Home sellers in the state of North Carolina have a lot of obligations with regard to disclosure. The main obligation is the disclosure as to the condition of the property and any defects present. Read on to learn what you need to know about disclosures when selling your home in Raleigh.
North Carolina Residential Property Disclosure Act
Also known as North Carolina General Statute 47E requires the owners of residential property to disclose the condition of the property along with any defects. While this document provides the buyer with a statement of your property knowledge, your disclosure does not replace the traditional real estate transaction inspection.
You can obtain a copy of the North Carolina Residential Property Disclosure form online. When selling a house in [market city] it is a good idea to download a read the entire form so you have a basic understanding of the type of information it requires.
As an example some of the questions that are asked on the North Carolina Residential property Disclosure form are:
- When was the roof installed?
- What is the age of the HVAC systems (do they use electric or gas a fuel source)?
- Age and condition of plumbing systems?
- Age and condition of electrical systems?
When the buyers receive the disclosure, they will review the information at the same time they will be ordering their inspection of the property. You should also disclose any pest infestations or mold, any renovations completed without permitting, repairs, or insurance claims. Additionally, you should report any environmental hazards which could affect the property or upcoming changes nearby that would infringe upon full enjoyment. When you are considering selling is the best time to learn just what you may be facing when it comes to disclosure by hiring an inspector. Knowing all the details in advance will also give you the freedom to decide about investing time and money to resolve any issues. The inspection could reveal unknown problems and protect you from the worst-case scenario. If you want to save valuable time, be upfront with issues and allow your potential buyer to do their homework on the property, avoiding wasted time on buyers may walk away from the bargaining table.
NC Seller Disclosure Requirements
In North Carolina, the Residential Property Disclosure Form is filled out before the property is advertised for sale and is made available before the offers are submitted. The buyers will be required to sign off on the disclosure and any accompanying reports. It can cost you a great deal if you do not complete disclosures when selling your home in Raleigh before closing. Even if you were not aware of a problem, you would be responsible. If you should find yourself wondering if you should disclose an issue, you probably should. It is wise to err on the side of caution, and taking the time to check with a professional to be sure your concern is legitimate is never a bad idea. You could be facing legal ramifications about defects or flaws that went undisclosed should the buyer find issues after the sale. The buyers could sue you for breach of contract or intentional misrepresentation. Not only could you owe for damages, but should it be determined you committed fraud by knowingly deceiving your buyers, there is also a potential for the amount of the damages to be multiplied. The amount you could owe in damages could be staggering, not to mention paying any attorney fees. It is improbable that the insurance carried on your home would cover these costs. Should the worst happen and you receive a letter of demand for damages from an attorney after the sale of your home, you must take quick legal action to protect yourself. You do not want to discuss this with the buyer or their legal counsel, as they could use it against you in a lawsuit.
Consider a Direct Sale
Sell to Wake County Home Buyers. Wake County Home Buyers will buy your home as-is! Leave your worries about disclosure behind. Wake County Home Buyers will make a fair offer that you are in full agreement with, taking the time to walk you through how we reach our figures step by step. And at Wake County Home Buyers, we pay cash which allows us to offer flexible closing dates, whether that be next week or next month! Our job is to make the direct sale of your home as simple and hassle-free as possible. That is why we never ask our sellers to make repairs or clean. We even allow our sellers to discard unwanted items such as furniture in the house. Just leave it behind, we’ll take care of it. At Wake County Home Buyers we allow you to sell your house and be done!