Legislature Amends Planned Community Act to Clarify Transfer of Declarant Rights
House Bill 330 was recently signed into law by Governor McCrory. The new legislation amends N.C.G.S. §47F-3-104, the section of the Planned Community Act dealing with the transfer of declarant rights in a planned community. The amendment provides additional guidance for lenders and investors who acquire subdivisions through foreclosure and their status as “declarant” in the community. The amendment also contains provisions for the liability of successor declarants. For a copy of the new law, click here – House Bill 330.