This form is a Seller's Disclosure Statement for use in a residential sales transaction in North Carolina. This disclosure statement concerns the condition of property and is completed by the Seller.
North Carolina Residential Real Estate Sales Disclosure Statement
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Description
Key Concepts & Definitions
Residential Real Estate Sales Disclosure Statement: A document required by law in many states that provides buyers with important information about a property. This includes defects need disclosed and other relevant property disclosure details that might influence their decision to purchase a residential property. The National Association of Realtors specifies guidelines on what should be included in these disclosures.
Step-by-Step Guide
- Contact a real estate agent familiar with local laws regarding seller disclosures required.
- Review the disclosure statement requirements in your state and gather the necessary information about your property.
- Itemize any known defects and other pertinent issues under buyer beware issues.
- Prepare the disclosure statement, ensuring all property disclosure details are accurately and completely outlined.
- If unsure about any details, consider a continuing education training session or online assistance request for expert help.
- Finalize the disclosure document and confirm all seller disclosures required are met before listing the property or entering real estate contracts.
Risk Analysis
Risks for Sellers: Failing to disclose certain information might lead to legal consequences, including lawsuits for misrepresentation. Risks for Buyers: Overlooking or misunderstanding the disclosure documents can lead to unexpected property issues post-purchase, escalating costs, and legal challenges.
Best Practices
- Always consult with a real estate agent or legal professional when preparing a disclosure statement.
- Ensure ongoing continuing education training to stay updated on changing laws and requirements.
- Use clear, concise language in disclosures to prevent misunderstandings.
- Sellers should document all interactions and advice received regarding the preparation of disclosure statements to defend against potential legal issues.
- Buyers should thoroughly review all disclosure documents and consider independent property inspections.
Common Mistakes & How to Avoid Them
Mistake: Omitting information about known defects. Solution: Always include comprehensive details about all known issues, however minor, to comply with seller disclosures required.
Mistake: Buyers not consulting with professionals to understand the implications of the disclosures. Solution: Utilize resources such as a real estate agent or contact customer service of relevant legal or real estate entities for guidance.
How to fill out North Carolina Residential Real Estate Sales Disclosure Statement?
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FAQ
In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.
California's Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.
North Carolina requires brokers to disclose noises, odors, smoke, or other nuisances from commercial, industrial, or military sources that affect the property. Someone dying in a home does not need to be disclosed during a sale: including suicides, accidents, or violent crimes (yes, even if it was murder).
North Carolina courts have clearly recognized caveat emptor when it comes to real property in our state. Cases have ranged from structural integrity and the right to use an access easement to acreage and square footage.
Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer. There is no specific definition or rule on what is considered to be a material fact.
North Carolina is a 'Buyer Beware' state, meaning it is your responsibility as a buyer to do your due diligence and know everything possible about what you are buying2026 the seller is under no obligation based on our NC Purchase contract to make any repairs. Properties are sold 'As-Is' unless negotiated otherwise.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.