North Carolina Complex Deed of Trust and Security Agreement

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Multi-State
Control #:
US-0743-WG
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Word; 
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Description

Complex Deed of Trust and Security Agreement

A North Carolina Complex Deed of Trust and Security Agreement is a legal document that establishes a comprehensive arrangement between a borrower, lender, and a trustee to secure the repayment of a loan through a property's deeds. This agreement is typically used in real estate transactions and serves as a form of collateral for the lender. The North Carolina Complex Deed of Trust and Security Agreement contains various components and provisions to protect the interests of all parties involved. These agreements are governed by North Carolina state laws and must adhere to specific regulations and requirements. There are different types of North Carolina Complex Deed of Trust and Security Agreements, which may include variations such as residential complex deed of trust, commercial complex deed of trust, agricultural complex deed of trust, and industrial complex deed of trust. Each type caters to the specific requirements and nature of the property involved in the transaction. The residential complex deed of trust is commonly used in home financing, where a borrower pledges their residential property as collateral for the loan. On the other hand, the commercial complex deed of trust is used for commercial properties such as office buildings, retail spaces, or warehouses. An agricultural complex deed of trust, as the name suggests, is utilized in agricultural properties, such as farms or ranches. This type ensures that the lender has a claim on the property in the event of default. Lastly, the industrial complex deed of trust applies to industrial properties, such as manufacturing plants or distribution centers. Regardless of the type, a North Carolina Complex Deed of Trust and Security Agreement typically outlines the loan amount, interest rate, repayment terms, property description, insurance requirements, default and foreclosure procedures, and rights and obligations of all parties involved. These agreements play a crucial role in ensuring that lenders are protected, borrowers meet their payment obligations, and trustees fulfill their responsibilities. It is essential for all parties to consult with legal professionals to draft and review North Carolina Complex Deed of Trust and Security Agreements to ensure compliance with state laws and protect their rights and interests.

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States that follow the Race-Notice statute: Alaska, Arkansas, California, Colorado, District of Columbia, Georgia, Hawaii, Idaho, Indiana, Maryland, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio (regarding mortgages, OH follows the Race statute), Oregon, ...

Race statutes are extremely rare because it is generally viewed as unfair to protect a party who had actual notice of a prior conveyance. Currently, Delaware, North Carolina, and Louisiana are the only jurisdictions where a race statute is in effect.

North Carolina is not a super lien state (many states have a provision that if a mortgage is foreclosed, the bank must pay the association so many months of assessments).

Race statutes are extremely rare because it is generally viewed as unfair to protect a party who had actual notice of a prior conveyance. Currently, Delaware, North Carolina, and Louisiana are the only jurisdictions where a race statute is in effect.

North Carolina is a pure race state, which means that the first person to record a deed or lien against a property has priority over all subsequent guarantees or lien holders.

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.

N.C. General Statutes Section 45-37(b) creates a presumption that the secured debt has been paid, and the lien of the deed of trust securing the debt expires 15 years after the maturity date of the debt as stated in the security instrument (or, as in this case, 15 years after the date of the note if the note is payable ...

While with a mortgage the borrower holds the title to the property, with a deed of trust title is held by the third party trustee until the loan is paid off or the trustor defaults. In North Carolina, this third party is typically a title company.

More info

The trustor conveys legal title and ownership of the property to the trustee but retains equitable ownership and the right to use and possess the property. THIS INSTRUMENT IS ALSO A FIXTURE FILING UNDER NORTH CAROLINA GENERAL STATUTES SECTION 25-9-502 AND IS TO BE FILED AND INDEXED IN THE REAL ESTATE RECORDS AND IS ...Nov 10, 2014 — The purpose of this memo is to provide a short summary regarding the process of North Carolina power of sale (i.e. non-judicial) ... Dec 15, 2017 — The parties agree that both Federal & North Carolina law apply to the security agreement. The parties agree that if the buyer transfers the ... Your trust is more difficult to contest than a will, which offers more security. ... Carolina, you complete the trust document and sign it in front of notary. WITNESSETH: THAT WHEREAS, the Beneficiary agrees to advance to the Grantor the sum of Dollars ($ ) evidenced by the Promissory Note (the 'Note') from the ... The act defines a residential mortgage loan as one made primarily for personal, family or household use and primarily secured by a mortgage or deed of trust on. Feb 21, 2023 — The City intends to apply the proceeds of the Contract Amendment to finance (a) street, sidewalk, accessibility, streetscape, and Riverwalk. (3) The document is not signed and acknowledged as required by law for a conveyance of an interest in real property by the secured creditor or, if the security ... May 21, 2020 — If the security for repayment of a loan is real estate, the security is taken in the form of a deed of trust recorded with the Register of Deeds ...

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North Carolina Complex Deed of Trust and Security Agreement