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 Hazardous.
The mountain terrain in the 21 county region known as Western North Carolina is inherently unstable: landslides are 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:
Another section of the report defines financial responsibilities for the Property Owner's Association. If applicable, the following should be disclosed:
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.
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.
The Settings of Black Mountain, HUD subdivision Id:31406, lot sales are covered under the Interstate Land Sales Full Disclosure Act and all purchasers must receive a Property Report prior to signing a contract. If The Settings Development Companies, LLC neglected to provide Property Reports as required by ILSA, purchasers have two years to seek rescission of their purchase contracts.
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.
For additional information concerning consumer rights and protections please contact the U.S Department of Housing and Urban Development.