Charlotte North Carolina Contract for Deed Package

State:
North Carolina
City:
Charlotte
Control #:
NC-P023-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents that are used for owner financing of real estate by using a Contract for Deed. The documents in this package are State Specific and include the following:


This package contains the following forms:


1.) A Contract for Deed;

2.) Assignment of Contract for Deed by Seller;

3.) Notice of Assignment of Contract for Deed;

4.) Seller's Disclosure of Financing Terms;

5.) Seller's Annual Accounting;

6.) Notice of Default for Past Due Payments;

7.) Final Notice of Default for Past Due Payments;

8.) Notice of Intent to Enforce Forfeiture Proceedings;

9.) Final Notice of Intent to Enforce Forfeiture Proceeding and Request to Vacate;

10.) General Notice of Default; and

11.) Seller's Disclosure of Forfeiture Rights



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FAQ

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

A disadvantage to the seller is that a contract for deed is frequently characterized by a low down payment and the purchase price is paid in installments instead of one lump sum. If a seller needs funds from the sale to buy another property, this would not be a beneficial method of selling real estate.

Yes, it is legal to wholesale real estate in the state of North Carolina if the wholesaler negotiates the process without violating the legal confines of North Carolina law.

By statute, North Carolina allows one party to delegate- or assign- its obligations to perform some service under a contract to another party unless the contract prohibits assignment, or unless the non-assigning party has some substantial interest in having the originally obligated party perform the work themselves.

If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.

Can I prepare my own deed and have it recorded? North Carolina law allows you to prepare a Deed of Conveyance for any real property to which you have legal title. However, the conveyance of real property is a legal matter that should be given under and with the advise of legal counsel.

If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.

Assignment of contracts is the legal transfer of the obligations and benefits of a contract from one party, called the assignor, to another, called the assignee. The assignor must properly notify the assignee so that he or she can take over the contractual rights and obligations.

An installment land contract (also known as a land contract, land sales contract, or contract for deed) is a written agreement whereby real property is sold on the installment payment method with the seller retaining legal title to the property until all of the purchase price is paid or until some other agreed point in

NCGS Chapter 47H: Contracts for Deed Installment land sales contracts or contracts for deed are now governed by State law as of October 1, 2010 if the subject property will be used as the principal dwelling of the purchaser.

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Charlotte North Carolina Contract for Deed Package