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:

By the time a file makes it to closing, a borrower has usually spent weeks or months working with a particular lender. One question that comes up often during closing is whether the borrower will stay with their lender, or whether their loan will be sold to a new servicer. While some lenders are moving towards keeping their servicing in-house, in most cases, it is still the later – the mortgage is sold to a new servicer, sometimes even before the first payment. The good news is that the transfer is usually seamless and is nothing to worry about or stress over.

More Mandatory Disclosures: A Quick Look at the Mineral and Oil and Gas Rights Disclosure

When an owner of real property decides to sell, North Carolina requires that owner to make several disclosures to prospective buyers.  One of those disclosures discusses whether or not the property has been severed of its mineral and/or oil and gas rights. 

As a follow-up to my blog in the spring of 2016 "West Charlotte River District", I am happy to announce that on November 21, 2016, Charlotte City Council members  quickly and unanimously voted to approve the nearly 1,400 acre development consisting of office space, shops, hotels, apartments, single-family residences, retirement living and open/green spaces.

Renting Your Home: Does this Violate Your Homeowners' Associations' Rules?

For most people, a home is a person's greatest investment; thus, the decisions involved in selling that investment should be strategic. Oftentimes, though, sellers make hasty decisions when hiring a real estate agent to sell their home. They hire friends or friends of friends and don't do their homework, not realizing the damaging effects a poor hiring decision can have.  Sellers should set their standards high. Choosing the right listing agent can not only effect your property’s time on the market, but also the return on your investment.

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. 

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

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.

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.

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.

As those of us in the eastern region of North Carolina recover from Hurricane Matthew and assess the damage to our property, we may find the roads in and out of our homes need substantial repair in order to traverse the roadways.  The question of who is responsible for repairing the roads may be more significant and urgent now.  

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. 

Recently, I was presented a scenario wherein a Buyer and Seller entered into a standard Offer to Purchase and Contract with a substantial, non-refundable Due Diligence Fee.  Shortly after the Contract was executed, the Buyer began their due diligence inspections.  Prior to the completion of the inspection period, the Seller informed the Buyer that the Seller would not entertain any repair requests or reductions in the agreed upon purchase price - the property would be sold As-Is.The Buyer felt this pronouncement by the Seller was unfair.

Owning Property as Tenants by the Entirety: What Married Couples Should Know

If you are married and want to buy property in North Carolina, tenancy by the entirety - a type real property ownership - provides three important benefits to you: