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Units? (see G.S. 47E-1). Since vacant land does not contain a dwelling unit, the Act doesn't apply to transfers of vacant land, and thus, neither of the Disclosure Statements has to be provided in connection with the transfer of vacant land.

The type of contract doesn't make a difference; it can be a sale or exchange, installment land sales contract, option, or lease with option to purchase. There are exemptions to the disclosure requirement, however, for transfers such as those that: carry out a court order, such as for administering an estate.

The disclosure statement shall provide the owner with the option to indicate whether the owner has actual knowledge of the specified characteristics or conditions, or the owner is making no representations as to any characteristic or condition.

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 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 a Residential Property and Owners' Association Disclosure Statement (" ...

Sellers must also disclose any infestations of wood-destroying insects, and the presence of lead-based paint, asbestos, radon gas, methane gas or any other toxic material.