Estate Planning

Deeds - more information required in 2010

By Gregory Herman-Giddens

Effective January 1, 2010, all new North Carolina deeds must contain the address of both the grantor and grantee as well as a statement indicating whether the property contains the primary residence of the the grantor. 

The person who presents the deed for recording at the register of deeds is responsible for reporting the correct amount of documentary stamp tax due (currently $2.00 per $1,000 of consideration).

For the text of the laws, click "Continue Reading."

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
SESSION LAW 2009-454
SENATE BILL 405
*S405-v-6*
AN ACT TO ASSIST COUNTIES AND THE DEPARTMENT OF REVENUE IN
OBTAINING ACCURATE REAL PROPERTY SALES INFORMATION NEEDED FOR
PROPERTY TAX APPRAISALS.

The General Assembly of North Carolina enacts:
SECTION 1. Article 19 of Chapter 105 of the General Statutes is amended by
adding a new section to read:

"§ 105-317.2. Report on transfers of real property.
To facilitate the accurate appraisal of real property for taxation, the information listed in
this section must be included in each deed conveying property. The following information is
required:
(1) The name of each grantor and grantee and the mailing address of each
grantor and grantee.
(2) A statement whether the property includes the primary residence of a
grantor.
Failure to comply with this section does not affect the validity of a duly recorded deed. This
section does not apply to deeds of trust, deeds of release, or similar instruments."

SECTION 2. G.S. 105-228.32 reads as rewritten:

"§ 105-228.32. Instrument must be marked to reflect tax paid.
A person who presents an instrument for registration must report to the Register of Deeds
the amount of tax due. It is the duty of the person presenting the instrument for registration to
report the correct amount of tax due. Before the instrument may be recorded, the Register of
Deeds must collect the tax due and mark the instrument to indicate that the tax has been paid
and the amount of the tax paid."

SECTION 3. This act becomes effective January 1, 2010.

In the General Assembly read three times and ratified this the 30th day of July, 2009.
s/ Walter H. Dalton
President of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Beverly E. Perdue
Governor
Approved 12:18 p.m. this 7th day of August, 2009

Full post as published by North Carolina Estate Planning Blog on December 03, 2009 (boomark / email).