What documents and timeline should we expect to get the property under contract and through closing with the new buyer? – North Carolina Short Answer In North Carolina, a typical residential sale moves from a signed offer to purchase and contract, through a due diligence period with inspections, loan and title work, and then to…
Can we move forward with the new buyer before the termination paperwork with the prior buyer is fully executed? – North Carolina Short Answer Under North Carolina law, a seller under a signed purchase contract generally must treat that contract as binding until it is properly terminated in the manner the contract allows. Moving forward…
What terms should be included in a new settlement and release to protect us from any claims by the first buyer? – North Carolina Short Answer Under North Carolina law, a settlement and release with a first buyer should clearly identify the parties and transaction, state that it is a full and final settlement, and…
If the buyer cancels, how are any deposits handled and what steps should I take to avoid breaching the contract? – North Carolina Short Answer Under North Carolina law, what happens to a buyer’s earnest money and any other deposits depends mainly on the written purchase contract and the reason and timing of the buyer’s…
What happens to a foreclosure if I inherit a house but the loan remains in the previous owner’s name? – North Carolina Short Answer In North Carolina, inheriting a home does not wipe out the mortgage or stop a foreclosure. The lender can continue (or restart) a power-of-sale foreclosure even if the loan is still…
Can I handle the sale using a power of attorney if my parent can’t sign? – North Carolina Short Answer In North Carolina, a real estate sale can usually be handled by an agent using a valid power of attorney, as long as the document clearly authorizes real property transactions and is properly signed, notarized,…
What documents and approvals do I need to list and close on my parent’s home? – North Carolina Short Answer Under North Carolina law, a deceased parent’s home is normally sold by a court-appointed personal representative (executor or administrator) through the estate. To list and close, that person usually needs formal appointment papers from the…
How can I sell my parent’s house if I’m not on the title? – North Carolina Short Answer In North Carolina, a person who is not listed on the deed cannot sell a parent’s house unless that person has legal authority to sign for the parent or for the parent’s estate. That authority usually comes…
What happens if other family members don’t agree with selling the property? – North Carolina Short Answer Under North Carolina law, a co-owner of real estate usually cannot be forced to keep owning property forever just because other family members refuse to sell. If the family cannot agree, any co-owner may file a partition case…
How do I deal with a mortgage or liens when selling my parent’s house? – North Carolina Short Answer In North Carolina, a parent’s house can usually be sold even if there is a mortgage or other liens, but those debts almost always must be paid or otherwise cleared at closing before the buyer gets…