Emily Price

Present Use Valuation in NC – Can My Property Qualify For Deferred Taxes?

In North Carolina, property is taxed based on its market value. This valuation is determined by the tax assessor’s office in the county in which the property is located. However, in some cases, depending on how an owner uses their property, the property may be eligible for a Present-Use Valuation or Land Use Program which defers a portion of the taxes and lowers the owner’s property tax bill. 

Dispute of Earnest Money Deposit

When a buyer makes an offer to purchase real property, often the buyer will pay to an Attorney or Real Estate Broker a certain amount of money “down” at the time of the offer. These funds are known as “earnest money” and show that the buyer is serious and acting in good faith in making the offer. If the file proceeds to closing, the earnest money is credited to the buyer and reduces the amount of money that the buyer must bring at the end of the transaction.

I Inherited Property: When Do I Get the Deed?

In short, you probably will not receive a new deed. Under North Carolina law, ownership of real property passes to heirs or devisees as of the date of a decedent’s death, unless it needs to be sold to pay estate claims. This means that unless the Administrator or Executor of the estate of the person who passed needs to sell the property to pay claims, the heirs or devisees own the property immediately. So, in most cases, if you have inherited property in North Carolina there is no need for a new deed. 

3 Things to Remember if Your Loan is Sold

By the time a file makes it to closing, a borrower has usually spent weeks or months working with a particular lender. One question that comes up often during closing is whether the borrower will stay with their lender, or whether their loan will be sold to a new servicer. While some lenders are moving towards keeping their servicing in-house, in most cases, it is still the later – the mortgage is sold to a new servicer, sometimes even before the first payment. The good news is that the transfer is usually seamless and is nothing to worry about or stress over.

3 Things to Consider When Deeding Property to a Minor

Real estate attorneys are often asked to prepare a deed conveying property from a parent to their child or children or even to add their children onto the deed with the parent.   There are several reasons why someone would want to do this – some want to get the property out of their name for tax and estate planning purposes, some want to give their children an advance on their inheritance and some want to simply make sure their children are taken care of should something happen to them. In most cases, conveyances for these reasons are fine and are usually pretty simple.

Your Mortgage is Paid Off: Now What?

4 Things You Should Do When You Pay Off Your Mortgage but Did Not Sell Your Home

First of all, Congratulations! Paying off your mortgage is a big event. Signing the check for that last payment is every bit as exciting as signing the papers to buy that first house. But, sometimes, it can also be just as stressful. Below are 4 things to consider after you’ve made that final payment.