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NC specific

QuestionAnswer
Homestead (Chapter 2, p34) NC Constitution, Article X, Sec 2 & G.S.1C-1601
Right of Survivorship (Chapter 2, p37 & 38) Not part of joint tenancy in NC unless clearly intended as shown by using correct wording on deed. Since 2009, Gen Stat 41-2 (b) & (c) allow for unequal ownership interests if desired. Is still manditory for tenancy by the entirety.
NC Condominium Act of 1986 (Chap 2, p40) Developers must excute and record declaration of creation in county, include covenants, conditions, or restrictions, file plat map or plan, prepare bylaws. New unit sales- provide disclosures and other consumer protection, allow 7 days recission to buyer
NC Uniform Commercial Code (UCC) (Chap 2, p28) when homeowner purchases an item, such as oven, on credit with a security agreement, if default, the creditor can remove item. Such items, when paid for become real property.
Agricultural fixtures (Chap2, p 28) Special class of fixtures in NC. Unlike trade fixtures are considered real property and cannot be removed by tennant at end of lease.
NC General Statute 143-139.1 (Chap2, p28) Govern manufactured buildings including single-family modular homes. Manditory compliance labels from HUD for manufactured homes and the state for modular homes is found on the back exterior of the unit, under the sink, or near electical box.
Machinery Act NC General Statute that governs the ad valorem taxation of property.
NC Mechanic's Lien Law Designates title insurance entity to receive notice of possible mechanics' liens from construction propject vendors on behalf of the real property owner.
octennial reappraisal The NC statutory reappraisal of all real property in each county for tax purposes every 8 years.
2013 changes to NC Mechanic's Lien rights If building permit for improvements over $30,000, lien agent must be designated for the project. Lien claimant would serve notice to lien agent within 15 days of starting work.
To what projects does the 2013 Mechanic's lien change apply or not apply? Includes all private residential and commercial construction projects. Does not apply to improvements to owner-occupied single-family detached property.
NC commercial real estate broker lien A 2011 NC Law allows RE broker with written agency agreement in commercial transaction to place a lien on property to be sold or leased to protect the brokers commission. Filed in a sales transaction after fully performed duties but before closing
When should broker file NC commercial broker lien? Filed in a sales transaction after fully performed duties but before closing, for lease transaction, within 90 days of tenant possession. Must be satisfied with 18 months - inferior to mechanic's liens.
Created by: REtestprep
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