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Selling by Owner

DISCLOSURES

North Carolina law requires the disclosure of certain property conditions, including the following:

Property Disclosure Form

In North Carolina, sellers are required by law to sign a property disclosure form.   The disclosure form approved by the North Carolina legislature gives the seller an option to disclose if any defects are known, or to make "no representations" as to the condition.  This form must be delivered to the prospective buyer before such time as an offer is made; if it is not, the buyer has three days after signing the offer to back out of the contract for any reason.  Click here to see a copy of the required disclosure form in Adobe Acrobat.

Lead Paint Disclosure

Sellers of homes built prior to 1978 are required by the Department of Housing and Urban Development (HUD) to provide a disclosure stating that lead-based paint could be present, and whether or not the sellers have any records or reports pertaining to the presence of lead-based paint.  The buyer must be permitted a 10-day period in which to assess any risk from lead-based paint, such as having the property tested.  (Here is a copy of the disclosure in Adobe Acrobat.)

Synthetic Stucco

EIFS, or synthetic stucco, was extensively used during the 1990s and has since been found to cause structural problems if not properly maintained.  Sellers of homes that were built using this product must provide the required disclosure form to the prospective buyer.

Owner Association Disclosure

Many neighborhoods and subdivisions have homeowner's associations with monthly or annual dues and fees.  A disclosure regarding these fees and any potential assessments or lawsuits is now required (see form here).