Escrow & Title
In North Carolina, the excise tax on a deed is typically paid by:
AThe buyer
BThe seller✓ Correct
CSplit equally between buyer and seller
DThe real estate broker
Explanation
In North Carolina, the seller typically pays the deed excise tax (revenue stamps), though it is negotiable between the parties.
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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).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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