Under North Dakota Century Code Chapter 47-10.1, which type of property transaction triggers the mandatory seller's disclosure of property condition requirement?
Correct Answer
B) Any sale or exchange of residential real property consisting of one to four dwelling units
NDCC Chapter 47-10.1 specifically requires sellers to provide a written property condition disclosure statement when selling or exchanging residential real property consisting of one to four dwelling units. This is the statutory trigger for the mandatory disclosure obligation under North Dakota law.
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Related Topics & Key Terms
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Related Concepts
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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