Partition Action Q&A Series

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How do we handle indemnification in an agreement so one side isn’t stuck paying claims after the transfer? NC

How do we handle indemnification in an agreement so one side isn’t stuck paying claims after the transfer? – North Carolina Short Answer In North Carolina, the cleanest way to avoid one co-owner being stuck with post-transfer claims is to pair a narrowly written indemnification clause with a clear “cutoff” date, a defined list of…

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Why would an insurance proceeds check for a co-owned house be made payable to multiple people and the mortgage company, and who has to endorse it? NC

Why would an insurance proceeds check for a co-owned house be made payable to multiple people and the mortgage company, and who has to endorse it? – North Carolina Short Answer In North Carolina, an insurance company often makes a property-damage proceeds check payable to all owners and the mortgage (or deed of trust) lender…

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If a relative has been selling pieces of family land for years, can the other heirs recover their share before the remaining land is sold? NC

If a relative has been selling pieces of family land for years, can the other heirs recover their share before the remaining land is sold? – North Carolina Short Answer Sometimes. In North Carolina, other heirs or co-owners may be able to pursue a claim to recover their share if a relative sold family land…

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If there is a will or an old estate file for the original owners that we have never seen, how does that affect who actually owns the property in a partition case? NC

If there is a will or an old estate file for the original owners that we have never seen, how does that affect who actually owns the property in a partition case? – North Carolina Short Answer In North Carolina, a partition case assumes the parties are co-owners, but an older will or estate file…

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Can a settlement include a set-aside fund to cover property-related claims and let any unused amount go back to the owner who keeps the home? NC

Can a settlement include a set-aside fund to cover property-related claims and let any unused amount go back to the owner who keeps the home? – North Carolina Short Answer Yes. In North Carolina, co-owners resolving a partition dispute can agree in a written settlement to set aside a fixed reserve to cover defined property-related…

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If the property sells for less than what one co-owner says they’re owed, can that co-owner sue the rest of us personally for the difference? NC

If the property sells for less than what one co-owner says they’re owed, can that co-owner sue the rest of us personally for the difference? – North Carolina Short Answer Usually not in a standard North Carolina partition case. A co-owner’s claim to be repaid for money they advanced toward the property is typically handled…

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How is a buyout amount calculated when there’s still a mortgage on the house and I’ve paid money into repairs or expenses? NC

How is a buyout amount calculated when there’s still a mortgage on the house and I’ve paid money into repairs or expenses? – North Carolina Short Answer In North Carolina, a buyout in a co-owned home usually starts with the home’s fair market value, then subtracts valid liens like the mortgage to get the equity.…

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What happens if we miss the refinance closing deadline because the deed or settlement paperwork isn’t ready in time? NC

What happens if we miss the refinance closing deadline because the deed or settlement paperwork isn’t ready in time? – North Carolina Short Answer In North Carolina, missing a refinance closing deadline usually means the lender can cancel or reissue the closing package, extend the deadline, or require updated approvals (like refreshed payoff figures, rate…

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Attorney Jared Pierce
Attorney Jared Pierce
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