NC S363

Enacts the Uniform Partition of Heirs Property Act, establishing a new legal framework for partitioning real property held in tenancy in common where 20% or more of interests are held by relatives or acquired from relatives.

Requires courts to determine fair market value through appraisal by a licensed real estate appraiser, with parties having 30 days to object and a hearing to occur at least 30 days after the appraisal is filed.

Establishes a cotenant buyout process allowing cotenants to purchase interests of those requesting partition by sale, with a 45-day election period and 60 days to pay, with successive buyout opportunities if initial purchasers default.

Prioritizes partition in kind (physical division) unless the court finds it would cause substantial injury to cotenants as a group, considering factors including property divisibility, sentimental value, ancestral significance, and contributions to maintenance.

Allows partition by open-market sale, sealed bids, or auction only if partition in kind is not ordered, with sales conducted through court-appointed real estate brokers at prices no lower than the determined property value; becomes effective January 1, 2022.