How can I establish formal rights and responsibilities for a shared well with my neighbor?: North Carolina Real Estate

How can I establish formal rights and responsibilities for a shared well with my neighbor? – North Carolina Short Answer In North Carolina, put a written shared well and easement agreement in place, signed and notarized by all affected owners, and record it with the Register of Deeds in every county where the properties sit.…

What happens if my neighbor refuses to contribute to well maintenance or repairs?: North Carolina Real Estate

What happens if my neighbor refuses to contribute to well maintenance or repairs? – North Carolina Short Answer In North Carolina, shared well costs are usually governed by a recorded agreement or easement. If an agreement requires cost sharing and your neighbor refuses, you can demand compliance and, if needed, ask a court for damages,…

How can I ensure a settlement agreement locks in distribution of sale proceeds before closing?: North Carolina Real Estate

How can I ensure a settlement agreement locks in distribution of sale proceeds before closing? – North Carolina Short Answer Use a written, signed proceeds-allocation and disbursement/escrow agreement that binds every co-owner (or their valid, recorded agents) and deliver it to the North Carolina settlement agent before closing. The closing attorney can only disburse after…

What should we do to avoid breaching the purchase contract while securing all signatures?: North Carolina Real Estate

What should we do to avoid breaching the purchase contract while securing all signatures? – North Carolina Short Answer Get a written extension of any signature or execution deadline before it expires, or have a properly authorized agent sign under a valid power of attorney. Meanwhile, put any dispute about loan interest or proceeds into…