Deed Warranties: Why Quit Claim Deeds Can be Problematic
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.
Seller Obligation to Address Survey Matters Continues After the Expiration of the Due Diligence Period
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.
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:
Encrypting or Securing Emails in Real Estate Transactions is Imperative
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).
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.
Before you start applying for Social Security Disability benefits it is helpful to obtain certain information that you will need for the application beforehand. The Disability Starter Kit includes fact sheets, checklists and worksheets that will help you organize the information you will need to apply.
There are 3 basic ways to apply for Social Security Disability Benefits:
Divorce can be a stressful time. It is a decision that will affect you and your loved ones for a lifetime. When you've decided that it's time to move forward with obtaining a divorce, there are four basics questions to consider.
When can I file for divorce?
The required period of separation is one year from the date of physical separation (living separately) in North Carolina, regardless of whether minor children were born of the marriage.
When should I meet with an Attorney?
Are you wondering whether you would be eligible to receive, or perhaps, be required to pay post-separation support and/or alimony in the event you and your spouse separate?
Under North Carolina law, spousal support is available to spouses who are economically dependent. Our general statutes define “dependent spouse” as “a spouse, whether husband or wife, who is actually substantially dependent upon the other spouse for his or her maintenance and support or is substantially in need of maintenance and support from the other spouse.”
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.
Borrower’s Defense to Deficiency Action Where Lender Purchases Secured Property at Less than True Value Now Available to Guarantor
The guaranty agreement is a common security mechanism lenders utilize to increase the likelihood of repayment of a commercial loan in the event of default. This is especially true in situations where the borrower is a limited asset or one asset business. In such circumstances, the lender often looks to the member/manager(s) of the business to guarantee the debt obligation.
As North Carolina continues attract new residents from across the nation and as state-wide growth continues, one small public and private concern with regional development involves the management of water drainage.
A few months ago, a real estate agent called me looking for advice under the following scenario: Their client bought an investment property with cash. When they purchased the property, the Homeowner’s Association (HOA) dues were prorated and paid through the end of the year on the settlement statement by the closing attorney. The client immediately started renting the property out. Over the next couple of years, the client did not pay the HOA dues claiming they never received the bills therefore did not realize there were any due.
In March 2016, Crescent Communities and Lincoln Harris announced their plans to build a new development on Charlotte’s west side. This new development is tentatively being called the “River District” since it will be located between Charlotte’s international airport and the Catawba River. Although the development will take years to build, the new district will be among Charlotte’s largest communities, ranking up there with the South Park and Ballantyne areas.