Wilson

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Attorneys or lenders may handle closings, and corporate agents issue title insurance. Conveyance is by warranty deed. Deeds of trust with private power of sale are the customary security instruments. Foreclosures are non-judicial, with a 10-day redemption period following the sale. The entire process takes between 45 and 60 days. North Carolinians use ALTA policies, but these require an attorneys opinion before they’re issued. Buyers and sellers negotiate the closing costs, except that buyers pay the recording costs, and sellers pay the document preparation and transfer tax costs. Property taxes fall due annually on the last day of the year.

Annually on the last day of the year.

YES. Key components of property management (leasing and renting) are considered real estate activities under existing North Carolina real estate licensing laws. If a property manager is going to lease, rent, or list, or offers to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, on-site managers and salaried employees of real estate brokers working for property owners are exempt if their employment is limited to certain activities, such as showing units to prospective tenants, accepting application for lease of the units, accepting security deposits and rent (when they are payable to the property owner) and accepting lease applications. Such employees may not negotiate security deposits, rental payments or leases. For more information about these and other North Carolina property management requirements and exceptions, please contact the North Carolina Real Estate Commission. Before hiring a property manager to manage your North Carolina rental property, you should always check that he or she is licensed appropriately. You can check the license status of North Carolina property managers at the North Carolina licensee database.

There is no requirement that a community association manager or condo association manager in North Carolina hold a real estate broker's license.