Real Estate Blog

For many people, buying a home is the biggest purchase in their lifetime. Several loan products allow for 100% financing with no down payment; however, buyers still have out-of-pocket expenses not covered by the loan such as moving expenses and  closing costs, to name a few.
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.
In connection with every real estate closing there should always be a final inspection of the property by the buyer prior to closing. In industry terms this is called the “Final Walk Through”. The purpose of the Final Walk Through is for the buyer to make sure the seller has completely vacated the property and the property is being delivered in the condition that was contemplated by the contract.
Property held in the name of only one spouse may still be considered marital property and be subject to martial division following separation or divorce. This news was not welcomed by a seller I was advising when he learned that because of this, his uncooperative spouse’s cooperation would be required for him to sell his property before their divorce is final unless he had a court order divesting her marital interest.
If you’re starting your estate plan, shopped around for mortgages, or even just watched daytime TV, chances are you have heard of a reverse mortgage, also called a Home Equity Conversion Mortgage. These are loans that allow a borrower to convert the equity in their home into a cash payment.  Some people use this financial tool for additional income, home improvements, medical expenses, or just as vacation or rainy-day money. The loans sound attractive, and may be for a lot of borrowers, but there are a five things you should know if you are considering a reverse mortgage. 
After experiencing Hurricanes Fran and Floyd, like many others, I felt we would never see that much rain again at one time.  I was mistaken.  The sea of water Hurricane Matthew brought to eastern North Carolina is hard to comprehend, but I will say I have a new respect for Noah’s Ark.   All of the water brought many questions about erosion and rights, so I thought now is a perfect time to write about Riparian Rights and… who owns the dirt.  
Although we may have thought the border between North and South Carolina was firmly established when the Province of Carolina was divided in 1729, the truth is that the line thought of as the border between the two new colonies contained numerous and substantial errors in its measurements.  These discrepancies in the border have now been resolved through cooperation of the two states by a comprehensive re-survey of the North Carolina/South Carolina boundary line. 
You have waited weeks or months for this day—the day the real estate transaction closes on your home. All the documents are signed, and you’re ready to get your check, right? That’s not always possible. Whether you are the real estate agent, the seller or the buyer, the check not be available as soon as all the paperwork has been signed. You wonder why you have to wait since you’ve prepared everything on your end.
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. 
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?  

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