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North Carolina Warranty Deed - Seven Individuals to a Trust

Warranty Deed Form

Name: North Carolina Warranty Deed - Seven Individuals to a Trust
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.71 (339 reviews)

Category:

North Carolina Real Estate - Deeds - Warranty

State:

North Carolina

Control #:

NC-023-78

Format:

Instant download

Description Nc Warranty Deed

This form is a Warranty Deed where the grantors are seven individuals and the grantee is a trust. Grantors convey and warrants the described property to the trust. This deed complies with all state statutory laws.

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North Carolina Trust FAQ

Yes, there are key differences between the two. With a deed, you transfer the ownership of the property to one party. In contrast, a deed of trust does not mean the holder owns the property. In an arrangement involving a deed of trust, the borrower signs a contract with the lender with details regarding the loan.

A deed of trust acts as an agreement between youthe homebuyerand your lender. It states not just that you'll repay the loan, but that a third party called the trustee will hold legal title to the property until you do. A deed of trust is the security for your loan, and it's recorded in the public records.

As you stated in your question, it is recorded among the land records, and your lender keeps the original. When you pay off the loan, the lender will return the deed of trust with the promissory note. This document is rather lengthy and quite legalistic.

In the case of Deed of Trust, the lender can by pass the judicial process and utilize the power of sale to sell the property if the borrower defaults.The following states use Deed of Trusts: Alaska, Arizona, California, District of Columbia, Georgia, Mississippi, Missouri, Nevada, North Carolina, and Virginia.

In the context of a California mortgage transaction, a trust deed also transfer ownership. Only this time, the title is being placed in the hands of a third-party trustee, who holds the property on behalf of the lender and the homeowner-borrower until the mortgage is paid.

Under the Grantor section of the deed, write the name of the person transferring title. Under Grantee, write the name of the person receiving title. Describe the parcel of land. Use the street address and include the North Carolina County where the land is located.

Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.

The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.

A trustee deed offers no such warranties about the title.

Warranty Deed Form

Description Nc Warranty Deed

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North Carolina Trust FAQ

What is the difference between a deed in trust and a deed of trust?

What is a deed of trust and what does it do?

Who keeps the original deed of trust?

Is North Carolina a deed of trust state?

Does a deed of trust transfer ownership?

How do I fill out a NC general warranty deed?

How do you add a name to a deed in NC?

How do I fill out a general warranty deed?

Can a trustee give a warranty deed?

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