What You Need to Know About North Carolina Survivorship Deeds: The Basics
Survivorship deeds can play a critical role in transferring property from one owner (grantor) to another (grantee). Here’s everything you need to know about the basics of North Carolina survivorship deeds.
A survivorship deed in North Carolina works by having a grantor transfer property to grantees who become joint tenants. When a deed involves multiple grantees, each grantee will own an equal property share. Parties may become confused if the deed does not distinctly outline the property shares. If a property grantee dies, North Carolina will divide the individual’s share among the remaining living grantees. This process will continue until the last living grantee owns 100% of the property.
Creating a Survivorship Deed in North Carolina
Grantors and grantees must adhere to the following steps when crafting a survivorship deed:
1. List the grantors’ and grantees’ information
The description must include basic information, such as names, marital statuses, addresses, and place of employment.
2. Details about consideration
List details in a dollar amount declaring what the grantee provides the grantor in exchange for property ownership.
3. Description of the property
The description should include the county of residence, a legal description of the property, addresses, and other information the county clerk deems necessary.
One must notarize a survivorship deed for North Carolina to legally uphold it. The local county clerk or registry office may require a witness to sign the act when the grantor and grantees sign.
Related: North Carolina Deed Requirements
Survivorship with Probates and Inheritances
In survivorship, North Carolina inheritance becomes a factor. Probate is the legal process for decedents who own a property share through survivorship. The property must go through a lengthy probate process to be equally transferred to the other grantees. However, if a person obtains the right to survivorship, they may avoid the probate steps. Inheritance documents will prevent probate from occurring, and grantees will need to take extra measures to overcome a will.
FAQs North Carolina Survivorship Deeds: The Basics
Do North Carolina survivorship deeds always require joint tenancy?
A survivorship deed must initially have two or more grantees acquiring the property. However, if a grantee dies and a sole grantee remains, they can eventually become the sole property owner in North Carolina.
What is the difference between a quitclaim deed and a warranty deed for North Carolina survivorship services?
One files a quitclaim deed when property transfers between related individuals, requiring no warranties. A warranty deed contains stipulations and precautions to reassure the buyer throughout the ownership transfer.
Related: North Carolina Probate Forms
Can a North Carolina survivorship deed become contested?
Survivorship may become successfully contested when parties do not use the correct legal language in the document. With incorrect legal terminology comes the potential for a contested case and challenges in court.
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