When you buy a piece of real estate you receive “title” to that property. The term title refers both to legal ownership and the right to use the property. Unfortunately, certain types of mistakes, or “title defects” can leave the new owner in a situation in which another party also has a valid legal claim to the real estate they purchased. Because of the risks associated with title defects, title insurance has become a mandatory part of the process of acquiring funds from a lender for a residential real estate transaction.Read More
A will is a legal document that directs what happens to a person’s assets and property after their death. In North Carolina, the estate of an individual who dies without a will is distributed according to the NC Intestate Succession Act. Intestate probate is more expensive and time consuming than the probate process that occurs when a valid will is in place, and often produces unfortunate situations that would not have been the wishes of the deceased.
Many North Carolina families have lost land that had been theirs for generations because no wills were in place at the time of the owners’ deaths. Under the NC Intestate Succession Act, intestate property is divided up among legal heirs according to the type and number of surviving relatives the deceased left behind. The list of legal heirs may include a spouse, parents, children, grandchildren and great-grandchildren.Read More