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Thread: Disbursements of funds at closing North Carolina

  1. #1
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    Smile Disbursements of funds at closing North Carolina

    My sister and 2 brothers just sold my deceased parents home and while waiting to close we have been doing some online research as this is a complicated closing. My parents left the house as a Life Estate to my youngest brother but he is now unable to take care of himself and didn't pay any taxes in the past 8 years so my sister paid these taxes to keep from losing the house. ( The house is paid for.) Since he is now in a assisted living facility and found incompetent we put the house on the market and it sold but because of this Life Estate and the fact that he is on Medicaid his portion of the sale of the house is based on his life expectancy we 3 remaining siblings won't get much of that sale. He is only 54 and I am not sure how they figure his percentage but his life expectancy is bsed on a chart they go by and that is said to be about 80 years old regardless of their health.
    I don't live in North Carolina which is where the property is and I am not sure I will be able to be present at the closing but my sister does have my power of attorney to represent me in case I can't make it. I was told by a friend that we will not recieve any money the day of the closing that the it has to be recorded at the courthouse before they will release any funds. Is this correct? If that is the case how long does this take?
    Thanks in advance for any information anyone can provide in this matter.

  2. #2
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    My experience has always been that you do not receive a check on the day of closing. As to how long it will take, no one here can predict that. Hopefully, given the issues that are involved, your family has an attorney who is helping you through the process.
    I am not able to respond to private messages. Thanks!

  3. #3
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    Quote Originally Posted by jb4kats View Post
    He is only 54 and I am not sure how they figure his percentage but his life expectancy is bsed on a chart they go by and that is said to be about 80 years old regardless of their health.
    Generally they consider the "average" age a 54 year old will live to though some will die before 80 & some will live longer than 80.
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