How do we calculate and deduct carrying costs from each co-tenant’s share in a partition sale? – North Carolina Short Answer In a North Carolina partition by sale, the Clerk of Superior Court can credit “carrying costs” (like property taxes, insurance, mortgage interest, and necessary repairs) to the co-tenant who advanced them, then proportionally charge…
Can a consent order resolve our dispute over carrying costs instead of holding another hearing? – North Carolina Short Answer Yes. In a North Carolina partition special proceeding, the Clerk of Superior Court can enter a consent order that resolves how carrying costs (like taxes, insurance, or mortgage interest paid to preserve the property) will…
How can I ask the court to reimburse me for carrying costs I paid while the property was co-owned? – North Carolina Short Answer In a North Carolina partition by sale, you ask the Clerk of Superior Court to award you “credits” or contribution for necessary carrying costs (like property taxes, insurance, mortgage interest, and…
What assets and debts must I list and how do I notify creditors? – North Carolina Short Answer In North Carolina, your Inventory (AOC-E-505) lists all probate assets you control as executor, with date-of-death values. Real estate is listed differently depending on whether it’s devised to the estate or only reachable to pay debts; life…
What are the steps to open a full probate estate under a simple will? – North Carolina Short Answer In North Carolina, you open a full probate by filing the original will and an Application for Probate and Letters with the Clerk of Superior Court in the county where the decedent lived. If appointed, you…
Will any liens or judgments against the decedent’s estate reduce the foreclosure surplus funds I can collect? – North Carolina Short Answer In North Carolina, foreclosure surplus funds are first used to pay junior liens that actually attached to the property (for example, later deeds of trust, tax or HOA liens). General estate debts or…
How can I recover foreclosure surplus funds from a property in North Carolina when my spouse held title and has died without a will? Short Answer In North Carolina, surplus funds from a foreclosure are held by the Clerk of Superior Court and paid to the person legally entitled after a hearing. When the owner…
If my former partner buys out my interest, how is the buyout price determined? – North Carolina Short Answer In North Carolina, co-owners usually set a buyout price by starting with the home’s current fair market value (often via an independent appraisal), then applying credits and debits for things like taxes, insurance, necessary repairs, improvements,…
How do I start a partition action to end co-ownership of our former domestic partnership home? – North Carolina Short Answer In North Carolina, a partition case starts as a special proceeding before the Clerk of Superior Court in the county where the property sits. Any co-owner can file and must serve all other co-owners…
Can I get reimbursed for the renovation labor and supplies I contributed under a partition action? – North Carolina Short Answer Under North Carolina partition law, a co-owner can usually receive credits for necessary carrying costs (like taxes and insurance) and for permanent improvements, but the credit for improvements is based on the value they…
