Updated on January 23rd, 2023
A North Carolina property disclosure statement is a document that provides a complete report of a residential property’s current condition and is required by law to be provided by a property owner to anyone wishing to purchase the property. The seller must complete the form in its entirety to relay all known defects or issues that may affect the listing price or the buyer’s willingness to buy the property.
Certain property transfers are exempt from requiring this disclosure statement; transfer of property from one spouse to another, a lease with option to purchase (rent-to-own), and transfers under a court order are some such exemptions.
Laws – G.S. 47E-4(b)
Purchase Agreement – Before a purchase agreement is signed, prospective buyers must be made aware of lead-based paint on the premises if the property was constructed prior to 1978. The seller must also be made aware of the mineral, oil, and gas rights on the property.