Life estate in real property. Where there is a partition and/or sale of Real property involving a life estate. There is a motion for partition or partition sale before the clerk of court. A commissioner is appointed to determine if the property can be partitioned (divided) or if it can not be divided, then sold. Afterwards a motion and order to sell the property will occur. Notice of Sale will be made in a paper in the county where real property is located along with notice to all property owners.
Sanders Law Firm, PLLC can assist in a partition sale in North Carolina. Call 336-724-4707. We’ve participated in partitions of raw land with over 150 heirs (yes, that’s right—more than 150 heirs), as well as commercial properties owned by fighting heirs, apartment buildings owned by owners in dispute. Depending on the property, we’ll do it on a fixed rate or take a commission.
Per NCGS Chapter 46—(Value of a life estate) In all proceedings for partition of land whereon there is a life estate, the life tenant may join in the proceeding and on a sale the interest on the value of the share of the life tenant shall be received and paid to such life tenant annually; or in lieu of such annual interest, the value of such share during the probable life of such life tenant shall be ascertained and paid out of the proceeds to such life tenant absolutely. (1887, c. 214, s. 3; Rev., s. 2509; C.S., s. 3235.)
How life estates can be valued:
Where there is a life estate and a remainder either vested or contingent, in lieu of the investment of the proceeds of the amount determined and awarded as just compensation to which the life tenant would be entitled to the use during the life estate, the court may in its discretion order the value of said life tenant's share during the probable life of such life tenant be ascertained as now provided by law and paid directly to the life tenant out of the final award as just compensation established by the judgment in the cause and the life tenant may have the relief provided for.