North Carolina General Statutes Chapter 45A Good Funds Settlement Act
- N.C. Gen. Stat. § 45A-1. Short title
This Chapter shall be known as the Good Funds Settlement Act. (1995 (Reg. Sess., 1996), c. 714, s. 1.)
- N.C. Gen. Stat. § 45A-2. Applicability
This Chapter applies only to real estate transactions involving a one-to four-family residential dwelling or a lot restricted to residential use. (1995 (Reg. Sess.,...
- N.C. Gen. Stat. § 45A-3. Definitions
As used in this Chapter, unless the context otherwise requires: (1) "Bank" means a financial institution, including but not limited to a national bank,...
- N.C. Gen. Stat. § 45A-4. Duty of settlement agent
(a) The settlement agent shall cause recordation of the deed, if any, the deed of trust or mortgage, or other loan documents required to...
- N.C. Gen. Stat. § 45A-5. Duty of lender, purchaser, or seller
(a) The lender, purchaser, or seller shall, at or before closing, deliver closing funds, including the gross or net loan funds, if applicable, to...
- N.C. Gen. Stat. § 45A-6. Validity of loan documents
Failure to comply with the provisions of this Chapter shall not govern the validity or enforceability of any document, including a deed or any...
- N.C. Gen. Stat. § 45A-7. Penalty
Any party violating this Chapter is liable to any other party suffering a loss due to that violation for that other party's actual damages...
- N.C. Gen. Stat. § 45A-8. Embezzlement of closing funds by settlement agent
(a) All closing funds received by a settlement agent are trust or escrow funds received by the settlement agent in a fiduciary capacity. (b)...
- N.C. Gen. Stat. § 45A-9. Interest on settlement agent's real estate trust and escrow accounts
(a) A settlement agent who maintains a trust or escrow account for purposes of receiving and disbursing closing funds and loan funds shall pay...
Last modified: March 23, 2014