How do I prepare and file the required 1099-S form for the partition sale to allow disbursement of proceeds? – North Carolina Short Answer In a North Carolina partition sale handled by a court-appointed commissioner, the person responsible for closing (usually the commissioner’s closing attorney) must file IRS Form 1099-S reporting each owner’s gross proceeds.…
What happens if we can’t provide proof of satisfaction for the deed of trust before the commissioner distributes the sale funds? – North Carolina Short Answer In a North Carolina partition sale, the commissioner cannot release a co-owner’s net share until liens on that owner’s interest are properly handled. If a deed of trust payoff…
Can someone else attend the contempt hearing on my spouse’s behalf or do we need to retain local counsel? – North Carolina Short Answer No. In North Carolina, a nonlawyer cannot appear in court for another person, even a spouse. For a contempt show‑cause hearing, the court typically requires the accused person to appear in…
What can I do if a co-owner won’t authorize banks to release mortgage or account details? – North Carolina Short Answer In North Carolina, you don’t need a co-owner’s consent to get key mortgage or bank information if you use the right legal route. Open the estate and have a personal representative appointed to request…
What process determines the fair market value and mortgage payoff to calculate each heir’s share? – North Carolina Short Answer In North Carolina partition cases, if the property is “heirs’ property,” the court orders an independent appraisal to set fair market value. The mortgage payoff comes from the lender’s written payoff statement obtained for the…
Can I secure a home loan to buy out siblings’ interests in inherited property and what approval is needed? – North Carolina Short Answer Yes, you can finance a buyout in North Carolina, but the approvals depend on timing and who holds title. If the heirs currently own the home, lenders typically require all co-owners…
What does filing a motion to stay partition proceedings until sale involve? – North Carolina Short Answer In North Carolina, a motion to stay a partition asks the Clerk of Superior Court to pause the special proceeding while the co-owners pursue a private market sale through a real estate broker. The request typically comes with…
What should be included in a settlement agreement to secure reimbursement of my carrying costs before closing? – North Carolina Short Answer In North Carolina partition cases, your settlement should clearly define what carrying costs you’ll be reimbursed for (like property taxes, insurance, mortgage interest, HOA dues, and necessary repairs), the proof required, and the…
What documents or receipts will prove I didn’t get funds to buy out my interest in the property? – North Carolina Short Answer In North Carolina, a buyout of a real estate interest generally requires a signed writing (often a deed or written settlement) and proof of payment tied to that agreement. To show you…
How can I fight claims that the money I received was payment for my share of the property rather than normal marital support? – North Carolina Short Answer In North Carolina, giving up an ownership interest in real estate generally requires a signed writing, such as a deed or written settlement. Without that, routine transfers…