Partition Explained In North Carolina
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Heirs of the original owner can possess and use the property with equal claim regardless of the size of their factional title interest in the land. But without proper documentation or clear title, owners can't sell the property, borrow against it or qualify for federal farm loans or disaster relief.
Potential solutions for dividing inherited property include selling the property and dividing the proceeds, providing siblings with co-ownership, and having one sibling buy out the other siblings.
If the will does not name a substitute or successor executor or if the decedent did not leave a valid will, then those who may be granted letters are, in the following order of priority: (1) the surviving spouse, (2) anyone receiving property under the will, (3) anyone who would receive property if there was no will, ( ...
Any owner of the property may file for partition. This is a court case in which the owner asks a judge to divide up the property. Typically, this results in the judge ordering the property sold at auction. Anyone, including investors from outside the family, may buy the property at a sale.
Partition proceedings are common methods of resolution to property disputes in North Carolina. Typically, the easiest way to resolve such property disputes is to sell the home for fair market value and split the proceeds, but this is only effective if all parties agree.
One of the simplest strategies for asset distribution among heirs, this method requires that the estate be divided equally among each branch of the family. So, if an heir (a child) should pass away before the parents, their share would be passed along in equal shares to their heirs (the grandchildren). Per capita.
A partition action usually takes between six to nine months depending on the circumstances and the complexity of each case. The most significant factor is whether the partition is being handled by an attorney who practices only in partition law.
A petition to partition can divide 1) real estate or 2) personal property that is jointly owned by a divorced couple. Depending on the circumstances of the case, the court will partition the property through 1) physical partition (“partition in kind”), or through judicial/forced sale partition.