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Purchaseing property

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  • Purchaseing property

    I recently purchased an RV lot in NC , I paid $1,000 down and it is supposed to be owner financed . The paper work came today and here is a brief run down of what it says: There is a deed of trust which promises to give full rights to the property back to the trustees if the loan goes into default. and a second North Carolina General Warranty Deed that says I am the Gran-tor And the Company I am buying the Property from is the Grantee: Then one line down it says : Transfer of Ownership: Gran-tor , for a valuable consideration paid by Grantee, the receipt of which is hereby acknowledged ,Conveys to Grantee in fee simple the property described below.
    This does not sound right to me does anyone Know about this kind of purchase contract?
    To me it sounds like I am giving the property back to them.
    The company said it is just to protect them if I default on my loan.

    Any help is appreciated,

  • #2
    Re: Purchaseing property

    You don't need to sign that deed if you are listed as grantor--have a title company look at it briefly as well if need be.


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