Bill Summary for S 519 (2011-2012)

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Summary date: 

Jun 15 2011

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

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).