A North Carolina residential purchase agreement is a legal document used by home buyers and sellers to negotiate the terms of purchasing a residential property. This agreement details the property’s legal description, purchase price, closing costs, and financing conditions. It begins with the buyer’s offer, which includes the proposed purchase price and conditions.
Essential elements such as the closing date, due diligence period, earnest money deposit, and any sale contingencies are also specified. This document serves as a formal record of the transaction, capturing key information, including the buyer and seller details, contract terms, sales price, and closing date.
State Laws
- Required Seller Disclosure: The North Carolina Residential Property Disclosure Act requires residential property sellers (one to four dwelling units) to complete the Residential Property and Owners’ Association Disclosure Statement, revealing property conditions and defects. [1]
- Mineral, Oil, and Gas Rights Disclosure: The property owner must provide the buyer with a disclosure statement about mineral and oil and gas rights. This applies to residential properties with one to four dwelling units. [2]
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law requires sellers to inform buyers about any known lead paint hazards in homes built before 1978 (42 U.S. Code § 4852d).
Seller Property Disclosure Statement
Real estate sellers are obligated to disclose property conditions. (§ 47E-4).
Do Sellers in North Carolina Have to Disclose Property Defects?
Yes, North Carolina does require sellers to fill and answer a disclosure statement to present to the buyer. Most of the questions focus on specific aspects of the home, ranging from basement leaks and issues with the water supply to malfunctioning appliances.
