A North Carolina Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse is a legal document that allows a property owner to donate their condominium unit to a charitable organization while retaining the right to live in the unit for the rest of their life, along with their spouse. This type of deed ensures that the property is eventually transferred to the charity, while still providing the donor and their spouse with the security of housing during their lifetime. There are different variations of this type of deed that can be used in North Carolina, including: 1. Life Estate Deed: This is the most common type of North Carolina Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse. It grants the donor and their spouse a life estate interest, which means they have the right to live in the condo unit for the rest of their lives. 2. Enhanced Life Estate Deed (Lady Bird Deed): This type of deed is similar to a life estate deed, but it allows the donor to retain control over the property during their lifetime. They can sell, mortgage, or transfer the property without the consent of the charity. 3. Charitable Remainder Unit rust (CUT): A CUT is a more complex legal instrument that allows the donor to transfer the property to a trust, receive income from the trust for a specified number of years, and then have the property pass to the charity. When drafting a North Carolina Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse, it is important to include specific language that outlines the rights and responsibilities of both the donor and the charity. The deed should clearly state the duration of the life tenancy, the conditions under which the property may be sold or transferred, and any provisions for the maintenance and expenses of the property. It is recommended to consult with a qualified attorney or real estate professional experienced in estate planning and charitable giving when preparing a North Carolina Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse.
North Carolina Deed Conveying Condominium Unit to Charity with Reservation of Life Tenancy in Donor and Donor's Spouse
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How to fill out Deed Conveying Condominium Unit To Charity With Reservation Of Life Tenancy In Donor And Donor's Spouse?
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FAQ
Before you can transfer property ownership to someone else, you'll need to complete the following. Identify the donee or recipient. Discuss terms and conditions with that person. Complete a change of ownership form. Change the title on the deed. Hire a real estate attorney to prepare the deed. Notarize and file the deed.
A property owner formally transfers North Carolina real estate to a new owner by signing a deed and recording it in the register of deeds office. North Carolina law recognizes several types of deeds an owner can use to transfer property during life.
While unrecorded deeds are still enforceable as to the buyer and seller, they don't give the rest of the world notice of the purchase.
North Carolina Transfer on Death Deed North Carolina allows transfer-on-death or similar payable-on-death designations for some other assets like bank accounts and securities but not real estate.
To be validly registered pursuant to G.S. 47-20, a deed of trust or mortgage of a leasehold interest or other chattel real must be registered in the county where the land involved lies, or if the land involved is located in more than one county, then the deed of trust or mortgage must be registered in each county where ...
Yes. You can prepare your own deed, but it is highly recommended that you retain the services of an attorney to ensure the document is prepared correctly. By law, the Register of Deeds office cannot provide you with any legal advice and does not provide deed forms.
Recording and Document Fees Document TypeFee DetailsDeeds of Trust and Mortgages$64 first 35 pages $4 each additional pageAmendment to Deed of Trust$26 first 15 pages $4 each additional pageAll other Documents / Instruments / Assumed Name (DBA)$26 first 15 pages $4 each additional page3 more rows
Before a deed or deed of trust prepared in North Carolina may be recorded it must reflect the name of the draftsman on the first page. In addition to the ?Prepared by? or ?Drawn by,? the first page should also contain a ?Return to? name and address. The excise or revenue must also be reflected on the front of a deed.
