Property Disclosure Changes and What They Mean to You - Southern Home Check
889
page-template-default,page,page-id-889,bridge-core-2.0.5,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,hide_top_bar_on_mobile_header,qode-content-sidebar-responsive,qode-theme-ver-19.2.1,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-6.0.5,vc_responsive
 

Property Disclosure Changes and What They Mean to You

If you have bought and sold property in the past you’re probably familiar with the North Carolina  Residential Property Condition Disclosure – (https://www.ncrec.gov/Forms/Consumer/rec422.pdf) – Property disclosure statements outline any flaws that the home seller(s) (and their real estate agents) are aware of that could negatively affect the home’s value. These statements are required by law in North Carolina so buyers can know a property’s good and bad points before they close the deal.

 

In most situations owners must provide a list of any known material defects that may exist prior to entering into a purchase and sale agreement. There are some cases in which a property disclosure would not be required to be completed by a seller such as, but not limited to, if the seller’s have have not lived in the property in the last three years.

 

Home inspections and pest control inspections have always been a very important part of a real estate transaction.  While home inspectors are limited to the visual condition of the property at the time of inspection, there are often indicators of past or present water infiltration into the structure that will be reported on, if found. The same goes for mold, although the state excludes reporting on the presence of mold, any ethical inspector will make a note of visible “fungal growth” with recommended evaluation by an environmental company.

I highly recommend that you exercise your right to have a home inspection and pest inspection. As well as consulting with your real estate representative to see how these changes may affect you, as the changes I’ve referenced above are not the only changes made this year.