What terms can I negotiate to stay in or vacate the apartment after I sell my interest to the co-owner?: Practical terms to lock in during a North Carolina partition buyout mediation

Partition Action Q&A Series

What terms can I negotiate to stay in or vacate the apartment after I sell my interest to the co-owner? – North Carolina Short Answer In North Carolina, you can negotiate a written “move-out” or “rent-back” agreement as part of your partition settlement and buyout. Typical terms cover a fixed move-out date, short-term occupancy (with…

What happens to my share of rental income and property taxes when my interest is sold in a partition action?: North Carolina

Partition Action Q&A Series

What happens to my share of rental income and property taxes when my interest is sold in a partition action? – North Carolina Short Answer In a North Carolina partition sale, the Clerk of Superior Court adjusts each co-owner’s share of the sale proceeds for money received and money paid. Rents collected are credited to…

Can I remove myself from a business partnership created without my consent on my co-owner’s tax returns?: Answered for North Carolina

Partition Action Q&A Series

Can I remove myself from a business partnership created without my consent on my co-owner’s tax returns? – North Carolina Short Answer Yes. In North Carolina, a partnership cannot be created just because someone lists you as a partner on a tax return. If you never agreed to carry on a business as co-owners for…

Can I have my filing costs paid from the sale proceeds in a partition action?: North Carolina

Partition Action Q&A Series

Can I have my filing costs paid from the sale proceeds in a partition action? – North Carolina Short Answer Yes—North Carolina courts commonly treat the filing fee, sheriff/service fees, commissioner, survey, appraisal, advertising, and sale expenses as “costs of the proceeding” that are paid first from the partition sale proceeds before the net is…

How do I handle outstanding estate debts and creditor notices before finalizing a partition settlement?: North Carolina

Partition Action Q&A Series

How do I handle outstanding estate debts and creditor notices before finalizing a partition settlement? – North Carolina Short Answer In North Carolina, do not finalize a partition buyout or sale until the estate’s personal representative has published the required notice to creditors and the claim period has run, or the personal representative joins the…

How can I remove my parent’s ex-spouse from the deed when they never released their interest after the divorce?

Partition Action Q&A Series

How can I remove my parent’s ex-spouse from the deed when they never released their interest after the divorce? – North Carolina Short Answer In North Carolina, a divorce does not automatically take a name off a deed. If your parent’s ex-spouse stayed on title, they are a co-owner. You cannot unilaterally “remove” them; you…

Can I challenge the foreclosure because none of the heirs were properly served after my parent passed away?: North Carolina

Partition Action Q&A Series

Can I challenge the foreclosure because none of the heirs were properly served after my parent passed away? – North Carolina Short Answer Yes. In North Carolina, a power-of-sale foreclosure cannot move forward unless required notice of the foreclosure hearing is given to the debtor and all record owners, which includes heirs who took title…