(a) In the case of a sale of a unit where delivery of a public offering statement
is required pursuant to G.S. 47C-4-102(c), a seller shall, at or before conveying a unit, record or furnish to the purchaser,
releases of all liens or encumbrances affecting that unit and its common element interest
which the purchaser does not expressly agree to take subject to or assume, or shall
provide a surety bond or substitute collateral for or insurance against the lien or
encumbrance as provided for liens or encumbrances on real estate in G.S. 44A-16(5) and (6) or insurance against the lien or encumbrance acceptable to the purchaser. This subsection does not apply to any real estate which a declarant has the right
(b) Before conveying real estate to the association the declarant shall have that
real estate released from: (1) all liens or encumbrances the foreclosure of which
would deprive unit owners of any right of access to or easement of support of their
units, and (2) all other liens or encumbrances on that real estate unless the public
offering statement describes certain real estate which may be conveyed subject to
liens or encumbrances in specified amounts.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.