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Residential Property Disclosure Form Revised, Effective January 1, 2012

by admin on December 9, 2011

in Hot Topics,Latest News

View and download the revised form (Source:  NC Real Estate Commission website – ncrec.gov)

As mandated by recent legislation, the Real Estate Commission has revised the Residential Property Disclosure Statement to include disclosures about property owners’ associations. The new form is available now and its use will be required on January 1, 2012. Now four pages in length and titled “Residential Property and Owners’ Association Disclosure Statement,” the form sets out the required disclosures intended for use when a property is governed by an owners’ association. In addition, the form clarifies the instructions so that users will better understand that disclosure requirements apply to sellers of condominiums, townhouses, and similar residences in the same way it applies to sellers of single-family detached residences.

Sellers required to provide a disclosure form under the current law will be required to provide prospective buyers with the new form on January 1, 2012. Real estate brokers working with buyers and sellers during this transition period should prepare their clients for the change in forms.

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