Get the free Residential Property and Owners' Association Disclosure Statement

This document is required by the Residential Property Disclosure Act in North Carolina and is intended to disclose information about the residential property and owners' association to potential purchasers,

How to fill out residential property and owners

How to fill out Residential Property and Owners' Association Disclosure Statement

1. Obtain the Residential Property and Owners' Association Disclosure Statement form from your local real estate office or online.
2. Read the instructions carefully to ensure you understand what information is required.
3. Fill in the property address, including city, state, and zip code.
4. Provide the name and contact information of the seller and the listing agent.
5. Disclose any known material defects in the property, including structural issues, plumbing problems, or electrical concerns.
6. Indicate whether the property is located in a homeowners' association and provide details about the association.
7. List any special assessments or pending litigation involving the property.
8. Include any recent repairs or renovations made to the property.
9. Sign and date the document to certify that the information provided is accurate to the best of your knowledge.
10. Submit the completed disclosure statement to the buyer and retain a copy for your records.

Who needs Residential Property and Owners' Association Disclosure Statement?

1. Sellers of residential property who must disclose information about the property to potential buyers.
2. Buyers who require transparency about the condition and legal status of the property they are considering purchasing.
3. Real estate agents and brokers facilitating transactions that involve residential properties.
4. Homeowners’ associations that need to provide documentation regarding their rules, regulations, and financial status.

People Also Ask about

Is SPDs required in AZ?

While the form itself isn't legally required, disclosing known defects is, and most Arizona real estate agents and brokerages require sellers to use the SPDS to satisfy that obligation. Note: Even if you're selling a home “as is” in Arizona, you're still required to be truthful and transparent about what you know.

Is a residential property disclosure required in NC?

The Residential Property Disclosure Act, codified as North Carolina G.S. 47E, requires the seller of residential real estate (one to four dwelling units) to complete a form — known formally as the Residential Property and Owners' Association Disclosure Statement — disclosing conditions and defects with the property.

What is the NC residential property disclosure statement?

The Residential Property Disclosure Act, codified as North Carolina G.S. 47E, requires the seller of residential real estate (one to four dwelling units) to complete a form — known formally as the Residential Property and Owners' Association Disclosure Statement — disclosing conditions and defects with the property.

What is the purpose of the disclosure statement?

It is typically used to ensure transparency and to inform individuals of any potential conflicts of interest or risks associated with the matter at hand.

What is the purpose of a disclosure statement?

A disclosure statement is a financial document presented to a participant in a transaction that explains key information in plain language. These are provided for retirement plans to spell out the plan's rules, and with the contract for mortgages, auto, personal, and other kinds of loans.

Which of the following statements is true about the North Carolina Residential property Disclosure Act?

Which of the following is TRUE about the North Carolina Residential Property Disclosure Act? All agents in the transaction should facilitate the timely delivery of the property disclosure report to the buyer.

What is the point of a disclosure statement?

A disclosure statement is a document that a landlord must give the tenant when entering into or renewing a lease. It outlines essential lease information so the tenant can understand, at a glance, the key elements of the lease. It can include: the term or duration of the lease.

What is the most commonly used type of disclosure in real estate?

Most Common Disclosures in Real Estate Natural Hazards Disclosure. First on the list is the natural hazards disclosure. Market Conditions Advisory (MCA) Market Conditions Advisory, also known as MCA, covers items more financial in nature. State Transfer Disclosure. Local Transfer Disclosure. Megan's Law Disclosures.

For pdfFiller’s FAQs

What is Residential Property and Owners' Association Disclosure Statement?

The Residential Property and Owners' Association Disclosure Statement is a document that informs potential buyers of property about certain facts related to the property and the homeowners' association (HOA) governing it.

Who is required to file Residential Property and Owners' Association Disclosure Statement?

Sellers of residential properties that are part of an owners' association are typically required to file the Residential Property and Owners' Association Disclosure Statement.

How to fill out Residential Property and Owners' Association Disclosure Statement?

To fill out the Residential Property and Owners' Association Disclosure Statement, the seller must provide accurate information regarding the property, the owners' association, and any known issues or obligations related to the property and the HOA.

What is the purpose of Residential Property and Owners' Association Disclosure Statement?

The purpose of the Residential Property and Owners' Association Disclosure Statement is to ensure that potential buyers are aware of the limitations, rules, and any financial obligations associated with the homeowners' association before making a purchase.

What information must be reported on Residential Property and Owners' Association Disclosure Statement?

The statement must report details such as the structure of the HOA, any pending assessments, rules and regulations, maintenance responsibilities, and any known defects or issues with the property.