This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Without Promissory Note In North Carolina
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Multi-State
Control #:
US-00183
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Word;
Rich Text
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FAQ
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
"A deed seeking to convey an interest in land "is void unless it contains a description of the land sufficient to identify it or refers to something extrinsic by which land may be identified with certainty." Overton v. Boyce, 289 N.C. 291, 293, 221 S.E.2d 347, 348 (1976).
In North Carolina, there are three main types of deeds: (1) general warranty deed; (2) special warranty deed; and (3) quitclaim deed. Each of these main types of deeds are used for different purposes. The general warranty deed is the most common type of deed used in North Carolina.
In North Carolina, a deed of trust or mortgage acts as a conveyance of the real estate. Upon repayment of the debt or performance of the obligation, the conveyance becomes void.
A deed of trust can benefit the lender because it allows for a faster and simpler way to foreclose on a home — typically months or even years faster.
The essential element of a valid North Carolina deed is words of conveyance, which establish the intent to transfer property and are crucial for the deed's legality.
attorney can prepare a document that will be recorded, if that document is selfprepared for the preparer's benefit (for instance, a power of attorney) and does not affect the rights of others. A deed could likewise be selfprepared in a situation where it is from grantor to grantor's trust or LLC.
The Buyer Generally Pays: Document preparation (if applicable) Notary fees. Recording charges for all documents in buyer's name.
Drafting of legal documents, including deeds, mortgages, and other transaction documents must be prepared by a NC attorney. NCGS § 84-2.1. Non-attorneys may provide limited services in a real estate closing including witnessing of closing documents and receipt and disbursement of closing funds.