§ 47C-4-111. Release of liens or encumbrances.
§ 47C‑4‑111. Release of liens or encumbrances.
(a) In the case of a sale of a unit where delivery of a publicoffering statement is required pursuant to G.S. 47C‑4‑102(c), aseller shall, at or before conveying a unit, record or furnish to thepurchaser, releases of all liens or encumbrances affecting that unit and itscommon element interest which the purchaser does not expressly agree to takesubject to or assume, or shall provide a surety bond or substitute collateralfor or insurance against the lien or encumbrance as provided for liens orencumbrances on real estate in G.S. 44A‑16(5) and (6) or insuranceagainst the lien or encumbrance acceptable to the purchaser. This subsectiondoes not apply to any real estate which a declarant has the right to withdraw.
(b) Before conveying real estate to the association thedeclarant shall have that real estate released from: (1) all liens orencumbrances the foreclosure of which would deprive unit owners of any right ofaccess to or easement of support of their units, and (2) all other liens orencumbrances on that real estate unless the public offering statement describescertain real estate which may be conveyed subject to liens or encumbrances inspecified amounts. (1985 (Reg. Sess.,1986), c. 877, s. 1.)