North Carolina Contract for Deed
A Contract for Deed is used when you want to sell a property in North Carolina and you plan to finance the purchase by allowing the buyer to pay the purchase price over time.
- The Contract for Deed is also called an installment agreement, land sale contract, or purchase money mortgage because the seller is basically assuming the role of a mortgage lender.
- The template contains several alternate payment clauses with different methods of repaying the loan plus interest (if any). Use the clause that reflects your agreement with the buyer, and delete the others.
- The buyer can take possession of the property but the seller remains the owner on the title deed until everything owing under the contract is paid.
- If there is already a mortgage on the property, the seller remains responsible for making the payments.
Owner financing is a great option in cases where the buyer cannot get a conventional mortgage loan. To access the digital file, click 'Add to Cart' and go through the checkout.