From the Desk of Bill Gallagher:
REVISED NC RESIDENTIAL PROPERTY DISCLOSURE FORM EFFECTIVE JULY 1, 2010
CHANGE:
A minor change to our NC Residential Property Disclosure Form was effective on July 1, 2010. Item 15 on page two of the form was revised as follows:
Item 15. Commercial, Industrial, or Military Noise, Odor, Smoke, Etc., affecting the property
This change deletes the word “nuisances” and adds the word “military” so the seller of the property can disclose noise from nearby military installations (low flying airplanes, firing of weapons, training exercises) has the option on the disclosure form to disclose any such conditions that may exist.
PURPOSE:
This change was requested by the leaders of major military installations in North Carolina and has the support of the North Carolina Association of REALTORS. Those supporting this change hope that it will encourage sellers to disclose conditions caused by military operations that affect nearby properties so that buyers will be aware of such conditions at the time of purchase and not become unhappy with their purchase or with the military when such conditions do occur. The purpose of the rule change is to promote harmony between the military and civilian neighbors in North Carolina.
IMPLEMENTATION:
Real estate agents who obtain new listings on or after July 1, 2010 need to ask sellers to complete the revised form. It has been recommended that if listings were obtained prior to July 1, 2010, the previous form completed by the seller is satisfactory to use so long as the property condition has not changed. Some real estate firms have made a company decision to require all sellers to complete the new form; in this case agents must follow the policy of their company. This information is presented in the new 2010-2011 Real Estate Update Course I began to teach July 1st.
REVISED FORM:
Please click to read, review and print the revised form.
QUESTIONS, COMMENTS, AND OPINIONS:
If you have further questions or would like to share with me your comments and opinions on this topic, my e-mail address is bgallagher@superiorschoolnc.com or mobile number is 704-488-4814.
