N.C. Gen. Stat. § 47E-7
Change in circumstances
Redline — December 1, 2021 → current.View current text →
Current — April 1, 2022
As of December 1, 2021
If, subsequent to the owner's delivery of a residential property disclosure statement, the mineral and oil and gas rights mandatory disclosure statement, or the owners' association and mandatory covenants disclosure statement to a purchaser, the owner discovers a material inaccuracy in a disclosure statement, or a disclosure statement is rendered inaccurate in a material way by the occurrence of some event or circumstance, the owner shall promptly correct the inaccuracy by delivering a corrected disclosure statement or statements to the purchaser. Failure to deliver a corrected disclosure statement or to make the repairs made necessary by the event or circumstance shall result in such remedies for the buyer as are provided for by law in the event the sale agreement requires the property to be in substantially the same condition at closing as on the date of the offer to purchase, reasonable wear and tear excepted.
If, subsequent to the owner’s delivery of a residential property disclosure statement, the mineral and oil and gas rights mandatory disclosure statement, or the owners’ association and mandatory covenants disclosure statement to a purchaser, the owner discovers a material inaccuracy in a disclosure statement, or a disclosure statement is rendered inaccurate in a material way by the occurrence of some event or circumstance, the owner shall promptly correct the inaccuracy by delivering a corrected disclosure statement or statements to the purchaser. Failure to deliver a corrected disclosure statement or to make the repairs made necessary by the event or circumstance shall result in such remedies for the buyer as are provided for by law in the event the sale agreement requires the property to be in substantially the same condition at closing as on the date of the offer to purchase, reasonable wear and tear excepted.
History
(1995, c. 476, s. 1; 2011-362, s. 3(e); 2014-120, s. 49(a).)
Effect of Amendments. - Session Laws 2011-362, s. 3(e), effective January 1, 2012, and applicable to real estate transfers or dispositions occurring on or after that date, in the first sentence, inserted "and the owners' association and mandatory covenants disclosure statement," substituted "inaccuracy in a disclosure statement, or a disclosure statement is rendered inaccurate" for "inaccuracy in the disclosure statement, or the disclosure statement is rendered inaccurate" and inserted "or statements," and, in the last sentence, substituted "a corrected disclosure statement" for "the corrected disclosure statement."
Session Laws 2014-120, s. 49(a), effective January 1, 2015, substituted "statement, the mineral and oil and gas rights mandatory disclosure statement," for "statement and" near the beginning. See Editor's note for applicability.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.