North Carolina General Warranty Deed from Individual to Corporation
Understanding this form
The General Warranty Deed from Individual to Corporation is a legal document that facilitates the transfer of property from an individual (the grantor) to a corporation (the grantee). This deed ensures that the grantor guarantees that they hold clear title to the property and warrants that there are no encumbrances, except for specified exceptions. This form is essential for individuals looking to legally transfer real estate to corporate entities, distinguishing it from other deed forms, such as quitclaim deeds which do not offer the same level of protection for the grantee.
What’s included in this form
- Grantor and grantee information: Details of the individual transferring the property and the corporation receiving it.
- Legal description of property: A precise description of the property being conveyed, often attached as an exhibit.
- Consideration clause: Acknowledgment of the value exchanged, typically noted as ten dollars plus other considerations.
- Covenant of title: Assurance that the grantor holds clear title, free of encumbrances, except for stated exceptions.
- Signature and notarization sections: Spaces for signatures of the grantors and notarization for legal validity.
When this form is needed
This form should be used when an individual wishes to sell or transfer real estate to a corporation. It is ideal for property owners who are converting personal real estate holdings into corporate assets or conducting real estate transactions involving family-owned businesses or partnerships that have incorporated. The General Warranty Deed provides legal protection to the corporation by ensuring they receive full rights to the property without hidden claims from third parties.
Who needs this form
- Individuals who own real estate and wish to transfer it to a corporation.
- Corporate representatives completing a property acquisition from an individual.
- Real estate agents and attorneys handling property transactions involving corporations.
Completing this form step by step
- Identify the parties: Fill in the names and information of the grantor and grantee.
- Specify the property: Attach the legal description of the property being transferred.
- Enter the consideration: State the amount of consideration being exchanged, typically ten dollars.
- Review the covenants: Ensure the covenant of title accurately states the grantor's obligations and any exceptions.
- Sign and notarize: All grantors must sign the deed in the presence of a notary public.
Notarization guidance
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include a complete legal description of the property.
- Not having all grantors sign the deed.
- Omitting to notarize the document, which is essential for legal validity.
- Incorrectly entering the corporation's name or details.
- Neglecting to specify or clarify exceptions in the title.
Benefits of using this form online
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FAQ
The mortgage company usually prepares this deed as part of the loan package and delivers it to the title company for you to sign at closing. The title company is commonly the trustee to the deed and holds legal title to the property until the loan gets fully repaid.
When ownership in North Carolina real estate is transferred, an excise tax of $1 per $500 is levied on the value of the property. For example, a $600 transfer tax would be imposed on the sale of a $300,000 home. Transfer taxes in North Carolina are typically paid by the seller.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
The original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
After your Warranty Deed has been recorded at the County Clerk's Office, it can be sent to the grantee. However, any person or corporation can be designated as the recipient of the recorded Warranty Deed.
Under the Grantor section of the deed, write the name of the person transferring title. Under Grantee, write the name of the person receiving title. Describe the parcel of land. Use the street address and include the North Carolina County where the land is located.
A warranty deed, also known as a general warranty deed, is a legal real estate document between the seller (grantor) and the buyer (grantee). The deed protects the buyer by pledging that the seller holds clear title to the property and there are no encumbrances, outstanding liens, or mortgages against it.
To transfer ownership of land in North Carolina, the owner must execute and file a new deed with the register of deeds for the North Carolina county where the property is located.