GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	2 

SENATE BILL 546
Second Edition Engrossed 4/29/97

Short Title:  Real Property Disclosure Laws.	(Public)

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Sponsors: Senator Miller.

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Referred to:  State Government, Local Government, and Personnel.

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March 27, 1997

A BILL TO BE ENTITLED
AN ACT TO AMEND THE REAL PROPERTY DISCLOSURE LAWS TO INCLUDE PROVISIONS FOR THE DISCLOSURE OF FLOOD HAZARD AREAS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 47E-4(b) reads as rewritten:
"(b)	A residential property disclosure statement shall read as follows:
"RESIDENTIAL PROPERTY DISCLOSURE STATEMENT

Notice to Seller and Purchaser

The North Carolina Residential Property Disclosure Act requires the owner of residential real property consisting of 1-4 units, whenever the property is to be sold, exchanged, optioned, or purchased pursuant to a lease with option to purchase, to furnish to the purchaser a RESIDENTIAL PROPERTY DISCLOSURE STATEMENT disclosing certain conditions of the property. Certain transfers of residential property are excluded from this requirement by G.S. 47E-2, including transfers of residential property made pursuant to a lease with an option to purchase where the lessee occupies or intends to occupy the dwelling.
Property Address/Description:_________________________
The undersigned owner(s) of the real property described above disclose the following present conditions of the real property of which the owner(s) has actual knowledge with regard to:
1.	Any abnormality or malfunctioning of the water supply or sanitary sewage disposal system:
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
2.	Any damage to or abnormality of the roof, chimneys, floors, foundation, basement, or load-bearing walls, or any leak in the roof or basement:
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
3.	Any abnormality or malfunctioning of the plumbing, electrical, heating, or cooling systems:
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
4.	Present infestation of wood-destroying insects or organisms or past infestation the damage for which has not been repaired:
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
5.	The real property's violation of zoning laws, restrictive covenants or building codes; any encroachment of the real property from or to adjacent real property; or notice from any governmental agency affecting this real property:
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
6.	The presence of lead-based paint, asbestos, radon gas, methane gas, underground storage tank, hazardous material or toxic material (whether buried or covered):
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
7.	The presence of any flood hazard areas as designated on city or county maps.
[]Yes	[]None Known	[]No Representations
If Yes, please describe___________________________
The purchaser and owner may wish to obtain professional advice
about, or inspections of, the real property.  The owner has a duty to disclose any material inaccuracy in this statement or any material change in the real property which is discovered between the date of this statement and the closing of the transaction.  The owner(s) acknowledge having examined this statement before signing below:
_______	_______	_______	_______
Owner  	Date   	Owner  	Date
The purchaser(s) acknowledge receipt of a copy of this disclosure statement and further acknowledge that they have examined it before signing below:

_______	______	________	______
Purchaser	Date  	Purchaser	Date"
Section 2. This act is effective when it becomes law.