§ 47C-4-101. Applicability; waiver. - North Carolina Statutes

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 ofpurchasers of units in a condominium in which all units are restricted tononresidential use.

(b)        Neither a public offering statement nor a resale certificateneed 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 whointends to offer those units to purchasers; or

(6)        Subject to cancellation at any time for any reason by thepurchasers without penalty. (1985 (Reg. Sess., 1986), c. 877, s. 1.)