Bill > S363

This bill enacts the Uniform Partition of Heirs Property Act in North Carolina. The key provisions of the bill are: 1) It defines "heirs property" as real property held in tenancy in common where at least 20% of the interests are held by relatives. 2) It establishes a process for determining the fair market value of heirs property, including court-ordered appraisals and allowing cotenants to object to the appraisal. 3) It allows cotenants to buy out the interests of cotenants requesting partition by sale, giving them priority over outside buyers. 4) If the buyout process does not resolve the partition, the court must order partition in kind unless it would result in substantial injury to the cotenants. If partition in kind is not ordered, the court must order partition by sale. 5) The bill also sets forth detailed procedures for open-market sales, sealed bids, and auctions to sell heirs property. The bill applies to partition proceedings filed on or after January 1, 2022.

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https://www.ncleg.gov/BillLookUp/2021/S363