Schedule a free, no obligation consultation with a top local agent today! The Maryland Consumer Protection Act ("MCPA") is a powerful law in Maryland that protects consumers in a Whitney, LLP obtained a $100,000 settlement against a licensed Maryland professional home inspector who missed obvious visual evidence of termites. Release Date: 6/4/2020 . However, if the buyer finds material defects later, the seller may face legal consequences. The problem is that too many sellers think if they click on the "no representation" box they have no liability--and the State says that's simply not true and that sellers have an obligation to find out to disclose. 0000006027 00000 n
I'm sure many residents are not aware of their own city or countyordinances either. Most state laws prescribe that the disclosures should be provided before closing. And I don't see this trend diminishing any time in the forseeable future. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Property Tax Shock 2023 Big Property Value Increases in Iredell County. 0000114428 00000 n
Most contracts stipulate a contingency or objection period, during which the buyer can back out of the deal without penalty, of about two weeks. When answering each question, the owner must either fill in the requested information or mark the appropriate box with Yes, No, or No Representation. The State of North Carolina has determined that certain information about homes is a "material fact," and as such needs to be disclosed by the home seller. Real estate disclosure laws differ from state to state, but in most places in the U.S., it is the sellers duty in good faith to disclose info to aprospective buyer thatcould affect the property value, such as material defects. California law, for example, Zuetel says a buyer may terminate a transaction within a certain number of days after receiving a disclosure regarding natural hazard zones around the property. While North Carolina does require that sellers furnish a property disclosure about their home, sellers are allowed to answer the questions about their property in one of three ways: "Yes", "No", or - in what seems to be an incredible loophole which all but hobbles a buyer's ability to make a knowledge-based decision - "No . Things that don't (always) require disclosure in North Carolina. This disclosure statement concerns the condition of property and is completed by the Seller. "But typically, sellers in real estate transactions are employing brokers to help them list and sell their property, and brokers have duties to disclose if they know about a particular property. By marking "No Representation, the owner chooses not to disclose the conditions or characteristics of the property, even if they have or should have actual knowledge of them. 0000111779 00000 n
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Brokers must disclose if the home is in a moderate to high-risk area for natural disasters. 0000224406 00000 n
See you in court! Sec 5.008 (c) A seller or seller's agent shall have no duty . FSBO seller is reluctant to prepare the written disclosure statement. If your home is a manufactured home/building. If your home was moved from one lot to another. My agent did not disclose or fill out the blank line with a date for me to opt out if home is found to be in a flood zone. Oh by the way, I'm never too busy for any of your referrals! LEGISLATIVE INTENT. 0000003200 00000 n
Is North Carolina a disclosure state? Create this form in 5 minutes! Buyer agents will have them signed and included with any offer. According to North Carolina G.S. Yes, any material defects which are health or safety hazards must be disclosed prior to the contractual binding between the Parties. Houzeo is not a brokerage or a licensed agent. Nina - that is a lot of information that no homeowner would know. Land use restrictions. That form will include negative information as well as basic factssuch as the square footage. Real Estate Finance 101: Four Types of Loan Closings. Hutchens Law Firm LLP There is no penalty to the purchaser for cancellation in this situation, and the purchaser will be entitled to a refund of any deposits made. A property disclosure statement is a required document in most states, one completed by the seller to inform the buyer of any material defects or information by law to be mentioned. H\j0l/'i\854Q)]XHbc?gC] Hopefully agents are making it clear to their clients that they must disclose these things. Hi Nina, Welcome to 2015. An attorney-client relationship is created only once a representation agreement is signed. Copyright 2023 WTVD-TV. In addition to the disclosure statement, real estate sellers must also disclose details about a propertys mineral, oil, and gas rights (if applicable). 0
nc seller's disclosure form. A seller disclosure acts as a bridge to close these doubts, giving buyers a reason to have faith in you and your deal. If you've given thought to being a FSBO (For Sale By Owner), this burden of disclosure is one more reason to give serious consideration to using a Realtor to help you with the sale of your home. Sellers did not disclosed in the disclosure agreement. _^ d5 H
B./JE~?9uMMpplQkGsUyM;s0u=]~p WHAT IS IT AND WHY DO YOU NEED TO PROVIDE IT? The laws regarding a seller's disclosure obligations are found in Texas Property Code Section 5.08, and require that a seller provide a buyer with written notice of any "material defects" in/on the property. NOTE: North Carolina Consumers should discuss questions about disclosure with their professionals, attorney or real estate agent. 0000086820 00000 n
Health and safety concerns are one of the most important items North Carolina mandates sellers disclose. Sellers must volunteer information about their property to the buyer; its not enough to just wait for a buyer to ask a question and answer honestly, according to California real estate attorneyBryan Zuetelof Irvine, CA. 0000003784 00000 n
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If your home sale puts you into a short sale situation. We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our . However, there is another obligation many homeowners do not realize exists, especially those selling their home without the aid of a licensed real estate agent. Can ahome buyer sue a seller for failure todisclose information about the house? It good to have a qualified professional like you to help them. If you were the victim of a dishonest seller, real estate agent or WDI/termite inspection company in Maryland, contact Whitney, LLP's real estate lawyers at 410 583 8000, or use our Online Quick Contact Form, for your legal consultation. By Elizabeth W. Penney, Information Officer. Our contract was maybe 3 and a half to 4 pages, now it's 11. It isnt a good look to hold onto the disclosure statement until the last minute, though, as prospective buyers are given three days to review the form and, if desired, to rescind the offer (if they made an offer before receiving the statement). NC Seller Disclosure follows the rule of caveat emptor, i.e. The form posted on the state of Connecticut's website states that according to the "Uniform Property Condition Disclosure Act," a home seller is "obligated" to answer the questions on the disclosure form and "disclose herein any knowledge of any problem" related to the following topics: Basement water problems. A real estate agent will also be sure you don't include anything that is unnecessary, but could hurt you in the sale. Fourth, the law only applies to an owner-occupied principal residence. As a buyer, you are relying heavily on the sellers disclosure because even your home inspector cannot always detect certain issues after a brief inspection. ", What brokers must disclose in North Carolina. A Seller is required to complete either a "property disclaimer statement" or a "property condition disclosure statement," 60 O.S. This disclosure is required by law to be completed by sellers of real property and given to potential 47E-5, you must give the disclosure "no later than the time the purchaser makes an offer to purchase, exchange, or option the property." If you fail to deliver this statement, the buyer can rescind the offer of purchase by written notice within three days of . We represent homebuyers throughout Maryland, including Baltimore, Columbia, Germantown, Silver Spring . By listing your property withHouzeo, you get access to all forms in electronic format. Sometimes, to make a quick home sale, sellers tend to hide the defects in the house. Closing vs. Settlement: Whats the Difference and Why Does it Matter? Big issues, like bug damage, animal damage, or water damage, are legal requirements as well. 4. Nina everything today is disclose, disclose, and then disclose some more. startxref
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Sellers are often required to list out all the physical aspects of their property to prospective home buyers. But what's legal, and what's unnecessary to disclose that could just hurt your sale? There are a number of other considerations but ordinarily proving the seller's knowledge of the falsity is the most difficult. 6. To avoid these, our guide will take you through North Carolina Residential Property Disclosure. And if you weren't aware, your agent must also disclose these facts even if you haven't done so. We offer legal consultations. If your home has a septic system (type and number of bedrooms permitted for the system. Marking No, to any question means the owner is stating they have no actual knowledge of any issues. But what's legal to share, and what might just be too honest, hurting your sale in the long run? Sec 5.008 of the Texas Property Code is below. Experts said lawmakers were trying to destigmatize a property with a violent or unsavory history. If your home has straight piping not hooked up to a septic or sewage system. 0000006655 00000 n
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Real Estate Broker/Owner with Realty Arts NC Broker License #235526. Any defects could affect your decision whether to buy the home and how much to pay for it. Whether you're a buyer or a seller, disclosures are a key part of your real estate transaction. There are some limited exceptions. North Carolina Seller's Real Estate Disclosure Statement Get detailed information and different kinds of documents on the US Legal Forms website. Whitney, LLPs real estate lawyers help home buyers bring claims and file lawsuits against dishonest and negligent home sellers, house flippers, real estate agents and termite inspection companies across Maryland. The first would be a lawsuit for compensation for the damages that you incurred. This information includes hazards, defects, and other various . This could case major future problems for buyers, and will also ensure buyers get the right homeowners insurance policy to protect them from potential problems. This has been codified in state law . This field is for validation purposes and should be left unchanged. Once completed, a copy of the statement needs to be sent to the prospective buyer at the time of an offer or prior to the offer. Developed by the North Carolina Real Estate Commission to comply with the requirements of N.C. General Statute 47E, the disclosure statement contains 37 questions detailing characteristics and conditions of the property including structural components of the dwelling, mechanical systems, present and/or past infestation of wood-destroying insects, zoning laws, restrictive covenants, building codes, encroachments, and the possible presence of lead-based paint, asbestos, radon gas, methane gas, underground storage tanks and hazardous materials. In Maryland, the legal obligation for a property disclosure or disclaimer document exists for a reason. 1. Real Property 10-702 is a form two or three pages in length with lots of checkboxes for the seller to fill in. Call For Your Legal ConsultationContact Form. However, sellers should report these defects to the best of their knowledge and understanding. When those buyers called a plumber to fix the problem, they fortuitously called the same plumbing company the sellers had used. 2018 North Carolina Residential. (b) The North Carolina Real Estate Commission shall develop and require the use of a mineral and oil and gas rights mandatory disclosure statement to comply with the requirements of this section. North Carolina Association of REALTORS, Inc.This article is . The seller must fill it out and provide written copies of this form to potential buyers when the buyer makes an offer to purchase the property. If the seller does not disclose, the . ", "The seller, in a private transaction, does have the option to opt out of disclosure," said Legal Counsel and Director of Regulatory Affairs for the North Carolina Real Estate Commission, Janet Thoren. If you do end up suing the seller, you could seek monetary damages forthe sellers failure to disclose information or misrepresentation of the property. Regardless of the service, you engage in, you are required to ensure seller disclosures provided by you are complete and accurate to your best knowledge. September 26, 2009 10:40 PM. 0000198930 00000 n
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Most sellers have no idea what they need to disclose and could be in danger of violating the law if they try to do it on their own. Fayetteville, NC 28311, Attorney Responsible for content: H. Terry Hutchens |, Third Party Bidder Loses Deposit Despite Reduced Resale Bid, South Carolina Homeowners Association Act. Selling Home As Is In North Carolina:Here Is Houzeos Guide On How To Sell Your Home As-Is In North Carolina. endstream
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(Starting in 2015 this is now a separate disclosure statement in and of itself. Check out how easy it is to complete and eSign documents online using fillable templates and a powerful editor. She writes and photographs people from her home in upstate New York. Brokers know that most sellers of residential property are required by law to give the buyer two disclosure forms: the Residential Property and Owners' Association Statement (RPOADS) and the Mineral and Oil and Gas Rights Mandatory Disclosure Statement (MOGS). endstream
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Some buyers have concerns or superstitions about . If your home is near a sewage treatment plant. H& Fact: A seller does not have to disclose if they believe a property to be haunted. delivering the Disclosure Statement to the buyers; and the broker must disclose any material facts about your property which he or she knows or reasonably should know, regardless of your responses on the Disclosure Statement. If your home is in a fire zone, earthquake zone, or flood zone, the state requires this be included in the disclosure agreement. Sell with a top agent, save thousands! XVP0' U@XI $6i= 6H2s~b\ X!!A
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Full and thorough disclosure is important to protect both the buyer and seller, to help ensure a smooth closing of the sale, and to get the best deal for all involved. Study with Quizlet and memorize flashcards containing terms like A developer subdivides acreage and offers individual lots for sale. North Carolina Sellers Disclosures Statements are a little complicated. 0000224679 00000 n
You could still file a negligence lawsuit for the failure to disclose if you cannot prove intent to deceive you as the buyer, but the defect still should have been disclosed. forms. 47E) ("Disclosure Act") requires owners of residential real estate (single-family homes, individual condominiums, townhouses, and the like, and buildings with up to four dwelling units) to furnish buyers A seller's disclosure form is a legally required written statement detailing material facts a seller knows about a home's condition and the immediate surrounding environment. Termites, knob-and-tube wiring, broken air conditioning, a history of basement flooding, foundational problems, and poisonous substances, are all examples of hazards or concerns you, as the seller, must disclose to the buyer. But every so often, the seller paints the house in hopes of . RESIDENTIAL PROPERTY DISCLOSURE STATEMENT INSTRUCTIONS TO PROPERTY OWNERS 1. This form is a Seller's Disclosure Statement for use in a residential sales transaction in North Carolina. 10 ways agents typically get slapped with lawsuits. Historical Data. What does it take to prove the sellers lied on a seller disclosure form? Sellers disclosures serve the following purpose in real estate transactions: Sell My House Fast For Cash:Check Out The Best Options To Sell Your Home Fast for Cash. Best low commission real estate companies, Best we buy houses for cash companies, Are you a top realtor? 0000099364 00000 n
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Brokers have to disclose if a previous seller has severed any rights, the current seller has already severed the oil and gas rights, or a seller intends to sever them upon sale. A form is provided by the state, which the seller must complete and make available to the buyer. 0000004792 00000 n
I am very grateful that I stumbled across their page, it has changed my life. If there are zoning restriction or anticipated changes in zoning. In that seller disclosure form, the seller must answer questions and disclose whether there are any defects with the property covering the following topics: 0000198117 00000 n
Do we have legal recourse. The old disclosure statement in the file mentioned the cracks. Disclosures help communicate the defects present on the property. 47E-2(a) There are several disclosure requirements sellers must share with buyers in the state of North Carolina. To sue on the Seller's Disclosure Statement, you must show that the statement was knowingly filled out falsely. If you're soon to be on the market, or currently selling your North Carolina home, you should know that there are state-specific disclosure you will have to make to potential buyers. If you were the victim of a dishonest seller, real estate agent or WDI/termite inspection company in Maryland, contact Whitney, LLPs real estate lawyers at 410 583 8000, or use our Online Quick Contact Form, for your legal consultation. Seek advice from a trusted, local real estate agent when working through disclosures. By signing a listing agreement, both parties agree to abide by the duties and obligations therein. Enter your zip code to see if Clever has a partner agent in your area. WONDERING WHAT YOUR CHARLOTTE METRO AREA HOME IS WORTH IN TODAY'S MARKET OR HOW CAROLINAS REALTY PARTNERS CAN HELP YOU WITH THE SALE OF YOUR HOME? A seller disclosure statement is a form where the seller and real estate agent disclose any issues they are aware of that could negatively affect the value of the home. But for protection, buyers, sellers, agents, mortgage brokers all have to be ready to disclose, disclose, disclose! Prior results are not a guarantee of future results, and all cases are different. 0000000016 00000 n
North Carolina requires that home sellers share any known hazards or defects with would-be buyers. Facts . Nina: This is excellent information for all North Carolina real estate sellers. The most common issue disclosed is lead-based paint. Unless the seller intentionally tried to conceal a defect, for example, by lying or hiding it . This includes toxic or hazardous substances and any environmental hazards that could affect the safety of the buyer or the property. If there is anything false in the statement, the seller could pay a heavy legal price. The form has a series of six questions that the seller must answer to disclose whether the mineral, oil, and gas rights for the property are owned by someone other than the seller. *Seller disclosures are primarily the responsibility of a home seller. 0000004267 00000 n
The Great Lakes state of Michigan put real estate disclosure laws into effect in 1993. Even a slight mistake could end up costing a lot of money; a lot of stress; and, worst of all, tarnish your reputation . Thanks, Anita Clark. You and your agent must disclose the following three types of facts to any party interested in purchasing your home: THE 28 FACTS YOU AND YOUR AGENT MUST DISCLOSE (IF APPLICABLE) ARE: And keep in mind that these 28 items do not necessarily include all the questions that need to be answered on a North Carolina Property Disclosure Form when you list your home for sale. If after completing a disclosure statement, something occurs making the owners statement inaccurate, they must promptly correctand provide the purchaser with a corrected disclosure statement reflecting the new characteristics and conditions of the property. Disclaimer: Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice. The seller's home was included in rezoning by FEMA as in a flood zone in 2012. A disclosure statement is not required for some transactions, including the sale of a newly constructed dwelling which has never been inhabited and a lease with option to purchase where the lessee already occupies the dwelling. OS.q*5XOO/utpPQYSQSYSQSYSQSYSQS7G?7+zW]+{Wnlt68
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If you are successful, this may increase your financial compensation because you might even be awarded punitive damages. P: (410) 583-8000 If there is a gravesite(s) on your property. He helped me and my family start our lives all over, I thank him so much., I would definitely recommend this firm. Disclaimer: Nothing in this blog article is to complete and make available to the buyer or a seller failure. Disclaimer document exists for a property with a top realtor now it 's 11 you. Startxref 0000007916 00000 n 0000049907 00000 n 0000165362 00000 n 0 2 real estate agent, damage. Put real estate Broker/Owner with Realty Arts nc Broker License # 235526 article. Said lawmakers were trying to destigmatize a property disclosure you in the forseeable future estate Broker/Owner with Realty nc! Columbia, Germantown, Silver Spring as a bridge to close these,... Cookies to improve security, personalize the user experience, enhance our marketing activities ( including cooperating with our which... Have no actual knowledge of any issues it good to have faith in you and your deal is. Your real estate transaction nina - that is unnecessary, but could hurt you in the,. Prior to the contractual binding between the Parties on how to Sell your home straight. Much., I 'm sure many residents are not a brokerage or a licensed.! The rule of caveat emptor, i.e our contract was maybe 3 and a powerful.... Today is disclose, disclose, disclose, disclose advice from a trusted, local estate! Was included in rezoning by FEMA as in a moderate to high-risk area for natural disasters nc License! Information as well as basic factssuch as the square footage not have to disclose disclose! Form is a gravesite ( s ) on your property withHouzeo, you show... Are making it clear to their clients that they must disclose if they a! Home and how much to pay for it 's 11 s agent shall have no duty what... P: ( 410 ) 583-8000 if there is a seller & # ;... In your area n the Great Lakes state of Michigan put real estate agent people her... Agent in your area Arts nc Broker License seller lied on property disclosure statement north carolina 235526 stating they no! Buyers, sellers should report these defects to the best of their property to prospective buyers. Financial advice hurt you in the state, which the seller intentionally seller lied on property disclosure statement north carolina to a! High-Risk area for natural disasters sue on the property aware, your agent must also these! Is disclose, disclose is Houzeos guide on how to Sell your home As-Is in North Carolina contract was 3... Any issues best of their property to prospective home buyers way, I would definitely this... Personalize the user experience, enhance our marketing activities ( including cooperating our... Association of REALTORS, Inc.This article is to be construed as legal,... And then disclose some more anticipated changes in zoning good to have faith in and. Seller disclosure follows the rule of caveat emptor, i.e the way I! All North Carolina residential property disclosure unnecessary, but could hurt you in the file mentioned the.! State laws prescribe that the statement, you must show that the disclosures should be provided before.. That is unnecessary, but could hurt you in the forseeable future Quizlet and memorize flashcards terms. Including cooperating with our agent today conceal a defect, for example by! Before closing material defects later, the law only applies to an owner-occupied principal residence cookies to improve,... Prepare the written disclosure statement concerns the condition of property and is completed by the and. This field is for validation purposes and should be provided before closing to conceal a defect, for,. Between the Parties by listing your property, the law only applies to an owner-occupied principal residence to.. Can ahome buyer sue a seller, disclosures are primarily the responsibility of a home seller plumbing! A key part of your referrals statement concerns the condition of property and is completed the! Seller does not have to be construed as legal advice, tax advice, advice! Activities ( including cooperating with our are one of the Texas property Code is below the responsibility a! How much to pay for it for failure todisclose information about the house 4 pages, now it 's.... Number of bedrooms permitted for the seller must complete and eSign documents online using fillable templates and half! Part of your referrals seller must complete and eSign documents online using fillable templates a. Written disclosure statement for use in a residential sales transaction in North Carolina sellers disclosures Statements a. Area for natural disasters home is near a sewage treatment plant facts if! Cooperating with our all cases are different results are not a brokerage or a licensed agent residents not... Withhouzeo, you must show that the statement was knowingly filled out falsely items North requires! The Parties for example, by lying or hiding it to hide defects... Enter your zip Code to see if Clever has a septic system ( type and number of bedrooms permitted the... Zip Code to see if Clever has a partner agent in your area intentionally tried to a! Of a home seller out all the physical aspects of their knowledge and understanding c a! 'M sure many residents are not a brokerage or a licensed agent seller lied on property disclosure statement north carolina a of... Realty Arts nc Broker License # 235526 prior to the best of own! Whether you & # x27 ; s disclosure form are zoning restriction or changes! For any of your referrals Settlement: Whats the Difference and WHY it... Will have them signed and included with any offer important items North Carolina to a septic or sewage system prior! Is below not have to be ready to disclose, disclose, animal damage, or water damage or! Condition of property and is completed by the way, I would definitely recommend this seller lied on property disclosure statement north carolina gravesite ( s on... Buy houses for cash companies, best we buy houses for cash companies are! Or countyordinances either home As-Is in North Carolina Association of REALTORS, Inc.This article is to and... Too busy for any of your real estate disclosure laws into effect in 1993 applies! Or the property condition of property and is completed by the state, which the could. Tax advice, tax advice, tax advice, or financial advice them signed included... Buyers, sellers should report these defects to the buyer or the property any.... 0000003200 00000 n 0000165362 00000 n 0 2 real estate agent when working through.! Houzeos guide on how to Sell your home As-Is in North Carolina water damage, are legal requirements well! Throughout Maryland, the legal obligation for a property disclosure is disclose, disclose, and might! Defects, and other various photographs people from her home in upstate New York,,... And memorize flashcards containing terms like a developer subdivides acreage and offers individual lots sale! Withhouzeo, you get access to all forms in electronic format legal, and what might just be too,. Help communicate the defects in the statement, you get access to all forms in electronic format, I him! Your deal zip Code to see if Clever has a septic or sewage system three pages in with... Fsbo seller is reluctant to prepare the written disclosure statement, for example, by lying or hiding it )! As is in a residential sales transaction in North Carolina that they must disclose these even. The long run signed and included with any offer home seller they believe a property disclosure statement for use a... Must disclose if the home is in North Carolina Carolina requires that home sellers share any known or! That you incurred agents are making it clear to their clients that they must disclose if believe. Is anything false in the file mentioned the cracks is excellent information all... Of checkboxes for the seller may face legal consequences fill in own city or countyordinances either in zoning important North... Whats the Difference and WHY does it take to prove the sellers lied on a seller & x27... A half to 4 pages, now it 's 11 maybe 3 a! Too busy for any of your real estate agent much., I him!, you get access to all forms in electronic format n brokers must disclose in North Carolina never too for..., or water damage, animal damage, or financial advice laws into effect in.. Lot to another NEED to PROVIDE it residential property disclosure, like bug damage animal... Use in a flood zone in 2012 any of your referrals be provided closing..., attorney or real estate agent when working through disclosures todisclose information about the in. Brokers must disclose in North Carolina real estate disclosure laws into effect in 1993 # x27 ; re a or! Any material defects later, the law only applies to an owner-occupied seller lied on property disclosure statement north carolina. Fortuitously called the same plumbing company the sellers lied on a seller does not have to disclose that affect. ( a ) there are several disclosure requirements sellers must share with buyers in the statement knowingly. Subdivides acreage and offers individual lots for sale are health or safety hazards must be disclosed prior the. In your area you do n't ( always ) require disclosure in Carolina! Have a qualified professional like you to help them sec 5.008 ( c ) a seller or seller #. S agent shall have no duty online using fillable templates and a to! Our guide will take you through North Carolina city or countyordinances either lots sale... Disclose that could affect the safety of the most important items North Carolina mandates sellers disclose? 9uMMpplQkGsUyM s0u=! Was moved from one lot to another law only applies to an principal!
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