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North Carolina Warranty Deed With Vendor's Lien

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North Carolina Warranty Deed With Vendor's Lien Powered By Docstoc
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                             This Warranty Deed is used when a seller of real property located in North Carolina
                             conveys ownership of the property to a buyer and warrants title, but reserves a lien in favor
                             of the seller until the purchase price is paid off. This warranty deed effectively transfers the
                             property to the buyer, but gives the seller the right to take the property back if he or she is
                             not paid in full. In this warranty deed the seller promises to defend the buyer from all
                             adverse claims relating to the property, but states that the vendor lien is retained against
                             the property until it is paid off. This document should be used in a real estate transaction
                             where the seller warrants the property, but retains a vendor's lien to ensure full payment.
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                        WARRANTY DEED WITH VENDOR’S LIEN

This Warranty Deed With Vendor’s Lien ("Deed") is made and effective this ______ [Month]
____[ Date], 20___, by and between ____________________ [Instruction: Insert the name of
Grantor], having principal place of residence at __________________________________
[Instruction: Insert the address of Grantor] (hereinafter referred to as “Grantor”) and
____________________ [Instruction: Insert the name of Grantee], having principal place of
residence at __________________________________ [Instruction: Insert the address of
Grantee] (hereinafter referred to as “Grantee”).

AND, for and in consideration of the sum of ________ ($___) [ten dollars ($10)] [Instruction:
Insert the consideration amount, e.g., ten dollars ($10)], and other valuable consideration to
the undersigned in hand paid by Grantee herein named, the receipt of which is hereby
acknowledged, the payment of which note is secured by the Vendor’s Lien herein retained, has
granted, sold and conveyed, and by these presents does grant, sell and convey Grantee, all of
Grantor’s right, title and interest in and to the real property described as follows:

[Instructions: Insert legal description of the property, e.g., - Residential or Commercial]
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________

[Instructions: Insert street address of property]

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________

To have and to hold, together with all and singular, the rights and appurtenances thereto and
anywhere belonging forever.

Grantor does hereby bind [himself or herself] and [his or her] heirs, executors, administrators and
assigns to warrant and forever defend all and singular, the premises to Grantee and [his or her]
heirs and assigns, against every person lawfully claiming or to claim the same or any part
thereof.

But it is expressly agreed: (1) that the Vendor’s Lien, as well as superior title in and to the above
described Property, is retained against the above described property, premises and improvements
until the above described note and all interest thereon are fully paid according to the face, tenor,
effect and reading thereof, when this Deed shall become absolute; and (2) Grantee herein, having
advanced and paid in cash to Grantor herein that portion of the purchase price of the herein
described property as is evidenced by the hereinabove described note, the Vendor’s Lien,
together with the superior title to said property, is retained.




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It is further acknowledged that, for the current year, taxes have been prorated and their payment
is assumed by Grantee. This deed is further made subject to any and all valid and subsisting
restrictions, easements, rights-of-way, reservations, maintenance charges, together 
				
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Description: This Warranty Deed is used when a seller of real property located in North Carolina conveys ownership of the property to a buyer and warrants title, but reserves a lien in favor of the seller until the purchase price is paid off. This warranty deed effectively transfers the property to the buyer, but gives the seller the right to take the property back if he or she is not paid in full. In this warranty deed the seller promises to defend the buyer from all adverse claims relating to the property, but states that the vendor lien is retained against the property until it is paid off. This document should be used in a real estate transaction where the seller warrants the property, but retains a vendor's lien to ensure full payment.
This document is also part of a package Essential North Carolina Legal Documents 84 Documents Included