Five important DOs and DON'Ts you should know with the new legislation "North Carolina’s Uniform Power of Attorney Act" which became effective January 2018.

There are times when at no fault of a Buyer, a Seller decides they cannot move forward with the sale of real estate they have contracted to sell. Life happens - sickness, a job falling through or merely remorseful thoughts about selling the property - and as a result, a Seller may choose not to proceed to closing. The ramifications of the Seller’s decision is greatly impacted by whether or not there is a binding contract between the parties and whether the contract has been reduced to writing and signed by all parties. 

Many real estate investors purchase and manage property through limited liability companies (LLC). Documents are usually executed by a manager or a member depending on how the LLC if formed. Recently a question arose as to whether a manager or member of an LLC may appoint a power of attorney to sign real estate transaction documents on behalf of the LLC in their absence?

In my first blog “Life Estates in North Carolina,” I noted that a life estate is an interest in property that is measured by the life of a person.  It can be granted to someone for his or her lifetime or for the lifetime of another.  The life estate interest gives the holder the right to all the benefits of the property during the lifetime for which it is granted.

Occasionally we answer questions regarding Leases with Options to purchase, also known as “lease-purchase” or “rent to own” transactions.

Normally the questions I receive are from buyers or realtors representing buyers who would like to purchase a home yet due to an extenuating circumstance they cannot move forward with the purchase. Sometimes in these cases, a seller will entertain a lease with option contract where they commit to sell the property to a buyer while holding an offer to sell open for a set period of time, the “option period."

Recently, I was approached by a real estate agent representing a buyer who wanted to purchase property owned by a person who had been declared incompetent and therefore was a ward of another. The realtor's question was simple and precise: what do I need to do to facilitate this transaction?

A Free Trader Agreement as it relates to North Carolina property law has little to do with NAFTA (North American Free Trade Agreement) or the exporting of goods and services between countries. Rather, it is a useful tool to allow spouses to own and convey property independent of the each other. A well drafted agreement will also ensure that the parties waive martial rights that they may otherwise hold as a result of their marriage to their spouse. While the terms of such agreements vary they normally do include the following:

Selling Property While Going Through a Divorce: When One Spouse is Uncooperative

Life Estate questions are popping up everywhere these days.  Recently we had a real estate agent call us with a question about how they should list a seller on an offer to purchase and contract because the agent did her due diligence and checked the tax record before completing her buyer’s offer to purchase. 

It’s probably one of the most stressful scenarios when buying a home: you’ve spent months searching and have finally finding the perfect home; you’ve worked with your agent and lender for weeks getting all the documents needed for you to qualify and lock in your loan at a great interest rate; then you get the unexpected news that you cannot be here for your planned closing date. What now?  

Capital Gains Taxes: Is a 1031 Tax Exchange Right for the Sale of Your Investment Real Property?

You’re selling your investment property and heard somewhere, from someone, that the sale could create a responsibility on your part to pay capital gain taxes.  Naturally, you’re concerned, especially when you need every dollar from the sale to put into the new investment real property you hope to buy. One option that may be available to you is to participate in a Tax Deferred Exchange under Section 1031 of the Internal Revenue Code of 1986. 

Covenants & Restrictions and Buyer Intentions for Land Use & Development

“What do you mean I can’t raise chickens on the property I recently purchased?” 

It may sound humorous, but little can be more disheartening to a new homeowner than to learn that the use and development of their land - the dream for their investment - may not be possible due to restrictive covenants which affect their land. 

Yes, the parties become friends and….it’s also marketing.

Assisting a family in finding their perfect home or helping a homeowner sell their house can be very rewarding. There may be no better way to commemorate such an event than taking a quick selfie at the closing table. Capturing those special moments and posting them to a social media venue is such an easy thing to do. The purpose of posting may be to express the genuine excitement an agent feels for their client’s special occasion or show their ability to help others in a similar fashion.