What documents or accounting does the commissioner need before the court will release the proceeds? nc

What documents or accounting does the commissioner need before the court will release the proceeds? – North Carolina Short Answer In a North Carolina partition-by-sale case, the clerk typically will not release sale proceeds until the commissioner files the required sale report(s) and a clear accounting showing the gross sale price, allowed costs, and the…

Can I sell or gift my undivided interest in inherited property to another heir without getting all the other heirs to sign anything? nc

Can I sell or gift my undivided interest in inherited property to another heir without getting all the other heirs to sign anything? – North Carolina Short Answer Often, yes. In North Carolina, a co-owner (cotenant) can usually sell or gift only that co-owner’s own undivided interest in inherited property without the other heirs signing…

How do we approach the other heirs about buying us out, and how is a fair price for our ownership interest usually determined? NC

How do we approach the other heirs about buying us out, and how is a fair price for our ownership interest usually determined? – North Carolina Short Answer In North Carolina, a buyout usually starts as a practical negotiation among co-owners: confirm who owns what, propose a valuation method, and set clear terms for timing,…

What documents should I gather from the estate administration, will, or trust to help defend against a partition action? NC

What documents should I gather from the estate administration, will, or trust to help defend against a partition action? – North Carolina Short Answer In North Carolina, the most helpful documents to defend (or narrow) a partition case are the records that prove (1) who owns the property, (2) what percentage each person owns, and…

What happens to the non-signing co-owner’s share if the property is sold through a partition case? nc

What happens to the non-signing co-owner’s share if the property is sold through a partition case? – North Carolina Short Answer In North Carolina, a partition sale does not erase a co-owner’s ownership interest just because that person refused to sign. Instead, the court sale converts each co-owner’s interest in the land into a ratable…

Do I need receipts and statements to prove carrying costs and repairs, or can we settle using reasonable totals and estimates? nc

Do I need receipts and statements to prove carrying costs and repairs, or can we settle using reasonable totals and estimates? – North Carolina Short Answer In North Carolina partition cases, a co-owner who wants credit for mortgage payments, taxes, insurance, and repairs should expect to prove the amounts with documents whenever possible. Parties can…