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The Residential Property Disclosure Act, or North Carolina G.S. 47E, requires sellers to complete a Residential Property and Owners' Association Disclosure Statement ? a form that discloses the condition of a property and its defects.

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.

Home Buyers Can Sue the Seller for Damages There are two possible remedies that you would be seeking in a lawsuit against the seller for lying about hidden defects. The first would be a lawsuit for compensation for the damages that you incurred. The second type of lawsuit could lead to a rescission of the home sale.

The most common residential offer form in North Carolina is the ?Offer to Purchase and Contract? (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®. Many standard ?addenda? forms also are available to add provisions of special importance to the parties.

In North Carolina a typical offer to purchase will require both a due diligence payment made direct to the seller and an earnest money deposit to be held in a trust account. Show the seller you are well prepared for the purchase and that you have funds at the ready.

The North Carolina Residential Real Estate Purchase Agreement by default is an ?as-is? agreement. This means unless decided otherwise, the buyer accepts the property in its existing condition.