A "Memorandum of Contract for Deed" form can be recorded in place of a "Contract for Deed" This is often used to keep details of a transaction private. This is a 3-page form where the first page has information, second page is a signature page, 3rd page is for the legal description.
A "Contract for Deed" or "Memorandum of a Contract for deed must be recorded (within 5 business days) of execution. It shall (be recorded in the office of the register of deeds in the county in which the property is located.) It shall be titled ("Memorandum of a Contract for Deed") (N.C. Statute 47H-2(d)).
This Memorandum [shall contain, as a minimum, the names of the parties, the signatures of the parties, a description of the property, and applicable time periods as described in subdivisions (b)(8) and (11)] of 47H-2, which states:
(The amount and due date of each installment payment and the total number of installment payments.) (47H-2(b)(8))
(A statement of the rights of the purchaser to cure a default.) (47H-2(b)(11).
[N.C. Statute 47H-2(d)].
This Memorandum notifies the world that the subject property is under contract, this protects both buyers and sellers. Without a recorded contract or memorandum, the seller could refinance or encumber the property, without anyone knowing the property is already under contract and therefore lessening the buyer's equity. In many cases the seller wants cashed out, the banks usually require a recorded Contract or Memorandum, this shows a history of payments, sometimes referred to as seasoning.
Deeds.com North Carolina Memorandum of a Contract for Deed Forms Have Been Updated as Recently as Wednesday July 20, 2022
What others like you are saying:
Terreva B. said: Yes it helped with some things but I need more info
Reply from Staff: Thank you!
Robert H. said: I was surprised that how comprehensive your website is. I quickly found what I was looking for, and it was just what I needed.
Reply from Staff: Thank you!
Gillian G. said: Looks good and provides lots of instruction.
Reply from Staff: Thank you!
Walter T. said: Awesome thanks
Reply from Staff: Thank you for your feedback. We really appreciate it. Have a great day!
Ellen D. said: Fantastic service! The forms were available to download instantly and they were perfect for my situation. Easy to use on my older computer. Thanks!
Reply from Staff: Thank you for your feedback. We really appreciate it. Have a great day!
Jamie B. said: Deeds.com made the recording of our Deed in a county where we do not reside, VERY easy! Customer service was great with all my questions answered immediately via my account portal. Very user friendly service! I wish the available documents were a little less pricey, but all in all, to get the job done right, I'll probably utilize the document downloads in the future.
Reply from Staff: Thank you for your feedback. We really appreciate it. Have a great day!