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North Carolina Contract for Deed Questionnaire

Category:
Real Estate - Contract for Deed
State:
Multi-State
Control #:
US-Q1035
Format:
Word; 
Rich Text
Instant download
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Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a contract for deed matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

Contracts Required to be in Writing: At a GlanceReal estate sales;Agreements to pay someone else's debts;Contracts that take longer than one year to complete;Real estate leases for longer than one year;Contracts for over a certain amount of money (depending on the state);More items...?

A contract for deed is an agreement for buying property without going to a mortgage lender. The buyer agrees to pay the seller monthly payments, and the deed is turned over to the buyer when all payments have been made. It is simpler and cheaper than getting a mortgage yourself, but it isn?t risk free.

A deed is similar to a contract, but there are some key differences as follows: deeds have to be written, whereas a contract can be verbal and written. contracts require 'consideration' (i.e. something is given in return), deeds do not. deeds must state that there is an intention to be a deed.

Types of contractsFixed-price contract.Cost-reimbursement contract.Cost-plus contract.Time and materials contract.Unit price contract.Bilateral contract.Unilateral contract.Implied contract.More items...?

CFD means contract for deed which is a manner of describing one type of seller financing. The seller holds title to the home until all payments are made under the terms of the contract.

Generally, to be legally valid, most contracts must contain two elements: All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items.

Pros and Cons of a Contract for DeedPro 1: Flexibility. Typically, when homebuyers set out to purchase a new home, there are several rules that must be followed.Pro 2: Less Time Waiting.Con 1: In Case of Default.Con 2: Higher Interest Rates.

'Contract by deed' is a deed of formal legal evidence that is signed, witnessed and delivered to create a legal obligation and for 'Simple contract' is a contract that are not deeds. They are informal contract that can make in many ways such as orally, writing, and conduct.

Other disadvantages include the possibility of the seller going bankrupt, going missing or dying, which would put the property into probate and jeopardize the buyer’s contract.

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More info

A contract for deed, also called a land contract, is a legal agreement for thebuyers and sellers don't have to complete a qualification stage before ... As with other real estate transactions, land contracts require a "closing" to prepare, sign, and file all necessary legal documents.The Register of Deeds office acts as a recording office only.provide instructions on drafting or completing forms, or answer questions regarding the ... Contemplated by this Contract, including the deed, settlement statement, deed ofattorney licensed to practice law in North Carolina ("Attorney") is ...15 pages contemplated by this Contract, including the deed, settlement statement, deed ofattorney licensed to practice law in North Carolina ("Attorney") is ... NC General Statutes prohibit the Register of Deeds or the staff fromprovide instructions on drafting or completing forms; answer questions about the ... All of the reports are on file at the State Historic Preservation Office. Reports that were prepared in a digital format (from ca. 2004 to the present) and have ... Hire a NC attorney to search the title and determine ownership. It may be easy to draft two legal descriptions, but you will probably need to survey it for two ... North Carolina General Statutes specifically prohibit the Register of DeedsWe are unable to supply legal forms or answer questions regarding the legal ... The Buncombe County Register of Deeds maintains all real estate records recorded inBy North Carolina law, this office does not prepare or change any ...

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