{"data":{"id":"us-nc/n.c.-gen.-stat.-75-121","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 75-121","heading":"Foreclosure rescue transactions prohibited; exceptions; violation.","body":"(a)\tIt is unlawful for a person or entity other than the transferor to engage in, promise to engage in, arrange, offer, promote, solicit, assist with, or carry out a foreclosure rescue transaction for financial gain or with the expectation of financial gain, unless prior to or at the time of transfer, the transferee pays the transferor at least fifty percent (50%) of the fair market value of the property as determined by a certified appraiser. An appraisal to determine the fair market value of the property must be performed no more than 120 days prior to the transfer. The appraisal shall be delivered to the transferor no less than seven days prior to the time the transferor becomes obligated to perform the agreement. This section does not apply to exempt transactions.\n(b)\tEvery contract to effectuate a foreclosure rescue transaction in which the transferee pays at least 50% of the fair market value of the property, shall be in writing, shall be signed and acknowledged by all parties to it, and shall contain all the terms to which the parties have agreed. The contract shall contain at least all of the following:\n(1)\tThe names and addresses of all parties to the contract.\n(2)\tThe legal description of the property being transferred.\n(3)\tAny financial obligation of the transferor that will be assumed by the transferee.\n(4)\tThe total amount to be paid by the transferee in connection with the transaction.\n(5)\tThe fair market value of the property as determined by a certified appraiser.\n(6)\tA description of the interest in the property retained by the transferor as provided in G.S. 75-120(3)d.\n(7)\tThe terms of the transferor's right to any future possessory or ownership interest in the property. (2010-164, s. 2; 2015-178, s. 5(b).)","path":["Chapter 75. Monopolies, Trusts and Consumer Protection.","Article 5A. Home Foreclosure Rescue Scams."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_75/GS_75-121.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:09:17Z","sha256":"1fc2dfc9ddfa4bc0d3639847c11879fb57f319f6519200d06fc857edb4742f26","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-75-120","next":"us-nc/n.c.-gen.-stat.-75-122"},"notice":"GroundRules: Original legal text. Not legal advice."}