NC S400

Modifies definition of "covered lease agreement" to include residential leases where rental payments are applied toward the purchase price of the property.

Removes requirement that violations of the homeowner/homebuyer protection laws constitute unfair trade practices, while preserving individual homeowners' exemption from liability when selling their primary residence.

Changes contract for deed requirements to include completed residential property disclosure statements instead of detailed property condition descriptions, and consolidates lien notification into a single warning statement.

Revises foreclosure rescue transaction definitions to specify lease with option to purchase agreements and clarifies what retained property interests qualify, while removing specific appraisal delivery timing requirements.

Effective October 1, 2013, applies to transactions entered on or after that date.