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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In North Carolina, the Residential Property Disclosure Act (N.C. Gen. Stat. § 47E-1 to § 47E-8) requires sellers of residential real estate to complete a property disclosure statement. This statement must disclose the condition of the property, including any material or significant defects in the structure, systems, and components of the home. The seller must disclose known issues related to plumbing, heating, cooling, electrical systems, as well as any structural problems, infestations, or issues with major appliances. The disclosure must be provided to the buyer before an offer is made. However, there are certain exemptions to this requirement, such as the sale of new construction or property sold by a bank after foreclosure. If a seller knowingly makes false statements or omits material facts on the disclosure, they could be held liable for fraud, misrepresentation, or breach of contract.

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Real property

property disclosure statement

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North-Carolina State Code

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Real property

property disclosure statement