State Of North Carolina Residential Property And Owners' Association Disclosure Statement
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4STATE OF NORTH CAROLINA
RESIDENTIAL PROPERTY AND OWNERS’ ASSOCIATION DISCLOSURE STATEMENT
Instructions to Property Owners
1.
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
purchasers a Residential Property and Owners’ Association Disclosure Statement (“Disclosure Statement”). This form is the
only one approved for this purpose. A disclosure statement must be furnished in connection with the sale, exchange, option,
and sale under a lease with option to purchase where the tenant does not occupy or intend to occupy the dwelling. A
disclosure statement is not required for some transactions, including the first sale of a dwelling which has never been inhabited
and transactions of residential property made pursuant to a lease with option to purchase where the lessee occupies or intends
to occupy the dwelling. For a complete list of exemptions, see G.S. 47E-2.
2.
You must respond to each of the questions on the following pages of this form by filling in the requested information or by
placing a check (√) in the appropriate box. In responding to the questions, you are only obligated to disclose information
about which you have actual knowledge.
a.
If you check "Yes" for any question, you must explain your answer and either describe any problem or attach a report
from an attorney, engineer, contractor, pest control operator or other expert or public agency describing it. If you attach a
report, you will not be liable for any inaccurate or incomplete information contained in it so long as you were not grossly
negligent in obtaining or transmitting the information.
b. If you check “No,” you are stating that you have no actual knowledge of any problem. If you check "No" and you know
there is a problem, you may be liable for making an intentional misstatement.
c.
If you check "No Representation,” you are choosing not to disclose the conditions or characteristics of the property, even
if you have actual knowledge of them or should have known of them.
d. If you check "Yes" or "No" and something happens to the property to make your Disclosure Statement incorrect or
inaccurate (for example, the roof begins to leak), you must promptly give the purchaser a corrected Disclosure Statement
or correct the problem.
3.
If you are assisted in the sale of your property by a licensed real estate broker, you are still responsible for completing and
delivering the Disclosure Statement to the purchasers; and the broker must disclose any material facts about your property
which he or she knows or reasonably should know, regardless of your responses on the Disclosure Statement.
4.
You must give the completed Disclosure Statement to the purchaser no later than the time the purchaser makes an offer to
purchase your property. If you do not, the purchaser can, under certain conditions, cancel any resulting contract (See "Note
to Purchasers" below). You should give the purchaser a copy of the Disclosure Statement containing your signature and keep
a copy signed by the purchaser for your records.
Note to Purchasers: If the owner does not give you a Residential Property and Owners’ Association Disclosure Statement
by the time you make your offer to purchase the property, you may under certain conditions cancel any resulting contract with-
out penalty to you as the purchaser. To cancel the contract, you must personally deliver or mail written notice of your decision
to cancel to the owner or the owner's agent within three calendar days following your receipt of the Disclosure Statement, or
three calendar days following the date of the contract, whichever occurs first. However, in no event does the Disclosure Act
permit you to cancel a contract after settlement of the transaction or (in the case of a sale or exchange) after you have occupied
the property, whichever occurs first.
5.
In the space below, type or print in ink the address of the property (sufficient to identify it) and your name. Then sign and date.
Property Address: __________________________________________________________________________________
Owner’s Name(s):_______________________________________________________________________________________
Owner(s) acknowledge(s) having examined this Disclosure Statement before signing and that all information is true and correct as
of the date signed.
Owner Signature:________________________________________________________________ Date _________, ____
Owner Signature:________________________________________________________________ Date _________, ____
Purchasers acknowledge receipt of a copy of this Disclosure Statement; that they have examined it before signing; that they understand
that this is not a warranty by owners or owners’ agents; that it is not a substitute for any inspections they may wish to obtain; and that the
representations are made by the owners and not the owners’ agents or subagents. Purchasers are strongly encouraged to obtain their own
inspections from a licensed home inspector or other professional. As used herein, words in the plural include the singular, as appropriate.
Purchaser Signature:______________________________________________________________ Date _________, ____
Purchaser Signature:______________________________________________________________ Date _________, ____
REC 4.22
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