Real Estate

When relocating to North Carolina, it’s important to take into consideration the various legal changes that may impact your existing estate plan. This is essential to ensure that your assets and beneficiaries are taken care of according to your wishes. 

Although each situation is different and you should speak with one of our North Carolina estate planning attorneys to make sure you are covered, this article will cover some of the most common differences we see in estate planning between other states and here in North Carolina.

What Are Some Common Areas North Carolina Differs From Other States?

The Probate Process

• North Carolina’s probate process can be more streamlined and may differ in terms of fees and timelines compared to other states.
• Some states may offer more or less simplified probate procedures depending on the size of the estate.

Power of Attorney Laws

• North Carolina has specific statutes governing both financial and healthcare powers of attorney, and these laws might not be consistent with those in other states.
• Requirements for making these documents legally binding may vary.

Trust Laws

• North Carolina has particular provisions and protections related to trusts, and the treatment of revocable and irrevocable trusts may be unique compared to other jurisdictions.
• The rights of trustees and beneficiaries could be affected differently under North Carolina law.

Health Care Directives

• North Carolina has specific requirements regarding health care directives and living wills that may differ from those in other states.

Marital Property Laws

• North Carolina is an equitable distribution state, which means that marital property is divided in a manner deemed fair, though not necessarily equal, in the event of divorce or death. This can impact estate planning differently from community property states.

Taxation

• North Carolina does not have a state estate tax or inheritance tax. This is in contrast to some states that may levy a tax on estates or inheritances, so tax planning strategies might differ.

Homestead and Creditor Protections

• North Carolina has specific laws regarding homestead exemptions and creditor protections that might influence strategies for protecting assets.

Estate Plan Changes When Moving to North Carolina: A Step-by-Step Guide

Step 1: Review Your Existing Documents

Analyze your current estate plan and identify potential conflicts with North Carolina law. Look at all relevant documents, including wills, trusts, powers of attorney, and healthcare directives.

Step 2: Consult with a Raleigh Estate Planning Attorney

Finding a local team in Raleigh to guide you through the estate plan changes when moving to North Carolina is crucial. The estate planning team at Wilson Ratledge understands the nuances of North Carolina law and can help you make the necessary adjustments.

Step 3: Update Your Will and Trusts

Make the necessary changes to your will and trusts, ensuring they align with North Carolina law. This may include updating witnesses, notarization, or other specific requirements.

Step 4: Address Power of Attorney and Healthcare Directives

Ensure that your powers of attorney and healthcare directives comply with North Carolina’s specific requirements. Adjusting these documents can be vital in a medical emergency.

Step 5: Reassess Beneficiary Designations

State laws can affect how beneficiary designations are handled. Review and update these designations as needed to ensure they are in line with your wishes and North Carolina laws.

Wilson Ratledge Can Help Navigate Estate Plan Changes When Moving to North Carolina

Making the necessary estate plan changes when moving to North Carolina can seem daunting, but with proper guidance, the process can be smooth and straightforward. By understanding the legal landscape in North Carolina and working closely with the team at Wilson Ratledge you can rest assured that your assets and loved ones will be cared for according to your desires.

For personalized assistance with your move to North Carolina and the accompanying estate plan changes, reach out to the skilled estate planning team at Wilson Ratledge. We are here to help you navigate these changes – contact us today for peace of mind with your estate planning needs.

Sometimes, purchasing a piece of tenant-occupied real estate is a great choice. But, other times, it isn’t.

By being aware of the advantages and disadvantages that can come from purchasing tenant-occupied real estate, you can assess whether or not doing so is the right choice for you. The North Carolina real estate attorneys at Wilson Ratledge can help review the pros and cons of tenant-occupied real estate as they apply to your specific situation.

What Is Tenant-Occupied Real Estate?

Tenant-occupied real estate refers to properties that are owned by a landlord or investor but are rented or leased out to tenants. 

The tenants may be individuals, families, businesses, or even other entities depending on the type of property (residential, commercial, industrial, etc.). The property may include houses, apartments, offices, retail spaces, and more.

What Are The Advantages Of Purchasing Tenant-Occupied Real Estate In North Carolina?

A variety of advantages can come from purchasing tenant-occupied real estate in North Carolina. Some of the most notable benefits that can come from doing so are as follows:

• You have access to an immediate cash flow due to the presence of existing tenants.
• You no longer need to search for good renters to occupy your new property.
• You may benefit by having a property that is at very low risk of being left vacant in the near future.
• You have tenants that may have a track record of taking good care of the property.
• You can save time/money by not needing to find tenants to assist in paying any property costs.

Even though these advantages exist, there are a variety of disadvantages that can come from purchasing tenant-occupied real estate in North Carolina.

What Are The Disadvantages Of Purchasing Tenant-Occupied Real Estate In North Carolina?

A variety of disadvantages may come from purchasing tenant-occupied real estate in North Carolina. Some of the most notable disadvantages that can come from doing so are as follows:

• You may find that the current tenants are bad tenants who fail to pay their rent.
• You may find that the current tenants are bad ones who fail to care for the property.
• You will be forced to rely on the previous landlord’s tenant-screening process.
• You may find that the current tenant-screening process is inadequate and it’s difficult to evict bad tenants.
• You might need to find new tenants if the current tenants are about to move out.

Some of the problems these disadvantages can lead to will necessitate speaking with a real estate lawyer.

Outside of those disadvantages, it’s worth noting that many tenant-occupied properties house tenants that have lived there for an extended period of time. Given this fact, if there are any rent increases you plan on proposing, the current tenants may be less than receptive to them.

Should You Purchase Tenant-Occupied Real Estate In North Carolina?

The simple answer to this question is “It depends.” 

Some people may find purchasing tenant-occupied real estate to be the best possible choice. But, others may find doing so to be a very poor choice that fails to lead to the desired security and abundance.

To determine whether or not purchasing tenant-occupied real estate is the best possible decision, it is worth considering the advantages and disadvantages that can come from doing so.

After you do so, you must go over the current tenant agreements, as well as the tenant-screening process that the previous landlord relied upon. By going over both of these, you can determine whether or not they meet your current needs and your future goals.

If you are comfortable with those advantages and disadvantages, as well as the current agreements and tenant-screening process, then it’s worth doing so. But, if you aren’t comfortable with them, then it’s best not to purchase a piece of tenant-occupied real estate.

Speak With A North Carolina Real Estate Lawyer Today

No one can determine whether or not purchasing tenant-occupied real estate is the appropriate choice for you. But, by speaking with a North Carolina real estate lawyer at Wilson Ratledge, we can assist you in determining whether or not you should buy a particular piece of real estate, and we can help you do so.

Real estate can be a profitable, tangible investment that can provide consistent cash flow, tax benefits, and a substantial return over time. However, as appealing as this may sound, investing in real estate also comes with its complexities and challenges. 

Understanding these intricacies and conducting due diligence if you’re considering investing in real estate here in North Carolina is crucial to your success.

Understanding Real Estate Laws and Regulations

Before diving into a real estate investment, familiarize yourself with the legal landscape. Federal and state laws regulate many aspects of property ownership and transfer, including fair housing, disclosure requirements, and landlord-tenant relations. 

Local zoning and land-use regulations can limit how a property is used, affecting its profitability. HOA rules can impose additional restrictions and obligations. A review by one of our North Carolina real estate attorneys can help you navigate these laws, ensuring you avoid costly mistakes.

Importance of a Property Title Search

A property title search is a thorough examination of public records to confirm the legal ownership of the property. This search can uncover potential issues such as liens, easements, or undisclosed owners that could affect your property rights. We can guide you through this process, help resolve any issues, and guarantee a clear title.

Conducting a Thorough Property Inspection

An extensive property inspection is a must. It uncovers potential structural, electrical, or other issues that could lead to costly repairs or legal troubles down the line. If issues arise, you have options for negotiation on the agreement, such as having the seller remedy the problems or adjust the purchase price.

Reviewing and Understanding the Sales Contract

A sales contract is a binding legal document that outlines the terms and conditions of the property purchase. It’s essential to understand every detail before signing. Our team can help you review the contract, ensuring it protects your interests and doesn’t expose you to unnecessary risks.

Considering the Tax Implications

Investing in real estate comes with significant tax implications. Property taxes, capital gains tax, and potential deductions can significantly impact your bottom line. If you’re an investor, maybe you’d want to consider a 1031 exchange. We can provide valuable insights, helping you take full advantage of the tax benefits while remaining compliant with tax laws.

Planning for the Future: Estate and Succession Planning

Real estate investment isn’t just about the present; it’s also about the future. Estate planning allows you to determine what happens to your investment upon your death. Without a proper plan, your estate may end up in probate, causing potential conflict among your heirs. Our team can assist in formulating a comprehensive estate plan to protect your investment and your loved ones.

Risks of Co-Investing or Forming a Real Estate Partnership

Investing with others can bring added capital and diversified risk. However, it’s not without legal considerations. Disputes, dissolution, and uneven investment returns are potential issues that can arise. A comprehensive, written agreement among partners is essential. If you’re investing with a partner or as a part of an investment group, we can help draft an agreement that protects everyone’s interests and outlines procedures for resolving disputes.

Contact Our North Carolina Real Estate Attorneys

Investing in real estate involves a myriad of legal considerations. The team at Wilson Ratledge can help guide you through the complexities, ensuring your investment is sound and protected. Making informed decisions can be the difference between a profitable investment and a costly mistake. Before you dive into your next real estate venture, reach out to us to schedule a consultation.

To buy a home in North Carolina, you’ll need to be aware of the state’s real estate laws. This overview by the North Carolina real estate attorneys at Wilson Ratledge will help you understand the basics of buying property in North Carolina, including how to inspect properties, contract and negotiate deals, and more. 

What Rights Do Buyers Have Under North Carolina Real Estate Law?

If you buy a home in North Carolina, you have specific rights. These include:

• The Right To Inspect the Property Before Making an Offer

Homebuyers in North Carolina have the right to inspect the property and then make an offer based on the results of that inspection. While an inspection is not compulsory, it is advised to do it as it might help you with verifying the accuracy of all the information provided about the property. An inspection does not only include checking the building and looking for any damage. It also includes checking for zoning permits and other permits that may have been issued and verifying any information listed on the listing with government records. 

• The Right To Receive a Written Disclosure of Any Known Defects in the Property

Homebuyers in North Carolina have the right to receive a written disclosure of any known defects in the property they are purchasing. This disclosure can help buyers make informed decisions about whether or not to buy a property and protect them from potential financial losses if there are any defects in the property. The disclosure must be provided before the buyer signs any paperwork related to the purchase, such as a contract or any related documents.

• The Right To Reject an Offer if It Is Not What You Wanted

If there are any problems with the property, the buyer can either back out of the deal or try to work out a solution with the seller. As we already said, the seller is required to tell the buyer about any problems with the property before a contract is signed. If after the disclosure (or after your inspection) you have a problem with the property, you can reject the seller’s sale offer. Homebuyers can also sue if they believe their rights to reject an offer have been violated.

What Are Some Common North Carolina Real Estate Disputes That Buyers May Face?

When buying a home in North Carolina, buyers often disagree about things like closing costs, repairs, and title issues. It is essential to have an experienced real estate lawyer on your side if you are facing any of these disputes to protect your interests.

In addition, it is important to understand North Carolina’s property tax laws, as they can impact a buyer’s bottom line. Finally, be aware of any zoning restrictions that may apply to the property you’re interested in, as well as any building or land restrictions specified by the municipality in which the property is located.

Are There Any Special Steps That Buyers Should Take When Purchasing a Home in North Carolina?

In North Carolina, buyers are urged to work with professionals when purchasing a property. Below are three categories of people that you need to work with to ensure you get the best deal and that your rights are protected:

• A Certified Real Estate Agent

When purchasing a home in North Carolina, it is important to have the right knowledge. This includes having a certified real estate agent on your team. Certified agents have completed an accredited program in real estate and are qualified to provide you with the best advice for purchasing a home.

Certified agents can help you identify which area of the state is best suited for you, as well as recommend specific neighborhoods or communities. They can also help connect you with local vendors and resources that will make your home-buying experience easier.

• A Home Inspector

A home inspector is invaluable when purchasing a home in North Carolina. A home inspector can help you determine the condition of the property and whether or not it is worth purchasing. A home inspector will also be able to identify any potential defects that may need addressing before closing on the property. 

When choosing a home inspector, make sure to ask for references and review their credentials before making your appointment. It would help if you also asked questions about their experience inspecting properties in North Carolina.

• A North Carolina Real Estate Attorney

When purchasing a home in North Carolina, it is important to work with an experienced real estate attorney. A real estate attorney can help you understand the property market, the different types of homes available, and the legal process involved in buying or selling a home. 

If you are purchasing property in North Carolina, it is important to consult with a Raleigh real estate attorney at Wilson Ratledge before making any decisions. Our attorneys have years of experience in the North Carolina real estate market and will help you navigate all the complex legal issues that may arise during your purchase. Contact us today to get started on buying your dream property in North Carolina!