Article 4.
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/nc/chapter-47c/4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Article 4.
Protection of Purchasers.
§ 47C-4-101. Applicability; waiver.
(a)This Article applies to all units subject to this chapter, except as provided in subsection
(b)or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use.
(b)Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of a disposition which is:
(1)Gratuitous;
(2)Pursuant to court order;
(3)By a government or governmental agency;
(4)By foreclosure or deed in lieu of foreclosure;
(5)To a person in the business of selling real estate who intends to offer those units to purchasers; or
(6)Subject to cancellation at any time for any reason by the purchasers without penalty. (1985 (Reg. Sess., 1986), c. 877, s. 1.)