North Carolina General Statutes 133-12. Expenses incidental to transfer of property
(a) In addition to amounts otherwise authorized by this Article, the agency is authorized to reimburse or to pay on behalf of the owners of real property acquired for a program or project for reasonable and necessary expenses incurred for:
(1) Recording fees, transfer taxes, and similar expenses incidental to conveying such property;
Terms Used In North Carolina General Statutes 133-12
- Agency: means the State of North Carolina or any board, bureau, commission, institution, or other agency of the State, or any board or governing body of a political subdivision of the State, or an agency, commission, or authority of a political subdivision of the State. See North Carolina General Statutes 133-7
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Penalty costs for prepayment of any preexisting mortgage recorded and entered into in good faith encumbering such real property; and
(3) The pro rata portion of real property taxes paid which are allocable to a period subsequent to vesting of title in the agency, or the effective date of possession of such real property by the agency, whichever is earlier.
(b) Local taxing authorities shall accept prepayment of the agency’s estimate of the amount of any taxes not levied but constituting a lien against real estate acquired by the agency, or the agency’s estimate of its pro rata portion of such taxes, and such prepayment shall be applied to such taxes upon levy being made. (1971, c. 1107, s. 1.)