§ 47C-4-114 – Implied warranties of quality.
47C-4-114. Implied warranties of quality. The law relating to implied warranties, including but not limited to, implied warranties that the premises are free from defective materials, constructed in a workmanlike manner, constructed according to sound engineering and construction standards and that the premises may be used for a particular purpose, is applicable to the sale […]
§ 47C-4-115 – Exclusion of modification of implied warranties of quality.
47C-4-115. Exclusion of modification of implied warranties of quality. (a) Except as limited by subsection (b) with respect to a purchaser of a unit that may be used for residential use, implied warranties of quality: (1) May be excluded or modified by agreement of the parties; and (2) Are excluded by expression of disclaimer, such […]
§ 47C-4-116 – Statute of limitations for warranties.
47C-4-116. Statute of limitations for warranties. (a) A judicial proceeding for breach of any obligation arising under G.S. 47C-4-113 or 47C-4-114 must be commenced within the applicable period of limitations set out in Chapter 1 of the North Carolina General Statutes. (b) If a warranty of quality explicitly extends to future performance or duration of […]
§ 47C-4-117 – Effect of violations on rights of action; attorney's fees.
47C-4-117. Effect of violations on rights of action; attorney’s fees. If a declarant or any other person subject to this chapter fails to comply with any provision hereof or any provision of the declaration or bylaws, any person or class of person adversely affected by that failure has a claim for appropriate relief. The court […]
§ 47C-4-118 – Labeling of promotional material.
47C-4-118. Labeling of promotional material. If any improvement contemplated in a condominium is labeled "NEED NOT BE BUILT" on a plat or plan, or is to be located within a portion of the condominium with respect to which the declarant has reserved a development right, no promotional material may be displayed or delivered to prospective […]
§ 47C-4-119 – Declarant's obligation to complete.
47C-4-119. Declarant’s obligation to complete. (a) The declarant shall complete all improvements labeled "MUST BE BUILT" on plats or plans prepared pursuant to G.S. 47C-2-109. (b) The declarant is subject to liability for the prompt repair and restoration, to a condition compatible with the remainder of the condominium, of any portion of the condominium affected […]
§ 47C-4-120 – Substantial completion of units.
47C-4-120. Substantial completion of units. In the case of a sale of a unit where delivery of a public offering statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed until the declaration is recorded and the unit is substantially completed, as evidenced by a recorded […]
§ 47C-4-109 – Resales of units.
47C-4-109. Resales of units. Except in the case of a sale where delivery of a public offering statement is required, or unless exempt under G.S. 47C-4-101(b), a unit owner shall furnish to a prospective purchaser before conveyance a statement setting forth the monthly common expense assessment and any other fees payable by unit owners. (1985 […]
§ 47C-4-110 – Escrow of deposits.
47C-4-110. Escrow of deposits. (a) Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to G.S. 47C-4-102(c) shall be immediately deposited in a trust or escrow account in a federally insured depository institution or a trust institution authorized to do […]
§ 47C-4-111 – Release of liens or encumbrances.
47C-4-111. Release of liens or encumbrances. (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 […]