North Carolina Contract of Sale and Leaseback of Apartment Building with Purchaser Assuming Outstanding Note Secured by a Mortgage or Deed of Trust
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FAQ
This type of agreement is governed by North Carolina General Statute Chapter 47H, entitled Contracts for Deed, if the property being purchased will be used as the principal dwelling of the purchaser, and there are five or more installment payments exclusive of the down payment.
A deed must state the name and address for the current owner making the transfer (the grantor) and the new owner receiving the property (the grantee). A deed with more than one grantor or grantee must include the names and addresses of all parties.
A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.
Updated August 11, 2023. A North Carolina land contract documents the terms of a vacant land purchase and sale agreement between two parties.
In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
Other advantages include: no appraisal required, wider range of buyers, possible profit on financing, and quicker settlement. The biggest disadvantage of a contract for deed for a seller is that the property won?t be out of your name for many years. This quite possibly won?t suit your investment strategy.
