North Carolina Deed of Trust, Mortgage, Security Agreement, Assignment of Production, and Financing Statement of Oil and Gas Properties including After - Acquired Title
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How to fill out Deed Of Trust, Mortgage, Security Agreement, Assignment Of Production, And Financing Statement Of Oil And Gas Properties Including After - Acquired Title?
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FAQ
Under a security deed, the lender is automatically able to foreclose or sell the property when the borrower defaults. Foreclosing on a mortgage, on the other hand, involves additional paperwork and legal requirements, thus extending the process.
The majority of the time a deed of trust is used in a real estate transaction in North Carolina, it will be a purchase money mortgage, or a mortgage issued to the borrower by the seller of the home as part of the purchase transaction, unlike a traditional mortgage which is obtained through a bank.
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.
North Carolina charges an excise tax for transfers of North Carolina real estate. The excise tax?which is like transfer taxes in other states?is assessed on deeds and other instruments that transfer interests in real estate. The excise tax rate is $1.00 for each $500.00 of the consideration for the transfer.
In a typical real estate transaction, the deed is prepared by the seller, usually with the help of a title company or a real estate attorney. The use of a title company and/or experienced attorney ensures that title passes appropriately and all parties are aware of the warranties made.
The deed must contain, at minimum, an identification of the grantor and grantee, consideration (usually the amount of money paid) and a legal description of the real estate. It may refer to the real estate by lot number as shown on a recorded plat or by a lengthy metes and bounds description prepared by a surveyor.
Formatting Requirements for North Carolina Deeds Paper. A North Carolina deed must be printed on white paper measuring 8½ x 11 inches (standard letter size) or 8½ x 14 inches (legal size). ... Text. ... Margins. ... Title. ... Current Owner and New Owner Name and Address. ... Property Tax Address. ... Return Address. ... Granting Clause.
Any assignment of a mortgage and any assignment of the beneficial interest under a deed of trust may be recorded, and from the time the same is filed for record operates as constructive notice of the contents thereof to all persons; and any instrument by which any mortgage or deed of trust of, lien upon or interest in ...