Real Estate Blog

In North Carolina real estate transactions, there are three (3) basic forms of deed which are used commonly: General Warranty Deeds, Special Warranty Deeds, and Quit Claim Deeds (Non-Warranty Deeds).  Each form of deed defines the scope of recourse and recovery purchasers may have against their sellers based on a claim of defective title.    
The old days of writing checks for a real estate transaction are over and wires have replaced them. As a matter of standard practice, more and more law firms only accept closing funds issued via a bank wire directly to their trust account.  Moreover, many closing attorneys are sending mortgage pay-offs, agent commissions and seller proceeds via wire from their trust account.  Scammers and hackers alike have caught on to the fact that real estate transactions are an easy target for wire fraud.
In 2010 the Dodd Frank Act created the Consumer Finance Protection Bureau (CFPB) for the purpose of supervising and regulating parts of the financial services industry.  The role of the CFPB developed to include providing guidelines to the financial services industry which would protect consumers from excessive risk.  One identifiable risk that stemmed from the CFPB’s regulation deals with the dissemination of Non-Public Information (NPI).  
A Power of Attorney (POA) is a document in which a principal party appoints a fiduciary party to act on behalf of the principal party, typically in regard to legal affairs.  The POA can be a useful tool in residential real estate transactions when a necessary party will be unavailable to execute documents prior to or attend the closing.  Sometimes, however, providing a POA for closing a real estate transaction is easier said than done. Here are four things you need to know to facilitate closing a transaction using a POA:
For over 100 years, city and county authorities, neighborhood developers and homeowners have created and amended various methods of designing and maintaining communities in an effort to protect and improve property values.  Regulating the size of homes, the homes’ location on a lot, the subdivision of lots, and the types of improvements to a property are ways in which limits on renovations to properties actually benefit the whole community.     
Having an estate as a client can be a challenge for many real estate agents. Agents are frequently calling our office to ask who needs to sign the Contract and related documents on behalf of the estate.  Ultimately, since estates can be complicated, the attorney must review the title work and estate file related to the property before verifying who needs to sign the Contract and seller documents at closing. 
Although same-sex marriage is legal in North Carolina and throughout the United States, there is still a lack of clarity surrounding North Carolina’s laws as they relate to same-sex couples. Real property laws are no exception. Now that same-sex marriage is legal, these couples have the option of holding property through tenancy by the entirety. Holding a property as tenants by the entirety is a form of legal title available exclusively to married couples.
Attention Mecklenburg County Homeowners:  Senate Bill 159 May Impact You On October 1, 2015, the North Carolina General Assembly approved Session Law 2015-266 – Senate Bill 159 to clarify how additional taxes levied on undervalued properties can be collected by a county. The original Bill passed in 2013 to address the erroneous valuation of properties from 2011. The passage of the Bill resulted in the reevaluation of thousands of properties in Mecklenburg County. For properties that were undervalued, owners received delinquent tax bills dating back to 2011. 
If you grew up watching The Brady Bunch, you probably remember one of the most memorable episodes ever:  Episode 53 “The Wheeler Dealer.”  Greg is excited to buy his first set of wheels from his buddy Eddie. And, as we all know, Eddie isn’t always truthful.  A doe-eyed Greg gets taken in by Eddie’s pretty prose, and Greg gets stuck with a lemon, learning what in Americana is probably the most notable TV Latin lesson:  caveat emptor – or let the buyer beware.  
We are often presented with scenarios wherein heirs have contracted to sell real property.  In most cases, the heirs and their Realtors have been diligent in the initiation of the proper administration of the estate in the county in which the owner died.   In these cases, the estate matter usually poses no major issue, and the transaction can likely close on a normal schedule.