NC S519

Creates new G.S. 47-119.1 allowing contracts to convey real estate to be registered by filing a memorandum that includes party names, property description, expiration date, and reference to the complete agreement.

Provides a statutory form for the memorandum of contract that must be executed, acknowledged, and delivered as required by law to serve as constructive notice with the same effect as registering the full contract.

Amends G.S. 47-120 to establish a 60-day period after closing date or performance deadline during which a recorded contract memorandum is enforceable; after 60 days, conditions are conclusively presumed satisfied and unenforceable against creditors or subsequent purchasers.

Eliminates the exception in G.S. 47-17.1 that previously allowed deeds and deeds of trust prepared in other states to be registered without naming the draftsman; requires all such documents to bear the name of the person or law firm who drafted the instrument.

Effective immediately upon enactment, with Sections 2 and 3 applying retroactively to all memoranda of contracts recorded before and after the effective date.