North Carolina Laws
Requirement to Record: Must be recorded by the seller within 5 business days of being signed.[1]
Expiration: Under North Carolina law, constructive notice does not expire by statute.
Maximum Term: There is no statutory maximum term for a lease with an option to purchase.
No Duration: If no specific duration is established for the option, it will expire at the end of the lease.
Signing Requirements: Must be in writing and signed by all parties involved.[2]
Required Disclosures (2)
1. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, its landlord must disclose to tenants that the walls and ceiling could contain lead-based paint.
2. Security Deposit Receipt – Landlords who collect security deposits must disclose the name of the bank and account in which the funds are being held.[3]
Seller’s Disclosures (2)
1. Property Disclosure Statement (required) – Sellers are required to provide potential buyers with a standardized statement that details the material condition of the property, including the water supply, sewage disposal, heating, and plumbing.[4]
2. Mineral, Oil, and Gas Rights Disclosure(required) – The owner of the real property must provide the purchaser with a mineral and oil and gas rights disclosure statement. This requirement applies to transfers of residential real property consisting of not less than one or more than four dwelling units.[5]