North Carolina General Statutes 47H-1. Definitions
The following definitions apply in this Chapter:
(1) Contract for deed or contract. – An agreement, whether denominated a “contract for deed,” “installment land contract,” “land contract,” “bond for title,” or any other title or description in which the seller agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in five or more payments exclusive of the down payment, if any, and the seller retains title to the property as security for the purchaser’s obligation under the agreement.
Terms Used In North Carolina General Statutes 47H-1
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) Cure the default. – To perform the obligations under the contract that are described in the notice of default and intent to forfeit required by N.C. Gen. Stat. § 47H-4 and that are necessary to reinstate the contract. This term is synonymous with the term “cure.”
(3) Down payment. – A payment made by the purchaser to the seller that constitutes part of the purchase price of property that is the subject of a contract for deed and that is made or agreed to in connection with the execution of that contract.
(4) Forfeiture. – The termination of all of a purchaser’s rights, title, and interest, and those of persons or entities claiming by or through a purchaser, in property that is the subject of a contract for deed, to the extent permitted by this Chapter, because of a breach of one or more of the purchaser’s obligations under the contract.
(5) Property. – Either (i) real estate located in this State, upon which there is located or there is to be located a structure or structures designed principally for occupancy of from one to four families that is or will be occupied by the purchaser as the purchaser’s principal dwelling, or (ii) a manufactured home, as that term is defined in N.C. Gen. Stat. § 143-149.9, that is located in this State and is or will be occupied by a purchaser as the purchaser’s principal dwelling, if the purchase price is five thousand dollars ($5,000) or more.
(6) Purchaser. – An individual or entity that purchases an interest in property under a contract for deed, or any legal successor in interest to that individual.
(7) Seller. – A person or entity that makes a sale of property by means of a contract for deed, or the person’s or entity’s successor in interest. (2010-164, s. 4.)