Bill > S317

This bill enacts the Uniform Partition of Heirs Property Act, which establishes a comprehensive legal framework for handling property ownership disputes among multiple heirs. The act defines "heirs property" as real estate held in common ownership where at least 20% of the interests are owned by relatives or individuals who inherited the property from relatives. The bill introduces a detailed process for resolving partition disputes, prioritizing fair valuation and providing multiple options for property disposition. Key provisions include requiring a court-ordered appraisal to determine the property's fair market value, establishing a "cotenant buyout" process where co-owners can purchase the interests of those seeking to sell the property, and mandating that courts consider multiple factors before ordering a sale, such as sentimental attachment, current property use, and potential economic impact. The act also provides alternatives to forced sales, preferring partition in kind (physically dividing the property) when possible, and establishes specific procedures for open-market sales, sealed bids, or auctions if a sale is necessary. The legislation aims to protect the interests of all co-owners, particularly in cases involving family-inherited property, by providing a structured, equitable approach to resolving ownership disputes. The act will become effective on January 1, 2026, and will apply to partition petitions filed on or after that date.

https://www.ncleg.gov/BillLookUp/2025/S317