North Carolina · statute · N.C. Gen. Stat. ch. 47G · 7 active provisions
Definitions. The following definitions apply in this Chapter: (1) Covered lease agreement or lease agreement. - A residential lease agreement that is combined with, or is executed concurrently with, an option contract. (2) Cure the default. - To perform the obligations under the lease agreement and/or option contract t…
Minimum contents of option contracts; recordation. (a) Writing Required. - Every option contract, including any assignment of an option contract, shall be evidenced by a contract signed and acknowledged by all parties to it and containing all the terms to which they have agreed. The seller shall deliver to the purchase…
Application of Landlord Tenant Law. Unless otherwise provided for by this Chapter, the provisions of Chapter 42 of the General Statutes apply to covered lease agreements. (2010-164, s. 3; 2015-178, s. 3.)
Condition of forfeiture; right to cure. A purchaser's right to exercise an option to purchase property under an option contract cannot be forfeited unless a breach has occurred in one or more of the purchaser's express obligations under the option contract and the option contract provides that as a result of such breac…
Notice of default and intent to forfeit. (a) A notice of default and intent to forfeit shall specify the nature of the default, the amount of the default if the default is in the payment terms, the date after which the contract will be forfeited if the purchaser does not cure the default, and the name and address of th…
Effect of seller's default on loan secured by mortgage or lien on property. If, at any time prior to the expiration of the time period in which the option purchaser has a right to exercise the option to purchase, a default occurs on a loan secured by a mortgage, security interest, or other lien on the property, the opt…
Remedies. (a) An option purchaser may bring an action for the recovery of damages, to void a transaction executed in violation of this Chapter, as well as for declaratory or equitable relief for a violation of this Chapter. The rights and remedies provided herein are cumulative to, and not a limitation of, any other ri…