What family-relationship information do you need from a client to complete the partition petition?

What family-relationship information do you need from a client to complete the partition petition? – North Carolina Short Answer In a North Carolina partition case, the petition must name and join all current co-owners, and sometimes other people whose ownership rights flow through family relationships. To draft the petition correctly, the firm typically needs a…

How is the property’s value used to decide a buyout amount or a sale price in a partition settlement? NC

How is the property’s value used to decide a buyout amount or a sale price in a partition settlement? – North Carolina Short Answer In a North Carolina partition settlement, the property’s value is used as the starting point to calculate each co-owner’s share based on that co-owner’s ownership percentage. For a buyout, the usual…

How do we get a reliable property value estimate to support a settlement in a partition case? NC

How do we get a reliable property value estimate to support a settlement in a partition case? – North Carolina Short Answer In a North Carolina partition case, a reliable settlement value estimate usually comes from a written, data-supported valuation prepared by a neutral real estate professional—often a comparative market analysis (CMA) or, when the…

What documents or property details should we provide to a real estate agent to complete a comparative market analysis for a partition dispute? NC

What documents or property details should we provide to a real estate agent to complete a comparative market analysis for a partition dispute? – North Carolina Short Answer In a North Carolina partition dispute, a real estate agent preparing a comparative market analysis (CMA) usually needs (1) basic ownership and property identification information, (2) accurate…

What happens if I can’t locate or identify every person who might have an ownership interest in the property? NC

What happens if I can’t locate or identify every person who might have an ownership interest in the property? – North Carolina Short Answer In North Carolina, a partition case can still move forward even if not every possible co-owner can be identified or located right away. The court can allow service by publication for…

Can the court require the parties to obtain an appraisal or comparative market analysis during a partition action? NC

Can the court require the parties to obtain an appraisal or comparative market analysis during a partition action? – North Carolina Short Answer Yes—North Carolina courts can require the parties in a partition case to develop and present evidence of the property’s fair market value, and the court can also order steps (like mediation) that…