Jan22026
Probate Q&A Series

If the estate owns only one condo, what exactly needs to be listed and valued for the inventory? – North Carolina

Short Answer

In North Carolina, the estate inventory must list the condo with enough detail to identify it and must report its value as of the decedent’s date of death. The inventory also needs to account for related items that are part of the probate estate (for example, pre-death rent that was owed but not yet paid), and it must classify the condo in the correct inventory category based on how it was owned at death. The inventory is typically due within three months after the administrator qualifies, unless the Clerk of Superior Court grants a short extension for good cause.

Understanding the Problem

In a North Carolina probate administration, what must an estate administrator list and value on the Inventory when the probate filing shows only one asset: a condominium unit. The decision point is whether the condo is treated as “property of the estate” versus property that passes to someone else but could potentially be brought back into the estate to pay claims. The timing trigger is the administrator’s qualification and the deadline the Clerk of Superior Court sets for filing the Inventory.

Apply the Law

North Carolina requires a personal representative (including an administrator) to file an inventory that itemizes and values the decedent’s property that is in the representative’s hands or control, with values generally determined as of the date of death. The inventory used in most counties follows the court’s standard categories, which separate (1) property that is part of the probate estate, (2) property that is not in the probate estate at death but can sometimes be recovered if needed to pay valid claims, and (3) certain other items listed for information. The inventory is filed with the Clerk of Superior Court in the county where the estate is administered, and it is generally due within three months of qualification (with possible short extensions for good cause).

Key Requirements

  • Identify the condo clearly: List enough information to match the unit to the public records, such as the deed book and page reference, and a brief identifier like the street address/unit number. A county tax parcel ID can also help.
  • Use date-of-death value: Report the condo’s fair market value as of the date of death (not the later sale price or today’s estimate). A tax value can be a starting point, but the inventory should aim at fair market value.
  • Classify the condo correctly: Whether the condo goes in the “estate property” section or the “property that can be added if needed to pay claims” section depends on title at death (for example, solely owned versus certain joint ownership forms).

What the Statutes Say

Analysis

Apply the Rule to the Facts: The facts indicate the probate application lists only one piece of real estate: a condo. Under North Carolina practice, the inventory should still (1) describe the condo precisely (so it can be matched to the deed and tax records), (2) state its fair market value as of the date of death, and (3) place it in the correct inventory category based on how the condo was titled at death. If there were condo-related amounts owed to the decedent before death (such as unpaid rent that accrued before death), those amounts are typically listed as personal property in addition to the real estate entry.

Process & Timing

  1. Who files: The estate administrator (personal representative). Where: With the Clerk of Superior Court in the county where the estate is pending in North Carolina. What: The standard court inventory form commonly used is AOC-E-505 (Inventory for Decedent’s Estate), unless the Clerk accepts an equivalent format. When: Typically within 3 months after qualification, unless the Clerk grants a short extension for good cause.
  2. How to list the condo: Include deed reference (book/page), the property address and unit identifier, and optionally the tax parcel number. Then list the date-of-death fair market value and note any mortgage or deed of trust separately if the form requests liabilities.
  3. How to handle related items: If the condo generated rent, separate what was owed before death (often treated as an estate receivable) from rent that accrues after death (which may follow the real property interest depending on the will and whether the personal representative has authority/possession). If the condo is later sold, whether sale proceeds appear in later accountings can depend on why the sale occurred and what authority supported it.

Exceptions & Pitfalls

  • Wrong ownership type: Some real property is not listed as probate “estate property” (for example, real estate held as tenants by the entirety). Other real property interests may need to be listed under the category for property that could be added to pay claims. The deed controls this analysis.
  • Using the wrong value date: The inventory value is generally the fair market value as of the date of death, not the later listing price or sale price. If an appraisal is not ready, some estates request a short extension rather than filing a value that is not supportable.
  • Too little description: Listing only “condo” without deed reference and unit/address details can create problems later when the property is sold or transferred, because title professionals and the Clerk need to match the inventory entry to the recorded title.
  • Mixing up rent timing: Amounts owed before death are commonly treated differently than amounts accruing after death. Misclassifying these can cause inventory/accounting corrections later.
  • County-by-county requirements: Some Clerks ask for supporting documentation for certain ownership interests or require particular categorization on the form. When the condo is the only asset, it can be worth confirming the Clerk’s expectations before filing.

Conclusion

When the estate’s only asset is a condo, a North Carolina inventory should still (1) identify the condo with deed and unit/address details, (2) report its fair market value as of the date of death, and (3) classify it in the correct inventory category based on how title was held at death. The key deadline is the inventory filing date, which is generally within three months after the administrator qualifies. Next step: file AOC-E-505 with the Clerk of Superior Court by that deadline (or request a short extension if needed).

Talk to a Probate Attorney

If an estate inventory involves only one condo, small classification or valuation mistakes can still create delays with the Clerk of Superior Court and later title work. Our firm has experienced attorneys who can help explain what to list, how to describe the unit, and how to meet the inventory deadline. Call us today at (919) 341-7055.

Disclaimer: This article provides general information about North Carolina law based on the single question stated above. It is not legal advice for your specific situation and does not create an attorney-client relationship. Laws, procedures, and local practice can change and may vary by county. If you have a deadline, act promptly and speak with a licensed North Carolina attorney.

Category: Probate Q&A Series

Author: jpierce

Attorney Jared Pierce is the founder of Pierce Law Group in Raleigh, North Carolina, a firm he established with a dedicated focus on probate administration and estate planning across North Carolina. Born and raised in the Republic of South Africa, Jared moved to Durham with his family in 2001, bringing with him a rich cultural background and a distinctive accent that often serves as a conversation starter.