A condominium is one of a group of housing units where each homeowner owns their individual unit space, and all the dwelling share ownership of areas of common use. The individual units normally share walls, but that isn't a requirement. The main difference in condos and regular single homes is that there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners. Usually, the exterior maintenance is paid for out of homeowner dues collected and managed under strict rules. The exterior walls and roof are insured by the condominium association, while all interior walls and items are insured by the homeowner.
Charlotte North Carolina Purchase Money Deed of Trust - Condominium
Category:
State:
North Carolina
City:
Charlotte
Control #:
NC-02301BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out North Carolina Purchase Money Deed Of Trust - Condominium?
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FAQ
The difference between a deed and a deed of trust is the type of ownership interest each document conveys. A deed is a full ownership interest. A deed of trust is a security interest.
Both are dictated by state laws. In some states, only a mortgage is legal. In others, lenders can only use a deed of trust. A few states (like Alabama and Michigan) allow both. If your state allows both types of contracts, it's up to your lender to choose which type you receive.
Focusing on this geographical region, the Deed of Trust is the preferred or required security instrument for real property in the following states: Maryland, North Carolina, Tennessee, Virginia and West Virginia. Mortgages are used in Kentucky, Ohio and Pennsylvania.
What is a trust deed. A trust deed is a voluntary agreement between you and the people you owe money to (also called your creditors). You agree to pay a regular amount of money towards your debts and at the end of a fixed time the rest of your debts will be written off.
A legal document that creates a trust, giving a person or organization the right to manage money or property for someone else, and says how this should be done: The trust deed stated clearly what they were entitled to do with the property. The pension scheme is governed by a trust deed and a set of rules.
The statute applies the ten year period tothe foreclosure of a mortgage, or deed in trust for creditors with a power of sale,of real property, where the mortgagor or grantor has been in possession of the property, within ten years after the forfeiture of the mortgage, or after the power of sale became absolute, or
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.
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.
A deed of trust is a legal document that secures a real estate transaction. It works similarly to a mortgage, though it's not quite the same thing. Essentially, it states that a designated third party holds legal title to your property until you've paid it off according to the terms of your loan.