When two or more people co-own real estate (for example, as tenants in common or joint tenants), their shared ownership can sometimes lead to conflict. One co-owner may want to sell while another may want to keep the property. In North Carolina, a partition action (via a “Petition for Partition”) gives co-owners a legal way to divide or force the sale of the property. What is the Relevant Law? Petitions for Read More
Petition to Determine Ownership of Surplus Funds- NCGS § 45-21.32
Whether you are assisting a client with finalizing an estate, a foreclosure, or with collecting a judgment, you may encounter surplus funds. Understanding when surplus funds are deposited and the legal process by which your client can secure those funds is beneficial.What are surplus funds?Surplus funds occur when a foreclosure recovers more money than is owed to the entity and after paying all debts Read More
Petition to Determine Ownership of Surplus Funds—Huh??
Where do Surplus Funds come from?Regardless of who owns a piece of real property, or land, the taxes, homeowner’s association dues, and mortgage must be paid. If these are not paid, the lender can foreclose on the land and any home on the property. The goal of the foreclosure is to recover the money owed to the lender due to back taxes, overdue homeowner’s association dues, or the unpaid mortgage, as well Read More
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