This Chapter applies to the following transfers of residential real property consisting of not less than one nor more than four dwelling units, whether or not the transaction is with the assistance of a licensed real estate broker or salesman:

(1)        Sale or exchange,

(2)        Installment land sales contract,

(3)        Option, or

(4)        Lease with option to purchase, except as provided in N.C. Gen. Stat. § 47E-2(10). (1995, c. 476, s. 1; 1997-472, s. 5.)

contract signature

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Terms Used In North Carolina General Statutes 47E-1

  • Contract: A legal written agreement that becomes binding when signed.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
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