Bill Summary for S 519 (2011-2012)

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Bill: MEMO OF CONTRACT/DEEDS & DEEDS OF TRUST.

Summary date: 

Jun 30 2011
S.L. 2011-351

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 519 (Public) Filed Tuesday, April 5, 2011
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.
Intro. by Vaughan, Stein, Newton.

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Bill 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.