NC S548

Enacts the Uniform Partition of Heirs Property Act, establishing Part 4 of Chapter 46A of North Carolina General Statutes to govern partition of real property held in tenancy in common by multiple relatives.

Defines "heirs property" as real property with no binding partition agreement where at least 20% of interests are held by relatives or acquired from relatives, requiring partition under this new Part unless all cotenants agree otherwise.

Requires courts to determine property value through appraisal by a licensed appraiser, with parties able to object within 30 days and courts conducting hearings to establish fair market value before proceeding with partition.

Establishes a cotenant buyout process allowing non-selling cotenants to purchase interests of those requesting partition by sale within 45 days at prices based on the determined property value and fractional ownership.

Prioritizes partition in kind (dividing property into separate parcels) unless the court finds it would cause substantial injury to cotenants as a group, considering factors such as practical divisibility, loss in aggregate value, sentimental attachment, and ancestral significance.

Provides for open-market sales as the default if partition in kind is not ordered, with courts able to order sealed bid sales or auctions only if more economically advantageous.

Becomes effective January 1, 2024, and applies to partition petitions filed on or after that date.