Category Archives: Real Estate Q&A Series

Can a co-owner require repayment of the original investment plus an interest amount before anyone else gets sale proceeds? nc

Can a co-owner require repayment of the original investment plus an interest amount before anyone else gets sale proceeds? – North Carolina Short Answer Sometimes, but not automatically. In North Carolina, sale proceeds are usually split based on each co-owner’s ownership percentage, with court-ordered adjustments for certain payments a co-owner made (like taxes, insurance, necessary…

How do I find out whether the property is already in a tax sale or foreclosure process? nc

How do I find out whether the property is already in a tax sale or foreclosure process? – North Carolina Short Answer In North Carolina, the fastest way to confirm whether a property is already in a tax foreclosure (often called a “tax sale”) or a mortgage foreclosure is to check the county’s public records.…

If a property is owned as joint tenants or tenants by the entirety and one spouse dies, does the surviving spouse automatically become the sole owner? nc

If a property is owned as joint tenants or tenants by the entirety and one spouse dies, does the surviving spouse automatically become the sole owner? – North Carolina Short Answer In North Carolina, if spouses own real estate as tenants by the entirety, the surviving spouse generally becomes the sole owner automatically at the…

How do I deed inherited property into a land trust for a loan transaction, and what needs to be recorded first? nc

How do I deed inherited property into a land trust for a loan transaction, and what needs to be recorded first? – North Carolina Short Answer In North Carolina, the public record usually needs to show a clear chain of title into the borrower’s name before the property can be deeded into a land trust…

How do I transfer an existing deed from one person to another for land I already have recorded information for? nc

How do I transfer an existing deed from one person to another for land I already have recorded information for? – North Carolina Short Answer In North Carolina, an “existing deed” is not edited or reassigned. Instead, the current owner signs a new deed that conveys the property to the new owner, the signature is…

If I stop using the building for my own business and rent it out later, how could that affect my loan terms or interest rate? nc

If I stop using the building for my own business and rent it out later, how could that affect my loan terms or interest rate? – North Carolina Short Answer In North Carolina, switching a bank-financed commercial building from owner-occupied use to a rental can matter if the loan documents require owner occupancy or treat…

What kind of proof do I need to show long-term use of a road to support an easement claim? nc

What kind of proof do I need to show long-term use of a road to support an easement claim? – North Carolina Short Answer In North Carolina, “long-term use” of a road usually matters most when the claim is a prescriptive easement (an easement created by use over time). The proof typically focuses on showing…

How does a balloon commercial real estate loan work, and what happens when the maturity date comes up? nc

How does a balloon commercial real estate loan work, and what happens when the maturity date comes up? – North Carolina Short Answer In North Carolina, a balloon commercial real estate loan usually has monthly payments calculated on a long amortization schedule (often 20–30 years), but the note “matures” earlier (often 3–10 years). When the…

How do I make a diminished value claim after my car is repaired, and when should I start that process? nc

How do I make a diminished value claim after my car is repaired, and when should I start that process? – North Carolina Short Answer In North Carolina, a diminished value claim is typically made as part of the property-damage claim by showing that a vehicle is worth less after a crash even if it…

How do I figure out what my rights are in a property situation when I’m not sure what type of case it is? nc

How do I figure out what my rights are in a property situation when I’m not sure what type of case it is? – North Carolina Short Answer In North Carolina, the fastest way to figure out property rights is to identify (1) what legal interest exists (deed/title, lease, easement, lien, or inheritance claim), (2)…