North Carolina Contract for Deed

North Carolina Contract and Initial Forms

Contract for Deed Form
»This is the form for creation of the contract for deed agreement between Seller and Purchaser. This form allows the Seller and Purchaser to elect specific requirements concerning purchase price, interest, and payment terms. Also, fees related to insurance and taxes can be set in the direction of Seller or the Purchaser at their option before the signing of the agreement.

Real Estate Disclosure Statement
» This form is used when the property being transferred subject to the contract for deed contains a residence. Sellers that wish, or are required, to disclose the residential property conditions should use this form to describe conditions as they exist at the time of the contract signing.

Seller Disclosure Notice for Lead Based Paint for Contract for Deed
» This form is used when the property being transferred subject to the contract for deed contains a residence. Lead based paint could be present in less modern structures and pose a potentially lethal health hazard to children and sometimes adults. A Seller wishing to inform Purchasers of the risks associated with lead paint may do so with this form.

Seller's Disclosure of Financial Terms for Contract for Deed
» This form is similar to the annual accounting statement in that it provides information regarding payment and financing terms of the contract for deed. This form is used at the time of signing rather than as a yearly update of payments.

Accounting

Seller Annual Accounting Statement for Contract for Deed
» This form is used by the Seller to provide an annual accounting of the payments made toward the contract for deed by the Purchaser. This form provides a basic description of the payments made and the payments remaining due under the Agreement.

Buyer's Request for Annual Accounting Statement
» Should a Purchaser desire an accounting statement be prepared by the Seller at any time during the term of the agreement, this form would be used for that request. In order to maintain reasonable use of this form, it is discouraged for Purchasers to use this form more than once per year.

Assignment

Assignment of Contract for Deed
» This form is used when the Seller wishes to transfer his or her rights under the contract for deed to another person or entity. An example would be when the Seller's right to receive payments from the Buyer is transferred to a bank or similar establishment.

Notice of Assignment for Contract for Deed
» This form is provided to the Purchaser by the Seller when a Seller assignment has occurred. This form notifies the Purchaser of the new Assignee and provides any new addresses where payments should be sent.

Default and Forfeiture

General Notice of Default for Contract for Deed
» This is a general default notice that can be used by the Seller to notify Purchaser of being in default. This form allows the Seller to notify the purchaser of the reason why the contract for deed is in default, the performance required to cure the default, and the Seller's planned remedy in case the Purchaser does not cure.

Notice of Default - Past Due Payments Under Contract for Deed
» This is a notice of default provided by the Seller to the Purchaser when the circumstances of the default concern delinquent payments toward the purchase price of the contract for deed.

Final Notice of Default for Past Due Payments under Contract for Deed
» This is the same notice as the Notice of Default - Past Due Payments, but provides a more stern warning to Purchaser that if payment terms are not met by the given deadline then the Seller will resort to the available actions against the Seller to either cure the default or cancel the agreement and receive damages.

Notice of Default for Breach of Contract Terms Other than Non-Payment
» This form is used by the Seller when Purchaser may not be in compliance with specific requirements of the contract for deed that are not related to payments. This form is used to point out those terms of the contract that are not being met by the Purchaser and show the Purchaser what must be done in order to regain compliance.

Notice of Intent to Enforce Forfeiture Provisions Under Contract for Deed
» When a Seller wishes to enforce the forfeiture provisions of the contract for deed notice of the such intention should be provided to the Purchaser. Since forfeiture often is the best remedy, this form should be used in almost all cases where a default is imminent. If you are unfamiliar with the remedy of forfeiture and the process of using this form an attorney consultation is recommended.

Final Notice of Forfeiture and Demand Buyer Vacate Premises Under Contract for Deed
» This form is used to notify the Purchaser that all grace periods to cure default have expired and Seller has now exercised his contractual right to pursue forfeiture of all past payments by the Purchaser and repossession of the property that was subject to the Agreement. Sellers should be careful to follow any specific jurisdictional requirements regarding forfeiture before the use of this form.

Disclosures

Real Estate Disclosure Statement
»  This form is used when the property being transferred subject to the contract for deed contains a residence. Sellers that wish, or are required, to disclose the residential property conditions should use this form to describe conditions as they exist at the time of the contract signing.

Seller Disclosure Notice for Lead Based Paint for Contract for Deed
» This form is used when the property being transferred subject to the contract for deed contains a residence. Lead based paint could be present in less modern structures and pose a potentially lethal health hazard to children and sometimes adults. A Seller wishing to inform Purchasers of the risks associated with lead paint may do so with this form.

Seller's Disclosure of Financial Terms for Contract for Deed
» This form is similar to the annual accounting statement in that it provides information regarding payment and financing terms of the contract for deed. This form is used at the time of signing rather than as a yearly update of payments.

Misc.

Buyer's Notice of Intent to Vacate and Surrender Premises Related to Contract for Deed
» This form is beneficial in the sense that it allows the Seller some notice of a Purchasers intent to vacate. The Seller would still maintain his rights to sue for breach of the Agreement, but sometimes the contract for deed Purchaser is judgment proof in that nothing would come out of a lawsuit even if won by the Seller. With Purchasers that may fall into this risk category, a Seller may benefit from the use of this form by the Purchaser.

Learn more about Contract for Deed by using our Contract for Deed Questionnaire