North Carolina Quitclaim Deed for Joint Ownership

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.
• The form is available in MS Word format.
• Intended to bge used only in the State of North Carolina.

In North Carolina, a Deed of Trust is used instead of a mortgage to secure repayment of a new home loan.

• A Deed of Trust can be used for any real estate property except for agricultural farm land.
• A trustee, such as a title company, holds the title as security to ensure that the borrower makes the loan payments on time, pays the taxes, maintains and keeps the property in good condition, and fulfills all of its obligations.
• Just like with a mortgage, if the purchaser defaults in making any payments, the entire balance immediately becomes due and the trustee can sell the property.
• The Deed of Trust contains uniform covenants as required by federal laws, as well as specific clauses under North Carolina statutes.
• Any attorney's fees payable by a party under the Trust Deed must be reasonable.
• Available in MS Word format.
• Intended to be used only in the State of North Carolina.

Secure repayment of a home loan with this Mortgage Note for North Carolina, which is backed by a mortgage against the borrower's property.

• Repayment of the principal and interest will be made in regular equal monthly installments.
• The borrower has the right to prepay all or part of the principal at any time without a penalty or premium being charged.
• If the borrower defaults in making any payment when it becomes due, the entire balance together with interest becomes immediately due and payable at the option of the lender.
• Each of the persons signing the note is jointly and severally obligated and the lender may enforce its rights against each person individually or against them all together.
• Available in MS Word format.
• Intended to be used only in the State of North Carolina.

Transfer title of a NC real estate property to a new owner with this easy-to-use North Carolina Special Warranty Deed form.

Under a Special Warranty Deed, the seller (grantor) warrants or guarantees the title only against defects arising during his/her ownership of the property but not against any title defects existing prior to that time.

This North Carolina Special Warranty Deed form is a downloadable legal document in MS Word format.