How to Manage and Prioritize Creditor Claims During Estate Administration in North Carolina Quick Answer The personal representative must (1) publish and mail a notice to creditors, (2) collect and review each claim, (3) classify claims according to N.C. Gen. Stat. § 28A-19-6, and (4) pay them in strict order of priority. Failure to follow…
North Carolina Partition Actions: How to Start or Consent When a Commissioner Will Be Appointed Quick answer: Any co-owner who wants a property divided or sold files a verified petition in the clerk of superior court in the county where the land lies. The petition must identify the land, list all co-owners and their ownership…
What Options Exist When Co-Owners Cannot Agree on a Buyout Price in North Carolina? Detailed Answer In North Carolina, real estate held by two or more people as tenants in common or joint tenants can become a financial headache when one owner wants to cash out and the other refuses to pay the requested price.…
FAQ: Paying Estate Expenses and Creditor Claims Before Heirs Receive Assets in North Carolina Detailed Answer Under N.C. Gen. Stat. Chapter 28A, a personal representative (PR) — either an executor named in a will or an administrator appointed by the clerk of superior court — must follow a strict sequence before handing assets to heirs. Skipping…
What Options Exist for Selling or Auctioning Personal Property to Reimburse Estate Expenses and Equalize Distributions Among Heirs in North Carolina? Detailed Answer In North Carolina, the path you choose depends on (1) whether the estate is still open and (2) whether title to the personal property has already passed to heirs or beneficiaries. Below are the…
North Carolina Partition Actions: Verifying Every Property Interest Holder Detailed Answer Before you file — or defend — a partition action in North Carolina, the clerk of superior court will expect proof that every person or entity with a legal or equitable interest in the land has been identified and served. If anyone is missed,…
How to Find Out Whether Surplus Funds Exist After a North Carolina Foreclosure Sale Detailed Answer In North Carolina, the money paid at a foreclosure auction is applied in a strict order set by state law. After the costs of sale, property taxes, and the foreclosing lender’s debt are satisfied, any left-over money—called “surplus funds”…
Claiming Surplus Funds After a North Carolina Foreclosure: Step-by-Step Guide 1. Detailed Answer When a North Carolina foreclosure sale brings in more money than is needed to pay the remaining loan balance, expenses, taxes, and other liens, the extra money is called surplus funds. Under N.C. Gen. Stat. § 45-21.32, anyone entitled to those funds—usually…
Do I Get Any Ownership Interest in North Carolina Real Property If I Am Paying the Mortgage? Detailed Answer In North Carolina, regularly sending money to the bank does not automatically give you legal title to the real estate. Whether you gain an ownership interest depends on one of three things: Your name on the…
Detailed Answer: Paying Property Tax Alone Does Not Create Ownership in North Carolina Many heirs and family members step in to pay the county tax bill on land they do not yet legally own. Under North Carolina law, paying property taxes by itself does not transfer title or give you an automatic ownership stake. The…
