Things that you need to know about the new property disclosure form.
You’ll be happy to know that, as of July 1, there’s a new property disclosure form in North Carolina. I’ll be sharing with you some of these new changes and what they mean for buyers and sellers.
- Form Improvements. The form now has larger fonts to make it easier to read. We also now have a land property disclosure form, which is a first for North Carolina.
- New sections and questions. The revised form now has two sections. There’s a new part asking if the house is in a floodplain or if the seller has flood insurance. Sellers can answer “yes,” “no,” “no representation,” or “not applicable” for each item.
- No representation option. Sellers can choose “no representation” for any or all items. This is common for investors who’ve only rented the property or people who inherited the home. But this might be seen as a red flag for buyers who want to know as much as possible about the property.
“It’s all about promoting transparency and honesty when going into real estate transactions.”
- Responsibilities of brokers. Even if a seller marks “no representation,” real estate agents must disclose any material facts they know. We’re held to a higher standard and must share important information about the property.
- Hidden defects. If a buyer finds a hidden defect that wasn’t disclosed, the seller could face legal issues. That’s why I suggest sellers get a presale home inspection. This way, they can decide what to fix before listing the property.
- Buyer expectations. It is natural for buyers to want to know everything that they can about a property before they make an offer. If something important needs to be fixed , they can ask the seller to address it.
The goal of this new property disclosure form is to give buyers more information while at the same time giving sellers options to share what they know about the property. It’s all about promoting transparency and honesty when going into real estate transactions.
Do you have any questions about the new form or want to learn more about pre-sale inspections? You can reach out to me at [email protected] or call (919) 759-6359. I’m here to help you navigate these changes and make your real estate experience smooth and successful.