I took over a property sub2 in North Carolina last year. When I went to record the Warranty Deed at the courthouse, the clerk stated that I had to declare the amount of purchase at the top of the form. I asked her if I could state $0 dollars and she stated I could put anything I wanted. So I put $0 on top of the deed and had it recorded.
Now I am starting to worry about title transfer fees and any other fees that might come back haunt me.
Can anyone advise on what I should have done or do now?
Iam just wondering why you did not record it at your title company /office ?
But things may be alot differant where you are
$0 shouldn’t be any problem. And don’t worry about transfer fees, etc. Those should have been handled at closing and/or when you went to record the deed. They would have told you how much you needed to pay, etc, before they even recorded it…
Of course, there MAY or may not be taxes due since the house was sold, you would need to consult with your cpa on that…
Aren’t Sub2 Deals illegal in NC? Did you do a Wrap around… I’m just asking because this is what I’ve heard, but know that my source was not from an attorney. However, it was from mutliple sources, so you might want to check it out… if you want.
I sure hope not, because I know quite a few people who are doing them…and I plan to start myself.
One of our moderators $CASH$ is in NC so I doubt they are illegal. Herbster
herbster,
You are correct they are not illegal in NC.
A word of caution do not hold title in an Land Trust in North Carolina as it could be considered Fraud and this will get you in trouble.
http://www.reiclub.com/articles/nc-commission-answers
Before anyone posts the old “they heard”…make sure they can verify what they heard with Specific State Statutes regarding the subject matter, otherwise it is rumor and innuendo, not any way to build credibility for the poster or their business.
John $Cash$ Locke
John,
do you have a deed that you fill in the blanks or do you have an attorney do your deeds?
If you’re closing at a title company/attorney’s office, they will fill in everything.
If you’re closing the deal on your own, you can do it yourself. It’s quite simple
after you’ve done it a few times.
Be sure to double check everything, especially the LEGAL DESCRIPTION of the
property, which can be found at the recorder’s office and in some cities/states
online…
CharlottePlayer,
Sorry I missed your post.
I fill in my own deeds and record them. The only time I use an attorney is when my buyer is re-financing and ready to close, then he does the closing paperwork.
I request and receive from the seller all paperwork when they purchased the property, so I have the legal description that was recorded in that paperwork.
John $Cash$ Locke