2005 North Carolina Code - General Statutes Article 8 - Memoranda of Leases and Options.

Article 8.

Memoranda of Leases and Options.

§ 47‑117.  Forms do not preclude use of others; adaptation of forms.

(a)       The form prescribed in this Article does not exclude the use of other forms which are sufficient in law.

(b)       The prescribed form may be adapted to fit the various situations in which the grantors or grantees are individuals, firms, associations, corporations, or otherwise, or combinations thereof. (1961, c. 1174.)

 

§ 47‑118.  Forms of registration of lease.

(a)       A lease of land or land and personal property may be registered by registering a memorandum thereof which shall set forth:

(1)       The names of the parties thereto;

(2)       A description of the property leased;

(3)       The term of the lease, including extensions, renewals and options to purchase, if any; and

(4)       Reference sufficient to identify the complete agreement between the parties.

Such a memorandum may be in substantially the following form:

 

MEMORANDUM OF LEASE

 

_____________________________________________________________________

(Name and address or description of lessor or lessors)

hereby lease(s) to _______________________________________________________ ,

                                                (Name and address or description of lessee or lessees)

for a term beginning the ____________ day of ____________________________, _____

                                                                                                (Month)                                  (Year)

and continuing for a maximum period of ___________, including extensions and renewals, if any, the following property:

 

(Here describe the property)

(If applicable: [There exists an option to purchase with respect to this leased property, in favor of the lessee which expires the ____ day of ________________, _______, which

                                                                                                   (Month)                (Year)

is set forth at large in the complete agreement between the parties].)

The provisions set forth in a written lease agreement between the parties dated the _____ day of _______________, ______, are hereby incorporated in this memorandum.

                     (Month)             (Year)

                                                                        ________________________________   [Seal]

                                                                                                      (Lessor)

                                                                        ________________________________   [Seal]

                                                                                                      (Lessee)

 

(Acknowledgment as required by law.)

 

(b)       If the provisions of the lease make it impossible or impractical to state the maximum period of the lease because of conditions, renewals and extensions, or otherwise, then the memorandum of lease shall state in detail all provisions concerning the term of the lease as fully as set forth in the written lease agreement between the parties.

(c)       Registration of a memorandum of lease pursuant to subsections (a) and (b) of this section, shall have the same legal effect as if the written lease agreement had been registered in its entirety. (1961, c. 1174; 1999‑456, s. 59.)

 

§ 47‑119.  Form of memorandum for option to purchase real estate.

An option to purchase real estate may be registered by registering a memorandum thereof which shall set forth:

(1)       The names of the parties thereto;

(2)       A description of the property which is subject to the option;

(3)       The expiration date of the option;

(4)       Reference sufficient to identify the complete agreement between the parties.

Such a memorandum may be in substantially the following form:

NORTH CAROLINA

__________________ COUNTY

In consideration of , the receipt__________________________________________

                                                                                    (Set out consideration)

of which is hereby acknowledged, ___________________________________________

                                                                     (Name and address of person selling option)

does hereby give and grant to _______________________________________________

(Name and address of person buying option)

the right and option to purchase the following property:

(Here describe property)

This option shall expire on the ________ day of ________________, ______.

The provisions set forth in a written option agreement between the parties dated the ________ day of _______________, _______, are hereby incorporated in this memorandum.

Witness our hand(s) and seal(s) this _______ day of ______________, ______

                                                                        ________________________________ (Seal)

                                                                        ________________________________ (Seal)

 (1961, c. 1174; 1999‑456, s. 59.)

 

§ 47‑120.  Memorandum as notice.

Such memorandum of an option to purchase real estate, or lease as proposed by G.S. 47‑118 or 47‑119, when executed, acknowledged, delivered and registered as required by law, shall be as good and sufficient notice, and have the same force and effect as if the written lease or option to purchase real estate had been registered in its entirety. (1961, c. 1174.)