Adding a fresh coat of paint to a house is common when someone is motivated to sell. Unfortunately, all sellers do not have good intentions, according to real estate attorneys—some may be trying to cover up damaged property to get a higher selling price.

The good news is that North Carolina requires sellers to present any known defects to potential buyers. The Residential Property Disclosure Act protects both parties during a real estate transaction. First, it helps buyers avoid acquiring a major issue that was unknown at the time of sale. Second, it helps protect sellers from false accusations and lawsuits.

What Should You Know About Reviewing Real Estate Disclosures?

Whether you are selling or buying a home, reviewing real estate disclosures is a critical step. Here are a few pieces of information everyone should know about real estate disclosures in North Carolina.

What Is a Real Estate Disclosure?

These declarations are the buyer's chance to discover as much as they can about the property and the seller's experience living in it. Sellers must disclose a wide range of information, including:

• Zoning Issues

• Faulty Appliances

• Structural Damage

• Environmental Hazards

It's important to keep in mind that it's the seller's duty to share any information that could negatively affect the value of or satisfaction with the property. Addressing questions with a real estate attorney could be helpful.

How Do Sellers Disclose Information About the Property?

Sellers can find the official real estate disclosure form with the North Carolina Real Estate Commission's Office. The 4-page packet provides all the pertinent information needed to legally disclose property issues at hand. After the packet is complete, copies must be provided to a potential buyer and their attorney before the offer is accepted.

What Are the Penalties for Failing to Disclose Information?

Attempting to game the system is unwise. Any seller who fails to provide disclosures may be subject to civil penalties in various forms. First, the buyer will be allowed to cancel the real estate contract within 3 days of receipt. Second, the purchaser could also sue the seller for defects found after the sale. If the latter occurs, both parties might have to hire a licensed real estate attorney in North Carolina to navigate the circumstances.

Do you have questions about real estate disclosures in North Carolina? If so, Cecil & Cecil PA can help you work through legal issues related to your next sale or purchase. Their firm has over 65 years of experience and proudly serves historic downtown High Point, NC, and surrounding counties in the area. Contact them today at (336) 883-8383 or online for personalized legal advice and services.