Property OwnershipAdvancedNorth Carolina Exam

In North Carolina, a real estate deed must contain all of the following to be valid EXCEPT:

AGrantor's name

BGrantee's name

CLegal description of the property

DPurchase priceCorrect

Why Purchase price Is Correct

Answer D: Purchase price

A valid deed requires identification of the grantor and grantee, a legal description, words of conveyance, and the grantor's signature. The purchase price is not legally required to appear on the deed.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.

Key Property Ownership Terms in This Question

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

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Key Terms to Know

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

Option Contract

A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.

Loan-to-Value Ratio (LTV)

The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.

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