A North Carolina Partial Release of Mortgage or Deed of Trust on a Mineral/Royalty Interest Sold by the Granter is a legal document used to release a specific portion of a property's mineral or royalty interest from a previously recorded mortgage or deed of trust. This release allows the seller, known as the granter, to transfer partial ownership of the mineral or royalty interest to another party, while still keeping the remaining interest encumbered by the mortgage. Keywords: North Carolina, partial release, mortgage, deed of trust, mineral interest, royalty interest, granter. There are two primary types of North Carolina Partial Release of Mortgage or Deed of Trust on a Mineral/Royalty Interest Sold by the Granter: 1. Partial Release of Mortgage/Deed of Trust on a Mineral Interest: This type of release focuses on the partial ownership transfer of the mineral interest. When someone sells a portion of their mineral interest, the granter can use this document to release the mortgage or deed of trust on that specific portion, ensuring that the buyer receives the unencumbered ownership rights. 2. Partial Release of Mortgage/Deed of Trust on a Royalty Interest: In some cases, individuals may choose to sell only a part of their royalty interest. To facilitate this partial transfer, the granter must execute a Partial Release of Mortgage or Deed of Trust on the specific portion of the royalty interest being sold. This release ensures that the buyer's acquired share is free from any mortgage or deed of trust. Both types of releases require specific details, including the legal description of the property, the percentage or fraction of interest being released, the recorded information of the original mortgage or deed of trust, and the consideration or payment received for the partial interest transfer. Additionally, the document needs to be notarized and recorded with the appropriate county clerk's office to establish its legal validity and protect the buyer's interest. It's important to note that engaging a qualified attorney is crucial while executing a North Carolina Partial Release of Mortgage or Deed of Trust on a Mineral/Royalty Interest Sold by the Granter. This will ensure compliance with state laws, accuracy in drafting, and proper execution to protect the interests of all parties involved in the transaction.
North Carolina Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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All deeds, contracts or leases, before registration, except those executed prior to January 1, 1870, shall be acknowledged by the grantor, lessor or the person executing the same, or their signature proven on oath by one or more witnesses in the manner prescribed by law, and all deeds executed and registered ing ...
The deed must be signed by the party or parties making the conveyance or grant; and 7. It must be delivered and accepted. Contrary to the law and established custom in other states, the expression ?to have and to hold? (called the ?habendum clause? of a deed) is not necessary, nor are witnesses or seal required.
For a deed to be valid it must: 1) be In writing, 2) Grantor competent, 3) contain an adequate Property description, 4) contain Words of conveyance, 5) Execution (signed by the grantors) and 6) Delivered and accepted.
No deed or other writing purporting to convey land or an interest in land shall be declared void for vagueness in the description of the thing intended to be granted by reason of the use of the word "adjoining" instead of the words "bounded by," or for the reason that the boundaries given do not go entirely around the ...
A North Carolina deed of trust is a real estate transfer instrument between a lender, borrower, and a trustee whereby a property title is transferred as collateral for a loan to purchase real estate. The title is maintained by the trustee until the borrower (property owner) returns the entire loan amount to the lender.
Although different jurisdictions require different elements for a valid deed, the following elements are generally required: The names of the grantor and the grantee, and words of conveyance such as ?grant, convey, assign, transfer, and give,? any of which demonstrate the grantor's intent to pass title to the grantee.
The PMDT is a deed of trust which secures money used to purchase the property. The beneficiary is often the seller of the property, but can be a third party lender. The significance of the PMDT is that it can give the deed of trust priority over preexisting judgments and liens against the purchaser.
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.
