H.B. 165 - Session Law 2011-362

• Extends foreclosure timeline for homeowners association liens to 90 days or more of unpaid assessments, requiring executive board vote before foreclosure proceedings commence for both planned communities and condominiums.

• Requires owners' associations and mandatory covenants disclosure statement to be provided to purchasers, including association contact information, assessment amounts, pending judgments, and transfer fees.

• Mandates North Carolina Real Estate Commission develop and distribute standard disclosure forms by December 1, 2011 and a brochure explaining restrictive covenants and foreclosure risks by the same date.

• Applies to real estate transfers occurring on or after January 1, 2012, and to foreclosure actions filed on or after October 1, 2011.