Use of Property Disclosure Statement in Condo Sale

QUESTION: I have a listing on a condo in a 100-unit condo complex. Does the owner have to complete a Residential Property and Owners Association Disclosure Statement?

ANSWER: Your owner is required to complete a Disclosure Statement. The important fact is how many units are being sold, not how many units are in the condominium complex. The Residential Property Disclosure Act specifically applies to sales of residential real property “consisting of not less than one nor more than four dwelling units.” Since your seller is selling a single dwelling unit, the Act applies. On the other hand, if your owner owned 5 condos in the complex and sold them all together, the Act would not apply.

© Copyright 2011 - 2024. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.