Property Disclosure Statement & Vacant Land
Q: I am listing a piece of vacant land. I looked at the exemptions to the N.C. Residential Property Disclosure Act that are set forth in N. C. Gen. Stats. 47E-2 and do not see vacant land listed there. Which property disclosure form do I use for vacant land?
A: NCAR does not have a property disclosure form designed for vacant land, but that’s only part of the story. You are correct that vacant land is not “exempt” from the N.C. Residential Property Disclosure Act (“Act”). Why? Because the Act doesn’t apply to it in the first place! The Act applies to “…transfers of residential real property consisting of not less than one nor more than four dwelling units…” N C. Gen. Stats. 47E-1. A vacant lot or parcel – one with zero dwelling units – doesn’t qualify. Note that while there is no statutory requirement in NC that a seller provide a buyer of vacant land with a property disclosure statement, there is certainly no prohibition against a seller supplying a buyer with one, either. And remember, no matter what type of property it happens to be, a real estate agent must always disclose to a prospective buyer any material facts the agent knows or reasonably should know about the property.
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