State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47E > GS_47E-4

§47E‑4.  Required disclosures.

(a)        With regard totransfers described in G.S. 47E‑1, the owner of the real property shallfurnish to a purchaser a residential property disclosure statement. Thedisclosure statement shall:

(1)        Disclose those itemswhich are required to be disclosed relative to the characteristics andcondition of the property and of which the owner has actual knowledge; or

(2)        State that the ownermakes no representations as to the characteristics and condition of the realproperty or any improvements to the real property except as otherwise providedin the real estate contract.

(b)        The North CarolinaReal Estate Commission shall develop and require the use of a standarddisclosure statement to comply with the requirements of this section. Thedisclosure statement shall specify that certain transfers of residentialproperty are excluded from this requirement by G.S. 47E‑2, includingtransfers of residential property made pursuant to a lease with an option topurchase where the lessee occupies or intends to occupy the dwelling, and shallinclude at least the following characteristics and conditions of the property:

(1)        The water supply andsanitary sewage disposal system;

(2)        The roof, chimneys,floors, foundation, basement, and other structural components and anymodifications of these structural components;

(3)        The plumbing,electrical, heating, cooling, and other mechanical systems;

(4)        Present infestationof wood‑destroying insects or organisms or past infestation the damagefor which has not been repaired;

(5)        The zoning laws,restrictive covenants, building codes, and other land‑use restrictionsaffecting the real property, any encroachment of the real property from or toadjacent real property, and notice from any governmental agency affecting thisreal property; and

(6)        Presence of lead‑basedpaint, asbestos, radon gas, methane gas, underground storage tank, hazardousmaterial or toxic material (whether buried or covered), and other environmentalcontamination.

The disclosure statement shallprovide the owner with the option to indicate whether the owner has actualknowledge of the specified characteristics or conditions, or the owner ismaking no representations as to any characteristic or condition.

(c)        The rights of theparties to a real estate contract as to conditions of the property of which theowner had no actual knowledge are not affected by this Article unless theresidential disclosure statement states that the owner makes no representationsas to those conditions. If the statement states that an owner makes norepresentations as to the conditions of the property, then the owner has noduty to disclose those conditions, whether or not the owner should have knownof them. (1995, c. 476, s. 1.; 1997‑472, s. 1.)