New NC Residential Property Disclosure – July 1, 2010

As of July 1, 2010 all sellers of residential property in North Carolina will be required to complete an updated Residential Property Disclosure Statement. Several key changes were made to the property disclosure.
The first change was made to item #15 and was revised as follows: “military” was added to the statment making the revised statement, “COMMERCIAL, INDUSTRIAL, OR MILITARY NOISE, ODOR, SMOKE, ETC. AFFECTING THE PROPERTY?”
On page 2 the following statement was added directly before the Owner and Purchaser Initials and Date: “In lieu of providing a written explanation, you may attach a written report to this Disclosure Statement by a public agency, engineer, land surveyor, geologist, pest control operator, contractor, home inspector or other expert, dealing with matters within the scope of that public agency’s functions or the expert’s license or expertise.”
After July 1st, all buyers should obtain a new property disclosure prior to making an offer on a property. In the event a seller fails to provide the new NC residential property disclosure, the buyer shall have the right to cancel the contract within three days of the effective date of the contract or within three days of receiving the disclosure, which ever event occurs first.
A copy of the State of North Carolina Residential Property Disclosure Statement can be viewed at:
http://www.ncrec.state.nc.us/forms/rec422.pdf
As always, if you have any questions about Residential Property Disclosures, or Real Estate around Charlotte, NC don’t hesitate to call!