Amends GS 42-45.2 regarding the early termination of rental agreements by military and other tenants residing in certain foreclosed real property. Permits a tenant residing in residential real property with less than 15 rental units that is being sold in a foreclosure proceeding under Article 2A of GS Chapter 45 to terminate the rental agreement by providing the landlord with a written notice of termination effective at least 10 days but no more than 90 days after the expiration of the upset bid period provided by GS 45-21.27 (was, required the tenant to provide written notice of termination effective at least 10 days after the date of the notice of sale).

Makes conforming changes to GS 45-21.16A(b), which provides for the contents of the notice of sale of residential real property with less than 15 rental units.

Enacts new GS 45-21.33A, Effect of foreclosure on preexisting tenancy. Provides that any purchaser or successor in interest who acquires title to a single-family residential real property under Article 2A of GS Chapter 45 assumes that title subject to certain specified rights of tenants of that real property. Provides that the provisions regarding those specified rights apply only to a lease that meets all of certain criteria as delineated in subsection (b) of proposed GS 45-21.33A. Prohibits construing anything in this statute to set limits on the remedies available to the purchaser or successor in interest for any breaches of the lease by the tenant. Makes conforming changes to GS 45-21.29 (Orders for possession).

Amends GS 47G-1 to clarify that the definition for option contract or contractdoes not included a contract obligating a buyer to purchase the property even though the obligation may be subject to one or more contingencies or unilateral rights to terminate the contract.

Amends GS 47G-2 to clarify when an instrument is deemed ineffective.

Amends GS 47G-3 to provide that the provisions of GS Chapter 42 apply to covered lease agreements unless otherwise specified in GS Chapter 47G.

Amends GS 47G-5 to provide that the judgment in an action to recover possession of the real property does not prejudice either party in a subsequent action for monetary damages or other remedies.

Amends GS 47G-7 (regarding remedies available to an option purchaser under GS Chapter 47G) and GS 47H-8 (regarding remedies available to a purchaser under GS Chapter 47H)to delete provisions that a violation of any provision of GS Chapter 47G or GS Chapter 47H is an unfair and deceptive trade practice under GS 75-1.1. Makes conforming changes to GS 75-120.

Adds a new subsection (b) to GS 47G-7 to provide that an option seller may initiate an action for eviction (summary ejectment) under GS Chapter 42 if an option purchaser defaults on the lease agreement terms. Provides that the magistrate retains jurisdiction over the summary ejection proceeding. Permits the option purchaser to counterclaim for damages in any summary ejectment proceeding.

Amends GS 47H-2 to minimize and clarify the contents for a contract for deed.

Amends GS 75-121 to provide that the fair market value of a property covered under the exceptions for foreclosure rescue transactions may be determined by a certified appraiser (was, a licensed appraiser). Requires that an appraisal to determine fair market value be performed no more than 120 days (was, 90 days) before the transfer of the property and be delivered to the transferor no less than seven days before the time that the transferor is obligated to perform the agreement.

Becomes effective October 1, 2015, and applies to upset bids, orders for possession, and transactions entered into on or after that date.