Bill Summary for S 521 (2011-2012)

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Summary date: 

Apr 5 2011
S.L. 2012-163

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 521 (Public) Filed Tuesday, April 5, 2011
PROVIDING THAT A RESTRICTION ON THE TRANSFER OF REAL PROPERTY OR A TENANT’S INTEREST IN A LEASE APPLIES TO A SUBSEQUENT TRANSFER OF THE REAL PROPERTY OR INTEREST IN THE LEASE UNLESS THE GRANTOR OR LANDLORD EXPRESSLY PROVIDES OTHERWISE.
Intro. by Clodfelter.

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Bill summary

Enacts new GS 39-6.8 to provide that a restriction on the transfer of land or an interest in land in a deed, lease, or other written conveyance applies to a subsequent transfer or the land or interest in the land, regardless of the grantor’s consent to a prior transfer or the grantor’s waiver of a standard or condition for a prior transfer. Provides, however, that the statute does not apply if one of the following conditions is met: (1) the written conveyance expressly provides that the restriction on transfer is limited to the original grantee, trustee, beneficiary, tenant, or other person who received the conveyance, or (2) the grantor expressly states in writing that the consent or waiver applies to a subsequent transfer. Enacts new GS 42-14.4, to create the same provisions with respect to a tenant’s interest in a lease. Applies to all subsequent transfers of real property or interests in a lease occurring on or after October 1, 2011.