North Carolina Partition Warranty Deed
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How to fill out Partition Warranty Deed?
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FAQ
One or both of the parties can file what is called a petition to partition to ask the court to divide the property equitably. The court can then give each party their share of these partitions, or force the sale of the property and apportion the proceeds ingly.
Partition suits can cost between $20,000 and $100,000, depending on the attorney's fees. Attorney fees and other costs are usually paid ing to each party's legal right to the property.
It is worth noting that there are always exceptions. It is entirely possible for complex cases to be resolved faster than those with more simple terms. While the process will vary from case to case, it is reasonable to expect a partition action to take anywhere from 18 months to 24 months.
Partitioning is a division in real or personal property between co-owners. This typically occurs when property is inherited or passed down to heirs. There are two types of partitioning: Partition in Kind and Partition by Sale.
Chapter 46A of the North Carolina General Statutes provides a solution to this problem. The owner who wants to sell can file a Petition to Partition the real property. This procedure allows for the Court to either physically divide the property to allow all joint owners to have a part of the real property.
Previously, partition by appraisal only applied to inherited property. The Partition of Real Property Act, which went into effect on January 1, 2023, now allows a co-owner to buy out the interest of the co-owner requesting a partition by sale. Generally, the law favors a physical partition or a partition in kind.