Legal Question in Real Estate Law in North Carolina
I bought a home by owner financing and the owner never transferred the deed. I maintain the homeowners insurance as well as pay the property taxes. I've been informed that I can not take any of the tax advantages for the property because the paperwork is not legal. Basically it's considered being a glorified renter. What are my legal options on this matter. It was also disclosed that there was a spring on the property for the water source and it turns out that there is no well or spring and the water is drawn from a neighboring properties creek which I would imagine is contaminated due to it being above ground.
1 Answer from Attorneys
You probably need to speak to a real estate attorney in your area who can review your documents. It sounds like you have a land installment sales agreement. I am 100% against these types of agreements because they go bad for at least 1 party most of the time.
There are protections for you as the law has changed in this area. I do understand that you can claim the mortgage interest credit on these with the appropriate documentation, if it even helps you (remember your itemized deductions need to be more than your standard deduction to be worth claiming). Unfortunately, you need to have your agreement reviewed to see if it does protect you. You should also record the contract with the register of deeds to put all other parties on notice of your interest.
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