Are seller disclosures mandatory?

In North Carolina, the answer to the question “Are seller disclosures mandatory?” is yes. North Carolina law requires sellers of residential real estate to provide certain disclosures to potential buyers prior to the sale (also known as seller “disclosures”). Specifically, according to state law, sellers must provide buyers with written disclosure forms regarding any known material defects or issues with the real estate being sold. The seller must also provide buyers with a separate form that outlines any financial obligations associated with the property, such as any unpaid taxes, HOA dues, and other assessments. The seller must fill out and sign these forms, and they must be given to the buyer at least three days before the sale is finalized. If the seller fails to disclose the necessary information or provides inaccurate information, the buyer may be able to rescind the contract or pursue legal action against the seller for damages. It is important to note that the seller disclosures are not a substitute for the buyer’s own due diligence. Although the seller must disclose any known material defects or issues, the buyer is still responsible for conducting a thorough inspection of the property and researching any other potential issues that may not be disclosed.

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