NC H203

Clarifies that option contracts do not include agreements that obligate a buyer to purchase property, even with contingencies or unilateral termination rights.

Removes the automatic classification of violations under the homeowner protection act (G.S. 47G) and contracts for deed act (G.S. 47H) as unfair trade practices, while preserving individual homeowners' exemption from liability when selling their primary residence directly.

Requires contracts for deed to include a completed residential property disclosure statement (Chapter 47E) instead of separate property condition descriptions, without allowing sellers to make "No Representation" responses.

Modifies foreclosure rescue transaction requirements by changing "licensed appraiser" to "certified appraiser," extending appraisal validity from 90 to 120 days, and allowing appraisals delivered at least 7 days before the transferor becomes obligated to perform (rather than before property transfer).

Becomes effective October 1, 2013, and applies only to transactions entered into on or after that date.