
  8. Provide a signed copy of the completed Disclosure Statement to the buyer.
  9. Keep a copy of the signed statement for your own records.

What You Should Know About This Form

What is the North Carolina Disclosure Statement form, and who needs to provide it?

The North Carolina Disclosure Statement form is required by the Residential Property Disclosure Act. This form must be provided by owners of residential properties, including single-family homes, townhouses, and small apartment buildings (up to four units), to potential buyers. It includes detailed information about the property’s condition and any known issues. If a transaction involves selling, exchanging, or leasing with an option to purchase, the seller must present this form, unless the property is brand new or certain lease conditions apply.

When should the Disclosure Statement be given to the buyer?

The completed Disclosure Statement must be provided to the buyer no later than when they make an offer to purchase the property. It is crucial for the owner to give a copy signed by them before the buyer submits their offer, as it helps the buyer make an informed decision. Failing to provide this document on time may allow the buyer to cancel the contract under certain conditions.

What happens if I check "Yes" or "No" on the form?

If you check "Yes" on any question, you need to provide an explanation or attach an expert report that details the issue. Checking "No" means you have no knowledge of any related problems, but if you know there is a problem and still answer "No," you might be held responsible for misrepresentation. If you choose "No Representation," you are opting not to disclose any information about the property, even if you are aware of issues.

Are there transactions exempt from completing the Disclosure Statement?

Yes, not all transactions require this Disclosure Statement. For example, a first sale of an unoccupied brand-new home does not necessitate this form. Properties being sold during a lease where the tenant intends to occupy the dwelling are also exempt. A complete list of exemptions can be found in G.S. 47E-2 of the law.

What should be done if something changes about the property's condition after the Disclosure Statement is provided?

If an issue arises that makes the original Disclosure Statement inaccurate, like a roof leak, the seller must promptly provide a corrected Disclosure Statement to the buyer. Timely updates ensure transparency and protect both the seller and buyer's interests in the transaction.

How can buyers use the Disclosure Statement when considering a purchase?

Buyers receive the Disclosure Statement to help them evaluate the property. It is not a warranty but simply a record of what the seller knows about the property. Buyers are encouraged to conduct their own inspections, as these can uncover issues that the seller may not be aware of. Understanding the information presented in the Disclosure Statement aids buyers in making confident purchasing decisions.

What should I do if I have further questions about any issues listed in the Disclosure Statement?

If you have questions about specific issues mentioned in the Disclosure Statement, it’s a good idea to consult with a professional, such as a licensed home inspector, attorney, or real estate agent. They can provide guidance and help ensure all aspects of the property are thoroughly understood before moving forward with a purchase.

Common mistakes

Completing the North Carolina Disclosure Statement form can seem straightforward, but several common mistakes can lead to misunderstandings or legal consequences. Awareness of these pitfalls can aid property owners in accurately and thoroughly disclosing property information to potential buyers.

One prevalent mistake is failing to disclose known issues. When a property owner checks "No" for a question, they assert a lack of actual knowledge regarding the condition referenced. If an owner is aware of problems, such as foundation cracks or plumbing issues, indicating "No" can lead to liability for making an intentional misstatement. It is crucial to answer each question truthfully and comprehensively, as failing to do so may result in significant legal implications.

Another error involves incomplete explanations. In situations where an owner checks "Yes" in response to a question, they are required to provide an explanation for their answer. Many owners neglect to attach necessary reports or fail to adequately describe the issues. Without this information, buyers may lack essential context regarding potential concerns, which could affect their purchasing decision. Attaching supporting documents from qualified experts is advisable to mitigate liability and enhance transparency.

Additionally, property owners sometimes overlook the importance of timing. The completed Disclosure Statement must be provided to the buyer no later than when the buyer makes an offer. If this timeline is not adhered to, the buyer might have grounds to cancel the agreement without penalty. Ensuring that the Disclosure Statement is in order before engaging with potential buyers is essential for a smooth transaction.

Lastly, confusion can arise when it comes to the property’s address and identification. It is vital for owners to clearly print or type the property's address and their names at the beginning of the form. Inadequate identification may lead to complications, particularly if there are multiple properties under discussion. Double-checking that this section is complete helps eliminate confusion for all parties involved.

Documents used along the form

The North Carolina Disclosure Statement form plays a crucial role when purchasing residential property, ensuring transparency between the seller and buyer. However, alongside this form, other documents are also important in the home buying process, providing further insights and legal protections. Here are some common documents that are frequently used in conjunction with the NC Disclosure Statement.

  • Lead-Based Paint Disclosure: This document is required for homes built before 1978. It informs potential buyers about the presence of lead-based paint hazards in the home. Sellers must provide an information pamphlet and disclose any known lead issues, which helps buyers make informed decisions regarding their safety and health.
  • Home Inspection Report: This report is typically generated after a professional inspector examines the property for potential issues, such as structural problems, plumbing or electrical defects, or pest infestations. Buyers often request this report to uncover hidden problems that may not be disclosed in the NC Disclosure Statement, empowering them to negotiate repairs or adjustments in the sale price.
  • Supplemental Property Disclosure: While the NC Disclosure Statement covers various aspects of property condition, a supplemental disclosure may be provided by the seller for additional details not included in the main form. This may encompass issues like neighborhood disputes, prior inspections, or specific homeowner association regulations that impact the property.
  • Purchase Agreement: This is a legally binding contract between the buyer and seller. It outlines the terms of the sale, including the purchase price, financing details, and contingencies. The purchase agreement typically references the NC Disclosure Statement, emphasizing its importance in setting the stage for a smooth transaction.

Understanding these supplementary documents can enrich the knowledge of buyers and sellers alike, leading to a more informed and satisfactory real estate experience. Each of these documents serves a specific purpose, complementing the NC Disclosure Statement and helping to create a clearer picture of the property being exchanged.

Similar forms

The North Carolina Disclosure Statement form plays an integral role in real estate transactions. Understanding similar documents can help buyers and sellers navigate their responsibilities more effectively. Here’s a look at eight documents that share similarities with the NC Disclosure Statement, along with a brief explanation of how they compare:

  • Seller’s Disclosure Statement: Like the NC form, this statement informs potential buyers about the condition of the property, ensuring transparency regarding known defects or issues.
  • Residential Property Disclosure Act Compliance Certificate: Similar in purpose, this certificate verifies compliance with local and state disclosure laws, ensuring that sellers have fulfilled their legal obligations.
  • Lead-Based Paint Disclosure: Required for homes built before 1978, this document informs buyers about the risks of lead paint—a concern that overlaps with general property disclosures.
  • Home Inspection Report: While not the same, a home inspection report complements the NC Disclosure Statement by providing a professional assessment of the property's condition, helping buyers make informed decisions.
  • Condominium Association Disclosure: This document outlines the rules, regulations, and fees associated with a condo, akin to how the NC Disclosure Statement covers the property and its owners’ association.
  • Radon Disclosure Form: Similar to the NC form, this disclosure warns buyers about radon levels in the home, addressing a specific health risk that must be acknowledged during the sale process.
  • Environmental Disclosure Statement: This statement typically covers environmental hazards, paralleling the NC Disclosure Statement's focus on issues that might impact the property’s livability and safety.
  • Title Report: Usually prepared by a title company, this report details the ownership history and any liens on the property, akin to the NC Disclosure Statement’s goal of ensuring the buyer is fully informed before proceeding with a purchase.

By understanding these related documents, both buyers and sellers can better appreciate the importance of transparency in real estate transactions. Each document serves a specific purpose that contributes to a more informed and secure transaction process.

Dos and Don'ts

  • Do: Respond to all questions on the Disclosure Statement. Make sure to answer each question fully.
  • Do: Provide explanations for any "Yes" answers. Include necessary details or attach expert reports.
  • Do: Acknowledge any recent changes to the property. Update the buyer promptly if new issues arise that could affect the statement.
  • Do: Ensure to provide the completed Disclosure Statement to the buyer before they make an offer. This is a critical step.
  • Don’t: Assume you can skip questions about known issues. Failing to disclose known problems can lead to liability.
  • Don’t: Wait until closing to present the Disclosure Statement. Provide it as early as possible to avoid complications.

Misconceptions

Misconceptions about the North Carolina Disclosure Statement form can lead to misunderstandings between buyers and sellers. It is essential to clarify these misconceptions to foster transparency in real estate transactions.

  1. All residential property transactions require a Disclosure Statement. Some transactions, like the first sale of an uninhabited dwelling or when a tenant intends to occupy the property, do not require this form.
  2. Sellers must disclose every known defect or problem. Sellers are only required to disclose information about problems they actually know about. They are not liable for issues outside their knowledge.
  3. A "No" response indicates absolute certainty. Checking "No" means the seller has no actual knowledge of a problem, but it may not guarantee that no problems exist. Sellers could still face legal liabilities if a known issue is not disclosed.
  4. If a seller Checks "No Representation," they are safe from liability. By choosing "No Representation," sellers may still be held liable if they have actual knowledge of problems and fail to disclose them.
  5. Only the seller is responsible for the Disclosure Statement. While sellers must provide the form, real estate brokers also have a duty to disclose any material facts they know about the property.
  6. A signed Disclosure Statement waives buyer rights. Buyers must receive the Disclosure Statement before making an offer, but signing does not waive their right to conduct inspections or pursue further inquiries.
  7. Buyers cannot cancel a contract after signing. If the seller fails to deliver the Disclosure Statement on time, buyers may have the right to cancel the contract under specific conditions, even after signing.
  8. All sellers can provide a written explanation for "Yes" answers. If a seller checks "Yes," they must explain the issues or submit a professional report, ensuring transparency in their disclosure.
  9. The Disclosure Statement precludes the need for inspections. The form encourages buyers to seek additional inspections by licensed professionals, emphasizing the importance of thorough evaluations.
  10. Delivery of the Disclosure Statement is negotiable. The law mandates delivery of the statement before the buyer makes an offer, making it a firm requirement in the buying process.

Understanding these misconceptions helps both buyers and sellers navigate the real estate transaction process more effectively. Clarity fosters trust and equips both parties with the information necessary for informed decision-making.

Key takeaways

Key Takeaways for Filling Out and Using the NC Disclosure Statement Form:

  • Homeowners must provide the Disclosure Statement to buyers before any offers are made. This ensures that buyers have all necessary information before proceeding with a purchase.
  • Complete each question honestly. If you check "Yes," you need to explain the issue and may want to include an expert's report on the condition.
  • If there are changes to the property after submitting the form, such as new damage, you are required to provide an updated Disclosure Statement to the buyer.
  • Under certain conditions, if the Disclosure Statement is not provided in time, buyers may have the right to cancel the contract without penalty.
  • Consider seeking professional guidance or having a home inspection to uncover potential issues that may need to be disclosed.

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