NC H174

Requires notice of foreclosure sale to be mailed to residential tenants at single-family properties and properties with fewer than 15 rental units at least 20 days before the sale date.

Allows tenants in foreclosed residential properties to terminate their rental agreement by providing written notice to be effective 10-90 days after the sale date, provided the mortgagor has not cured the default.

Protects tenants with written leases at fair market rent in single-family homes by requiring purchasers to assume title subject to the remaining lease term or one year, whichever is shorter, unless the purchaser will occupy the home as a primary residence.

Requires purchasers intending to occupy the property as a primary residence to provide tenants 90 days' notice to vacate before filing for possession.

Allows option contract purchasers to pursue monetary damages separately from summary ejectment proceedings and prohibits extinguishment of the equity of redemption as a condition of the transaction.