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Updated on September 1st, 2022
A North Carolina deed of trust is a real estate transfer instrument between a lender, borrower, and a trustee whereby a property title is transferred as collateral for a loan to purchase real estate. The title is maintained by the trustee until the borrower (property owner) returns the entire loan amount to the lender. Should a loan default occur, the lender could initiate the non-judicial foreclosure process in which they sell the property without court involvement.
While a deed of trust is similar to a mortgage in many respects, a mortgage only involves two (2) parties: the lender and borrower. Furthermore, foreclosures of mortgages typically require a judicial proceeding and a court order to sell the property.
- Statutes: §§ 45-4 to 45-107
- Formatting: § 161-14(b)
- Signing Requirements (§ 47-38): Notary Public
- Where to Record (§ 47H-2(d)): Register of Deeds
- Recording Fees (§ 161-10(a)(1a)): $64 for the first thirty-five (35) pages + $4 for each additional page
Related Forms (1)
North Carolina Promissory Note – Sets forth the terms and conditions of loan repayment.
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