Partition Action Q&A Series

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Partition Action Q&A Series

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 to develop and present evidence of the property’s fair market value, and the court can also order steps (like mediation) that often depend on having…

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Partition Action Q&A Series

How can I push a co-owner to cooperate with signing the insurance check and completing repairs when everything is stalled? NC

How can I push a co-owner to cooperate with signing the insurance check and completing repairs when everything is stalled? – North Carolina Short Answer In North Carolina, a co-owner cannot be forced to sign an insurance proceeds check just because another co-owner wants repairs done, especially when the check lists multiple payees (often including…

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Partition Action Q&A Series

What happens if my refinance is denied after I accept the offer—can we convert the terms into a sale with the same payouts at closing? NC

What happens if my refinance is denied after I accept the offer—can we convert the terms into a sale with the same payouts at closing? – North Carolina Short Answer In North Carolina, a denied refinance does not automatically convert a buyout proposal into a “sale with the same payouts at closing.” If the matter…

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Partition Action Q&A Series

Do we have to name and list every person with an ownership interest, even if our family usually has one person act as a representative? NC

Do we have to name and list every person with an ownership interest, even if our family usually has one person act as a representative? – North Carolina Short Answer In North Carolina, a partition case generally must name, join, and serve all known co-owners (tenants in common or joint tenants), even if the family…

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Partition Action Q&A Series

Do I need to be formally pre-approved or have the loan approved before the settlement agreement will be finalized? NC

Do I need to be formally pre-approved or have the loan approved before the settlement agreement will be finalized? – North Carolina Short Answer Not always. In North Carolina, parties can sign a settlement agreement in a partition dispute before a refinance loan is formally approved, but the agreement should clearly make the buyout obligations…

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