It adds “Military” as a noise that must be disclosed.  Further, it offers the opportunity for a Seller to disclose issues, and attach expert reports as explanation in lieu of a written explanation.

The larger news is that it is effective July 1, 2010, and must be given to Buyers who go under contract after that date.  Listings that are on the market prior to July 1 will need to have the Property Disclosure updated to the new version.

News and information from the North Carolina Association of Realtors.

 The interactive form, available on the NC Real Estate Commission website.  The form is mandatory for all home resales in North Carolina, except foreclosures.

 The interactive form on the Real Estate Commission site is easy to complete and has full instructions.  When completed, it can be printed for signature.  Alternatively, the Sellers can “print” the form to a pdf writer, like free CutePDF, and save it.   Then they can email it to me.  I can prepare it for electronic signatures, and return it to them.  When I get it back, digitally signed by the Sellers, I can upload the form to the Triangle MLS.   The form never has to be printed unless a Buyers’ Agent for some reason doesn’t offer their clients digital signing.

However it is signed, the new NC Residential Property Disclosure Statement is coming soon to a listing near you!

The easiest way to do this is to complete the form on line, at the NC Real Estate Commission site, and to print it off.

This yields the crispest original, and gives us a form that will survive multiple scans and faxes better than most hand-completed forms.  The Listing Agent can then upload the completed form to the MLS listing attachments, so Buyers agents have access to it. 

Easy, efficient, effective!

Exceptions to disclosure requirements include foreclosures, new construction that has never been lived in, lease/option transactions.

But, for resale, the homeowner should plan on completing the form.  Agents do not fill out the disclosures, as it is the Seller’s role to tell what they know about the home.  as the instructions on the form indicate, Sellers really do not have to disclose much.  They legally cannot deny problems if they know they exist, but they have the alternative to mark “No Representation.” 

“No Representation” is the weakest form of disclosure, and can affect market value.  It can be used legitimately when the Seller has no knowledge of the property, as in an estate sale.  But it can also be used when Sellers would rather not disclose an issue.   It is not uncommon for Sellers to mark “No Representation” when the home has polybutylene piping, as that is a negative for many Buyers.  A fully completed disclosure with “No Representation” in a few key areas can therefore be a red flag to an alert REALTOR® or Buyer.

NC Turnpike Authority page with discussion

As the Turnpike Authority says, “Please note, these alignments are conceptual and have not been officially selected for the project.” 

They note that the corridor is subject to change, as it was created without environmental study.

It is quite possible that environmental considerations will require NC DOT to move the corridor or the highway, but this corridor study is a “must see” for anyone considering purchase in that area of Wake County, North Carolina.

If looking at a home in SE Cary, Apex, Holly Springs, Garner, SE Raleigh, or nearby unincorporated areas of Wake County, this information must be considered by smart home buyers.

Updated 11/15/2011

It was irresistable. With the camera in the car, I had to stop and collect a few pixels. The lady fishing below the old bait shop/gas station agreed with me that the old mill had been trying to collapse for 30 years, and may well be still trying to collapse 30 years from now.

It seems that we get too stuck in the hubbub of Cary and Raleigh. It seems like forever since I got out into the country.
My clients apologized that I had to run that far out to see them. Oh… My goodness! No apology necessary! I had a fine drive through the country.