Bill Summaries: S519 (2011-2012 Session)

Tracking:
  • Bill S 519 (2011-2012)
    Summary date: Jun 30 2011 - View summary

    AN ACT TO ALLOW THAT A CONTRACT TO CONVEY REAL ESTATE MAY BE REGISTERED BY REGISTERING A MEMORANDUM OF CONTRACT AND TO REQUIRE THAT DEEDS AND DEEDS OF TRUST PREPARED IN OTHER STATES AND PRESENTED FOR REGISTRATION TO THE REGISTER OF DEEDS OF ANY COUNTY IN THIS STATE SHALL BEAR AN ENTRY SHOWING THE NAME OF EITHER THE PERSON OR LAW FIRM WHO DRAFTED THE INSTRUMENT. Summarized in Daily Bulletin 4/5/11 and 6/15/11. Enacted June 27, 2011. Effective June 27, 2011. Sections 2 and 3 apply to all memoranda of contracts to purchase real estate recorded prior to and on or after that date.
    Court System, Property and Housing
  • Bill S 519 (2011-2012)
    Summary date: Jun 15 2011 - View summary

    House committee substitute makes the following changes to 1st edition. Amends GS 47-120 to clarify there is a conclusive presumption that the conditions of any contract to purchase that is the subject of a recorded memo have been complied with or have expired and are no longer enforceable against subsequent recorded interests after 60 days from the stated closing date or final payment and deed delivery date, as provided in the recorded memo, whichever occurs first (previously whichever occurs last).
    Court System, Property and Housing
  • Bill S 519 (2011-2012)
    Summary date: Apr 5 2011 - View summary

    Amends GS 47-119.1 to provide a form of memorandum for a contract to convey real estate that can be registered in lieu of the contract itself. Amends GS 47-120 to provide that proper execution and registration of such memo has the same effect as registration of the entire contract. Establishes a conclusive presumption that the conditions of any contract to purchase that is the subject of a recorded memo have been complied with or have expired and are no longer enforceable against subsequent recorded interests after 60 days from the later of the stated closing date or final payment and deed delivery date, as provided in the recorded memo. Amends GS 47-17.1 to prohibit recording of documents prepared in other states without the name of the person or law firm that drafted the document.
    Court System, Property and Housing
    GS 47

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