Complete Legal North Carolina Contract For Deed Forms For Free

How To Assign A Real Estate Contract Find the right property. Acquire a real estate contract template. Submit the contract. Assign the contract. Collect the fee.

You can find the legal description on the title or deed, or you can obtain it from the property tax office. Include each party's full legal name and contact information. Specify the state laws that apply if the buyer and seller live in different jurisdictions. Outline a payment schedule and how payments are to be made.

If you're the buyer in a contract for deed arrangement, you need to be aware of the following risks. Property maintenance. One contract for deed drawback is the uncertainty over who's responsible for what. ... No foreclosure protection. ... Balloon payment. ... Seller retains title. ... Less consumer protection.

This type of agreement is governed by North Carolina General Statute Chapter 47H, entitled Contracts for Deed, if the property being purchased will be used as the principal dwelling of the purchaser, and there are five or more installment payments exclusive of the down payment.

Also termed an installment land contract, a land contract, or a land sales contract. Contract for deed can be considered a special type of real estate contract in which the seller provides funds to the buyer to purchase the property at an agreed purchase price and the buyer repays the loan in installments.

The deed must contain, at minimum, an identification of the grantor and grantee, consideration (usually the amount of money paid) and a legal description of the real estate. It may refer to the real estate by lot number as shown on a recorded plat or by a lengthy metes and bounds description prepared by a surveyor.