The law also stipulates that each purchaser receive a pre-sale Property Report detailing all material facts about the land offered for sale. The sale of condominiums is covered under this Act.
The Property Report is intended to be a revealing document. It is uniform in design and requires full disclosure of known potential land risks.
Western North Carolina Mountain Land is Geologically Hazardous.
The mountain terrain in the 21 county region known as Western North Carolina is inherently unstable: landslides are known and significant threats to lives and property. Western North Carolina mountain developers who are subject to the Act should disclose the following material information under the Land Characteristics and Climate/Hazard Section of their property reports:
1. The land in this subdivision is naturally hazardous. Geologists and soil experts have determined that the lots in this subdivision are at risk of slope failure. Homeowner policies will not cover this damage.Another section of the report defines financial responsibilities for the Property Owner's Association. If applicable, the following should be disclosed:
2. This project was approved without landslide hazard mapping and under regulations that did not require site specific stability studies. Please contact the North Carolina Geological Survey for information regarding the Western North Carolina Landslide Mapping Program.
Roads in this subdivision are private and will be maintained by the Property Owner's Association after the developer's obligations are satisfied. Subdivision roads are presently stable but are subject to erosion and slope failure. All future road costs will be shared by members of the association.The Grey Rock subdivision is located near the town of Lake Lure. It is unknown whether landslide risks are revealed in the Grey Rock property report. For additional information concerning consumer rights and protections please contact the U.S Department of Housing and Urban Development.