How do I handle potential heirs from a decades-old estate that wasn’t properly probated?: practical steps under North Carolina partition law

How do I handle potential heirs from a decades-old estate that wasn’t properly probated? – North Carolina Short Answer In North Carolina, missing heirs from old estates create a cloud on title because real property passes to heirs at death. The usual fix is a special proceeding in the county where the land sits—often a…

What steps can I take to protect myself from unexpected tax liability after being listed as a partner without my consent?: Practical protections during a North Carolina partition and buyout

What steps can I take to protect myself from unexpected tax liability after being listed as a partner without my consent? – North Carolina Short Answer In North Carolina, co-ownership of rental property does not, by itself, make you a business partner or liable for partnership taxes. If you were listed as a partner without…

How can I make sure my mediated settlement agreement covers reimbursement for my rental income losses and tax attorney fees?: Practical steps under North Carolina partition law

How can I make sure my mediated settlement agreement covers reimbursement for my rental income losses and tax attorney fees? – North Carolina Short Answer In North Carolina, get these items into the written, signed mediation agreement before you leave the session and, if possible, have the Clerk enter it as a consent order in…

Can I include an indemnity clause in a mediated settlement to hold my co-owner harmless from future tax obligations?

Can I include an indemnity clause in a mediated settlement to hold my co-owner harmless from future tax obligations? – North Carolina Short Answer Yes. In North Carolina, you can allocate tax risk in a mediated settlement with a clear, written, and signed indemnity or “hold harmless” clause. It binds only the parties, not the…

Can I force the lender to provide mortgage and deed of trust information as a co-owner?: North Carolina partition actions and lender disclosures

Can I force the lender to provide mortgage and deed of trust information as a co-owner? – North Carolina Short Answer In North Carolina, being a co-owner on title alone does not require a lender to share loan details with you. But in a partition case, you can obtain payoff, reinstatement, and deed of trust…

What happens if an inherited property goes into foreclosure before partition is complete?: North Carolina

What happens if an inherited property goes into foreclosure before partition is complete? – North Carolina Short Answer In North Carolina, a lender can foreclose even if a partition case is pending. If every co-owner signed the deed of trust, a completed foreclosure will usually end the co-owners’ title and the partition case becomes moot,…