North Carolina Legislative Update
Written by Managing Title Attorney Amy Zeko
North Carolina House Bill 513, approved as of June 4, 2015, was passed to make technical corrections and other conforming changes to the general statutes concerning real property.
The bill includes a minor change to the satisfaction statute, making it clear that unless the satisfaction states the debt is paid, then the satisfaction removes the lien but does not remove the personal responsibility of the obligor for the debt.
The other sections of the bill address the transfer of special declarant rights for a condominium including setting forth the procedure for acquiring all special declarant rights upon acquisition of the declarant’s units in a condominium through foreclosure, tax sale, judicial sale or BK/receivership transfer.
In the event you have referred or would like to refer to our office a foreclosure file on a developer’s units in a condominium or lots in a subdivision the Firm has implemented an additional layer of attorney review to determine if we will need to take additional action post foreclosure to acquire the special declarant rights.
If you have any questions or would like more information on how this may affect your processes, please feel free to reach out to Attorney Amy Zeko, email@example.com or 910-392-4988, x4125.