This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
North Carolina Contract for the Sale of Commercial Property - Owner Financed with Provisions for Note and Purchase Money Mortgage and Security Agreement
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US-01325BG
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How to fill out Contract For The Sale Of Commercial Property - Owner Financed With Provisions For Note And Purchase Money Mortgage And Security Agreement?
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FAQ
The North Carolina Residential Real Estate Purchase Agreement is by default an ?As-Is? agreement. This means, that unless you agree to make repairs or upgrades, the buyer accepts the property in its existing condition.
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.
Other advantages include: no appraisal required, wider range of buyers, possible profit on financing, and quicker settlement. The biggest disadvantage of a contract for deed for a seller is that the property won?t be out of your name for many years. This quite possibly won?t suit your investment strategy.
In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
The most common residential offer form in North Carolina is the ?Offer to Purchase and Contract? (Form No. 2-T), jointly approved by the N.C. Bar Association and NC REALTORS®.
Seller Financing May Be Used for All of the Purchase Price This is because most deeds of trust in North Carolina contain a ?due on sale? clause. This clause prohibits title to the property from being transferred while the deed of trust remains a lien.
A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.
A deed must state the name and address for the current owner making the transfer (the grantor) and the new owner receiving the property (the grantee). A deed with more than one grantor or grantee must include the names and addresses of all parties.