State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47E > GS_47E-2

§ 47E‑2.  Exemptions.

The following transfers areexempt from the provisions of this Chapter:

(1)        Transfers pursuantto court order, including transfers ordered by a court in administration of anestate, transfers pursuant to a writ of execution, transfers by foreclosuresale, transfers by a trustee in bankruptcy, transfers by eminent domain, andtransfers resulting from a decree for specific performance.

(2)        Transfers to abeneficiary from the grantor or his successor in interest in a deed of trust,or to a mortgagee from the mortgagor or his successor in interest in amortgage, if the indebtedness is in default; transfers by a trustee under adeed of trust or a mortgagee under a mortgage, if the indebtedness is indefault; transfers by a trustee under a deed of trust or a mortgagee under amortgage pursuant to a foreclosure sale, or transfers by a beneficiary under adeed of trust, who has acquired the real property at a sale conducted pursuantto a foreclosure sale under a deed of trust.

(3)        Transfers by afiduciary in the course of the administration of a decedent's estate,guardianship, conservatorship, or trust.

(4)        Transfers from oneor more co‑owners solely to one or more other co‑owners.

(5)        Transfers madesolely to a spouse or a person or persons in the lineal line of consanguinityof one or more transferors.

(6)        Transfers betweenspouses resulting from a decree of divorce or a distribution pursuant toChapter 50 of the General Statutes or comparable provision of another state.

(7)        Transfers made by virtueof the record owner's failure to pay any federal, State, or local taxes.

(8)        Transfers to or fromthe State or any political subdivision of the State.

(9)        Transfers involvingthe first sale of a dwelling never inhabited.

(10)      Lease with option topurchase contracts where the lessee occupies or intends to occupy the dwelling.

(11)      Transfers betweenparties when both parties agree not to complete a residential propertydisclosure statement. (1995, c. 476, s. 1.)