North Carolina Contract for Deed
Where is the property is located?Alamance CountyAlexander CountyAlleghany CountyAnson CountyAshe CountyAvery CountyBeaufort CountyBertie CountyBladen CountyBrunswick CountyBuncombe CountyBurke CountyCabarrus CountyCaldwell CountyCamden CountyCarteret CountyCaswell CountyCatawba CountyChatham CountyCherokee CountyChowan CountyClay CountyCleveland CountyColumbus CountyCraven CountyCumberland CountyCurrituck CountyDare CountyDavidson CountyDavie CountyDuplin CountyDurham CountyEdgecombe CountyForsyth CountyFranklin CountyGaston CountyGates CountyGraham CountyGranville CountyGreene CountyGuilford CountyHalifax CountyHarnett CountyHaywood CountyHenderson CountyHertford CountyHoke CountyHyde CountyIredell CountyJackson CountyJohnston CountyJones CountyLee CountyLenoir CountyLincoln CountyMacon CountyMadison CountyMartin CountyMcdowell CountyMecklenburg CountyMitchell CountyMontgomery CountyMoore CountyNash CountyNew Hanover CountyNorthampton CountyOnslow CountyOrange CountyPamlico CountyPasquotank CountyPender CountyPerquimans CountyPerson CountyPitt CountyPolk CountyRandolph CountyRichmond CountyRobeson CountyRockingham CountyRowan CountyRutherford CountySampson CountyScotland CountyStanly CountyStokes CountySurry CountySwain CountyTransylvania CountyTyrrell CountyUnion CountyVance CountyWake CountyWarren CountyWashington CountyWatauga CountyWayne CountyWilkes CountyWilson CountyYadkin CountyYancey County
Contract for Deed for Real Estate Located in North Carolina
This "Contract for Deed" often called a "Land Contract" is a document (in which the seller agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in five or more payments exclusive of the down payment, if any, and the seller retains title to the property as security for the purchaser's obligation under the agreement.) (NC Statute 47H-1(1))
Use this package for Residential Property, Rental Property (up to 4 units), Condominiums, Planned Unit Development Property and Vacant Land. Financing is variable, choose between traditional installment payments or x number of payments followed by a balloon payment. This is common when the seller wants to be cashed out. Interest Rates, late payments and charges are set by seller.
If the purchaser goes into default. They must have the right to cure the default. This "Contract for Deed" form has that clause of "Right to Cure" (See NC Statute 47H-3. Conditions of forfeiture; right to cure.)
In 14 boldface type a "Right to Cancel Statement" must be placed above the purchaser's signature, to the effect of;
NOTE TO PURCHASER: YOU HAVE THE RIGHT TO CANCEL THIS CONTRACT FOR DEED UNTIL MIDNIGHT OF THE THIRD BUSINESS DAY FOLLOWING THE EXECUTION OF THIS CONTRACT, OR DELIVERY OF THE CONTRACT, WHICHEVER OCCURS LATER. YOU MAY CANCEL BY NOTIFYING THE SELLER AT:
Existing Lien Form: This form can be used if there is/are existing liens on the property. (the seller, must notify the purchaser in a separate written disclosure, provided at or before the execution of the contract, in 14-point type, boldface, capital letters, the following statement: THIS PROPERTY HAS EXISTING LIENS ON IT. IF THE SELLER FAILS TO MAKE TIMELY PAYMENTS TO THE LIEN HOLDER, THE LIEN HOLDER MAY FORECLOSE ON THE PROPERTY, EVEN IF YOU HAVE MADE ALL YOUR PAYMENTS.) (NC Statute 47H-6(b)) Note: this disclosure form is included in this package.
This package includes the 'Periodic Statement of Account" form
(The seller shall provide the purchaser with a statement of account at least once every 12-month period for the term of a contract for deed. The statement must include at least the following information:
(1) The amount paid under the contract.
(2) The remaining amount owed under the contract.
(3) The number of payments remaining under the contract.
(4) The amounts paid to taxing authorities, if paid or collected by the seller or the purchaser.
(5) The amounts paid to insure the property on the purchaser's behalf, if collected by the seller.
(6) If the property has been damaged and the seller has received insurance proceeds, an accounting of the proceeds applied to the property.
(7) If the property is encumbered by a lien or mortgage pursuant to G.S. 47H-6, the outstanding balance of the loan that is secured by the property. (2010-164, s. 4.))
(47H-5. Periodic statements of account.)
A "Contract for Deed" must be recorded (within five business days after the contract has been signed and acknowledged by both the seller and the purchaser) (NC Statute 47H-2(d))