NEW Disclosure Requirements on Transactions

New Mineral, Oil and Gas Rights Disclosure Required on All Residential Transactions Starting January 1

Effective January 1, 2015, sellers of most improved residential properties will be required to provide a separate Mineral, Oil and Gas Rights Mandatory Disclosure Statement to prospective buyers no later than the time they make an offer.

The disclosure must be provided by sellers whose properties are already on the market on January 1st (unless it is under contract as of that date) or that go on the market on or after January 1, 2015.  It is therefore important for Realtors® to begin getting the disclosure statement completed by their sellers! 

You can download a copy of the form from the NC Real Estate Commission website HERE.

The new law will apply to all sellers who are required to provide a Residential Property and Owners Association Disclosure Statement. In addition, it will apply to new construction sales, leases with options to purchase and sales where the parties agree not to complete a Residential Property and Owners Association Disclosure Statement.

Need more insight into this new disclosure?  Check out this helpful Q&A from the North Carolina Association of Realtors®.

Source: North Carolina Association of Realtors®

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Published by Angie Hedgepeth

Angie Hedgepeth, Government Affairs Director for the Association, attends all the local meetings each month, as well as NAR and NCAR meetings, and keeps members abreast of the multiple issues being addressed in local, state and national government. She prepares reports on the meetings she attends and they are included in the weekly "Government Affairs Update".