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What Are The Steps To Sell a House you Inherited In North Carolina?

Are you planning to sell the house you inherited in North Carolina and yet don't know how to go about it?

During a loss and heartbreaking times, it could be added stress to have a deal with selling a property especially when you don't know how and where to start.

Hence, here are steps to guide you with your preparations.

1. Evaluate the status of an inherited real estate property.

Identify the legal heirs, the assigned executor or administrator who will handle or pay off taxes and bills in order to determine the actual value of the property prior to selling. Most inherited properties are passed down either through a probate process or non-probate inheritances.

Probate Process in North Carolina

Probate is a court-supervised process that transfers the assets of someone who has died to someone else. The court will assign an executor (if there is one named in a will, most often one of the heirs) or appoint an administrator (if there is no legal will) to help with the probate process. This typically includes collecting assets, paying off any debts and liabilities and distributing the remaining assets to any beneficiaries. Probate will also oversee the potential sale of any inherited properties.

When there is no will on record or when assets and property have not been assigned in the will on file, the probate process used to distribute property and assets is called intestate succession. Without a will, some or all of the assets will be distributed to the remaining relatives based on relationship. The order in which debts must be paid and the distribution to heirs is determined by the North Carolina intestate succession laws.

How much does a Probate process cost?

The cost of the process depends on factors such as the property's value, the complexity of the court process, and other miscellaneous costs of administration.

• Probate Attorney Fee: This is optional. The executor may handle the process on his own or may utilize the services of a probate lawyer to simplify the inheritance process. The fees will depend on the the size of the estate, and the nature of the assets and claims against the estate.
• Court costs: Main expenses includes the filing fee, probate fee, the appointment of the executor and executor fee, and the cost of all certificates issued by the court.
• Property Assessment Fee: If you wish to sell the inherited property while on probate, you or your representative are obligated to evaluate the property to list it on the real estate market and then sell the property with the distribution of funds among the heirs.

What are the steps in probate or intestate process? Here's an overview.

1. The inheritor will file a petition at the probate court with the death certificate of the owner, along with the will (if there is one) and other supporting documents; If there is no legal will made by the deceased owner, the inheritor requests the court to appoint an administrator to supervise the property. Note that when filing for a probate process, you need to consider the expenses or probate fees.
2. Hearing on probate petition.
3. Court determines validity and approves the will.
4. Court will assign and approves executor; or for intestate cases, the court will assign an administrator.
5. Executor or Administrator identifies the value of the estate or estate inventory, gives public notice to creditors and pays debt, bills and taxes and other liability claims, and also supervise potential sale of the property.
6. Petition for Final Distribution.
7. Distribution of Assets. Executor or administrator distributes assets to approved legal heirs and/or to the new legal owner of the property.

Non-Probate North Carolina Inheritances:

Probate isn't always required after a death; it depends on what the deceased  person owned and the value of the property. Probate court proceedings are required only if the deceased person owned assets in his or her name alone. Other assets can usually be transferred to their new owners without probate.

Examples of common assets that do not need to go through probate include:

• Assets the deceased person owned in joint tenancy, which pass automatically to the surviving owner like real estate property that the deceased person owned with his or her spouse in "tenancy by the entirety."
• Assets with Transfer Death deed or Beneficiary Deed: This type of payable-on-death deed is a simpler way to inherit a property. You will immediately take over ownership of the property you inherited and avoid the hassle of probate. You can also sell the inherited home as soon as you are ready.
• Assets held in a Living Trust: Another simple way to inherit a property is through a living trust. This is a legal document that lists your parents as the trustees of their home and assets, and names you as the beneficiary. The trustees may outline in the trust which person will make the final decisions surrounding the sale of the home if there are many beneficiaries.
• Summary Probate: North Carolina offers a simplified probate procedure, called summary probate, if the only surviving beneficiary (person named in the will to inherit) or heir (person who has the legal right to inherit under state law if there's no will) is the surviving spouse of the decedent. The spouse files a petition with the court, along with the will and any supporting evidence. The court clerk enters an order that no further probate proceeding is necessary. The surviving spouse presents a certified copy of this order and collects the property.

2. Identify the Executor or Administrator who will handle the Sale

Can you sell a property while on probate? Yes. Just determine who holds the legal responsibility to handle the sale transaction, which is either the executor or the assigned administrator.

If you are appointed executor, the court will issue a document called "Letters Testamentary" and if you are appointed as administrator, you'll receive "Letter of Administration" which gives you authority and responsibility to handle real estate transactions including sale in the market.

If the property is in a trust, the trustee holds this same power.

3. Pay off Taxes, Debt and Bills

One of the first jobs of the executor or administrator is to publish a notice of the probate proceeding to the public or deliver a notice to creditors about how, when, and where they can file claims against the estate.

• Mortgage Debt: The executor or administrator may execute the transfer of the mortgage ownership with legal formalities or sell the assets to pay off the outstanding dues and other owner's debt, and/or ask the mortgage lender to foreclose the property to recover the dues.
• Funeral and burial expenses.
• Capital Gains Taxes on Inherited Home: It is only paid while selling the property and not while inheriting it. These taxes are levied on a stepped-up basis by the IRS (Internal Revenue Service) authority.
• Federal Estate Tax (ONLY applies to estates exceeding $11.4 million): It is due nine months after death. The tax basis is the gross value of an entire estate including half of the value of property owned with someone else. The marital deduction allows property and assets left to the spouse to be exempt from the federal estate tax.
• Individual Federal & State Income Tax: This is due by Tax Day the year following death which we normally  do as individuals each year. In accordance to the IRS, "All income up to the date of death must be reported and all credits and deductions to which the decedent is entitled may be claimed."
• Federal Estate Income Tax: This is due by April 15 the year following the death. If the decedent has an estate that generates an annual gross income more than $600, then they are separate taxable entities. You need to order a tax ID number for the estate to file it as a separate taxable entity using IRS Form 1041 in filing estate income tax returns.
• Federal Trust Income: It is due by April 15 the year following death. The trusts must file Form 1041 each year it has $600 in income or has a beneficiary who is a non-resident alien.
• No Estate Tax in North Carolina

4. Condition the Inherited house for Market Value

Ideally, it's recommended to work on the repairs before selling the house. If you want to sell the inherited property against some quick cash in order to pay off debts or any mortgage on that property. Then, in that case, it is suggestible to bare the minimum amount on the condition of the property in order to get the most comparative market price.

5. Market the Property

Like any other real estate property, there are multiple avenues the executor or administrator can take to sell it. While you may sell the home on your own, you can also lessen your burden of the tasks done when selling by hiring a real estate agent with experience and knowledge.

To search Homes for Sale in Wilmington, NC, click here.

Wondering what your home could sell for? Click here for a Free Instant Home Value Report.

We Can Help!

Are you looking for the best real estate agency in Wilmington, NC? When choosing a real estate agent, be sure to go with someone who has the expert knowledge of listing and selling property.  The Regina Drury Real Estate Group has that and more.  We are a Full-Time real estate company in Wilmington, NC; our crew can provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression.  Contact us today to talk more about your real estate needs. 

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Here's a List of Fun and Exciting Things to Do in November in the Wilmington, NC Area.

The holiday cheers and chills are around the corner. It just less than two months until New Year, and it's this time in November to transition into the merry and bright season. Here are fun things to do and exciting events to go to in Wilmington, NC and nearby.

November 4, 2022 Friday

A Night with Kites

• 7:00PM-9:00PM at the Courtyard by Marriott in Carolina Beach
• For updates, visit their Facebook page.

November 5, 2022 Saturday

9th Annual Taste of Wrightsville Beach

• 5:00PM-8:00PM at the Bluewater Grill Parking Lot, Wrightsville Beach
• Tickets priced at $25 each for under 21yrs of age, $75 each for general admission advanced purchase or $100 at door if available.
• More event info here. For tickets, click here.

Cape Fear Kite Festival

• 10:00AM-4:00PM at the Fort Fisher State Recreation Area, Kure Beach, NC 28449
• FREE event for two days, November 5-6.
• Know the more details here.

Southport Holly Days Arts and Crafts Show

• 9:00AM-4:00PM at the Southport Baptist Church CMC Building 200 N. Howe Street.
• FREE admission.
• Early holiday shopping for your gifts and giveaways and much more. 

Polish Festival

• 11:00AM-5:00PM at 4849 Castle Hayne Rd, Castle Hayne 28429
• Admission and Parking are FREE.
• Experience a day of Polish food, dancing, and fun.

November 16-20,2022 Wednesday to Sunday

Cucalorus Film Festival

• Film screenings take place at Thalian Hall, Wilmington, NC
• See schedules here.
• For festival passes and tickets, click here.

November 18, 2022 Friday

Cape Fear Festival of Trees

• 9:00AM-5:00PM until January 2, 2023 Monday at the NC Aquarium at Fort Fisher, Kure Beach, NC.
• Closed on Thanksgiving and Christmas Day
• Aquarium admission gets you access to the festival.

November 25, 2022 Friday

Downtown Holiday Tree Lighting

• 5:30PM at Market and Water Streets.
• This annual tradition never fades. FREE photo op with Santa following the tree lighting countdown.
• FREE Admission. FREE hot cocoa while supplies last.

Island of Lights Lighting at the Lake

• 7:00PM at the intesection of Atlanta Ave and Lake Park Blvd in Carolina Beach, NC.
• FREE to the public.
• Know more here.

November 26, 2022 Saturday

Christmas by the Sea

• 5:00PM at the Carolina Beach Boardwalk
• Saturdays on December 3, 10 and 17, 2022
• Read more here.

NC Holiday Flotilla at Wrightsville Beach

• 10:00AM-4:00PM Day in the Park at the Town Complex
• 6:00PM - Boat parade begins
• Fireworks after the boat parade.
• See event details and map here.

Enjoy this month of Thanksgiving and welcome the season of cheer with a grateful heart. Remember to take photos and create memories. Have fun!

To search Homes for Sale in Wilmington, NC, click here.

Wondering what your home could sell for? Click here for a Free Instant Home Value Report.

We Can Help!

Are you looking for the best real estate agency in Wilmington, NC? When choosing a real estate agent, be sure to go with someone who has the expert knowledge of listing and selling property.  The Regina Drury Real Estate Group has that and more.  We are a Full-Time real estate company in Wilmington, NC; our crew can provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression.  Contact us today to talk more about your real estate needs. 

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Are You Eligible to Buy a Property in the Philippines?

As a US citizen, overseas investment is enticing due to the high exchange rate of dollars to another country's local currency. If you are considering to purchase a property in the Philippines, here are the things you need to know.

Owning a House

Good news, yes, a US citizen can own a house. Provided you have a valid visa, you may buy a property in the Philippines and allowed to own a residence. Unfortunately, as an individual, you cannot buy and own the land where it is built upon. You will need to enter in a long-term lease agreement with a Filipino landowner.

Buying the Land

How can a US citizen buy the land where the residential houses or buildings are situated? As covered by the Philippine law, land ownership is exclusive and limited to Filipinos only. However, there are various and legal ways to purchase the land.

1. The property was acquired before the 1935 Constitution.
2. Acquisition through hereditary succession.
   • The order of hereditary succession under Philippines law is covered below
     1. Legitimate children or descendants of the deceased;
     2. Legitimate parents or ascendants;
     3. Illegitimate children or descendants;
     4. Surviving spouse;
     5. Siblings, nephews, and nieces;
     6. Other collateral relatives within the fifth degree; and finally,
     7. The State (Philippines).
3. Purchase of a condominium unit
   • Under the Condominium Act of the Philippines, foreign citizens are allowed to buy condo units in any condominium project, as long as foreign ownership of that project does not exceed 40%.
   • The land where the condominium unit is built is not owned as an individual but as a Condominium Corporation.
4. Purchase of land by corporation
   • Creating a domestic corporation with 40% foreign ownership and with at least 60% Filipino ownership can be done.
   • This corporation must be registered and approved first by the Securities and Exchange Commission prior to acquiring any real estate property as an entity.
   • Upon dissolution of the corporation, the land may be sold and cash proceeds are distributed proportionately to the owners including the foreigner.
5. Purchase by a foreigner married to a Filipino
   • The foreigner is allowed to buy land and his/her name is included in the Contract or Deed of Sale.
   • But only the Filipino spouse in registered in the Transfer Certificate of Title (TCT) or the land title.
   • In the event of death, the foreign spouse becomes the natural heir and still not allowed to own the land. Therefore the property has to be disposed within reasonable period and collect the proceeds of the sale, pass on ownership to the children or legal heirs, or if childless, pass on ownership to the Filipino spouse's relatives.
6. Land ownership as a natural-born Filipino foreigner
   • Those who have dual citizenship
   • Those naturalized under the Philippines' Naturalization Law
     • There are limitations to land ownership as a natural-born citizen.
       1. For residential use: 1,000 sqm (10,764sqft) of urban land OR 1 hectare (24,710 acre) of rural land;
       2. For acquisition to be used for business or commerce: 5,000 sqm (53,819sqft) of urban land or 3 hectares (71,131acre) of rural land.

It is best to transact with a licensed real estate brokers or agent when buying a property. You also have the option to get a practicing real estate lawyer for legal matters.

Festivals In The Philippines

The Philippines, known as the Fiesta Capital of the World, has a rich and diverse culture considering it is composed of 7,641 islands with vast history of colonization and native ancestries. With more than 42,000 major and minor festivals, a lot of these can be attributed to Catholicism wherein for every patron saint there is a celebration and it happens across the country throughout the year. Apart from these religious and pious celebrations, there are also festivals for the town's charter rooted from the indigenous ceremonies and ritual offerings as thanksgiving and reverence to Bathala (the Supreme Being) and to ward off bad fortune and negative spirits. These festivities are unique to each place yet share the common traits of faith, nationalism, family bonding, and industriousness to name a few.

Colorful Festivals To See and Visit

Filipinos take months of practice and discipline in preparation for these big festivals. The parades are usually a line up of group performers for the street dancing. Each group wears different costumes full of vibrant colors and body paints.

Here are some of the colorful festivals in the Philippines to see and visit.

January is a month not to miss. There are three major festivals to look out for the weekends.

1.  Ati-Atihan Festival 
   • a.k.a The Mother of All Philippine Festivals.
   • locally means "to be like Aetas" (Aklan provinces' natives)
   • every 3rd Sunday of January in honor to its patron, Sto. Niño of the Child Jesus
   • celebrated in Kalibo, province of Aklan, Philippines
     • near to the island of Boracay, a popular tourist destination for beach lovers
   • 

   • Photo credits Philippines Treasures

2.  Sinulog Festival
   • a.k.a Sto. Niño Festival
   • locally means "movements of the river"
   • every 3rd Sunday of January in honor to its patron, Sto. Niño of the Child Jesus
   • celebrated in Cebu City, province of Cebu, Philippines
     • main access point for road trips to a number of tourist destinations in the province
   • 

   • Photo Credits GMAnetwork.com

3. Dinagyang Festival
   • one of the biggest and best festivals
   • extrapolated from the word dagyang which locally means "merrymaking"
   • every 4th Sunday of January also in honor to Sto. Niño of the Child Jesus and a celebration of the pact between Datus (chieftains) and the locals
   • celebrated in Iloilo City, province of Iloilo, Philippines
     • entry point to various island beaches to visit and tour; road trip to Roxas City for oysters and scallops
   • 

   • Photo Credits King Erlano; courtesy of Iloilo City Tourism & Dev't Office

February is a month of love. If you love flowers and cold weather then this festival is a must go to.

1. Panagbenga Festival
   • a.k.a Flower Festival
   • locally means "season of blooming"
   • a month long annual celebration every February; so better check on the dates of the actual parade
   • celebrated in Baguio City, province of Benguet, Philippines
     • go tour the strawberry farm and the scenic forest and mountain views with the cold breeze on your skin
   • 

   • Photo Credits philstar and rappler; courtesy of MNLtoday.ph

Welcome March with a sunny bloom.

1. Sunflower Festival
   
   • a commemoration of the cityhood of Ligao
   • every 24th of March  to showcase the abundance of sunflowers that grows along Kawa-Kawa Natural Park
   • celebrated in Ligao City, province of Albay, Philippines
     • have a tour to neighboring cities and take a snap of the perfect volcanic cone of Mt. Mayon
   • 

   • Photo Credits LigaoCity.Albay.Gov.ph

In between March and April, whenever the Holy Week falls, these two festivals are to look out for in the season of Lent. The Philippines, being dominated mostly by Roman Catholics, commemorates the events of the Passion of Christ.

1. Moriones Festival
   
   • a dramatization of the story of Longinus, the blind soldier whose sight was restored by the blood of Christ.
   • the word Morion refers to "masks", Moriones are the local residents who dress up in costumes of Roman soldier
   • during Holy Week dates
   • celebrated in Mogpog in the province of Marinduque, Philippines
     • take side trips to visit white sand beaches, cave spelunking, and spring water healing
   • 

   • Photo Credits Philippine News Agency

2. Centurion Festival
   
   • features colorful floats and costumes; a celebration of God's protection when the early settlers of Pinamalayan encountered a terrible weather during their voyage
   • during Holy Week dates
   • celebrated in General Luna in the province of Quezon, Philippines
     • adjacent island to Marinduque
   • 

   • Photo credits Department of Tourism Calabarzon Office

May is quite a busy month since it is also Flores de Mayo for Catholics, and a whole month fiesta in the province of Bohol. Here's one of the biggest and most colorful festival in the country for this month.

1. Pahiyas Festival
   • a celebration in thanksgiving for a bountiful harvest wherein the facades of the townsfolk's homes are adorned with fruits, vegetables and flowers from nature.
   • every 15th of May
   • held in the municipality of Lucban, province of Quezon, Philippines
     • have a taste of their Pancit Lucban (noodle dish) & Lucban Longganisa (sausage)

   • 

   • Photo credits businessdiary.com.ph   

For June, how about a visit to where U.S. General Douglas McArthur landed on his return to the Philippines during World War II?

1. Pintados-Kasadyaan Festival
   
   • dancers paint their bodies the tattoo resemblance of the armor worn by warriors of the past.
   • Pinta locally means "paint"
   • every 29th of June
   • held in Tacloban City, province of Leyte, Philippines
     • take a side trip to the country's longest bridge, and to the monumental park of Gen. McArthur
   • 

   • Photo Credits Caravan Indie

July is an exciting month since this festival below is a month-long festivity.

1. Sandugo Festival
   • a commemoration of the blood compact (sandugo) of Miguel Lopez de Legazpi and Rajah Sikatuna during the Spanish regime.
   • whole month of July, so visit Bohol Tourism Facebook page for the parade dates.
   • celebrated in Tagbilaran City, province of Bohol, Philippines 
     • take a tour to see the Tarsier, have a photo with the Chocolate hills in your background, visit a honey bee farm, dine in a floating restaurant, and enjoy the beaches of Bohol
   • 

   • Photo Credits Lourd Pocon; courtesy of Bohol Tourism Ph

Being blessed with agriculture, Filipinos really celebrate giving thanks for the bounty of harvest. That is what most Philippine festivals are also about, and each to its own products. How about a visit to places where you can eat fruits as much as you can every August?

1. Kadayawan Festival
   
   • a celebration of the rich Mindanaoan culture, thanksgiving for the gifts of nature and the bounty of harvests.
   • every 3rd week of August highlighting the 11 indigenous tribes in the city
   • held in Davao City, province of Davao del Sur, Philippines
     • must go and see the Philippine Eagle, experience the cold breeze of Mt. Apo (the Philippines' highest mountain), and have a taste of Davao's durian fruit
   • 

   • Photo Credits Kadayawan sa Davao

2. Timpupo Festival
   
   • celebrating the abundance of harvests of the finest produce in the city.
   • eat all you can fruits such as mangosteen, durian and lanzones
   • every 3rd week of August
   • held in Kidapawan City, province of Cotabato (just 2-3hrs from Davao City)
   • 

   • Photo Credits Kidapawancity.gov.ph

If you are a fish lover, Tuna to be specific, then you'll enjoy this festival. Plus if you are an avid Manny Pacquiao fan, you might have a chance to see him around his hometown.

1. Tuna Festival
   • a grand celebration of the city's charter and of its bountiful sea blessings of the finest yellow fin tuna.
   • every 1st week of September
   • held in General Santos City, province of South Cotabato, Philippines
   • 

   • Photo Credits Primer.com.ph

Entering the last quarter of the year, there is still a festival or two you surely have to go this October.

1. MassKara Festival
   • showcases the radiant smiles worn by Filipinos during the time of crisis
   • every 4th Sunday of October
   • celebrated in Bacolod City, province of Negros Occidental, Philippines
     • discover The Ruins by taking a heritage tour or go for a beach escapade
   • 

   • Photo Credits Masskara.com.ph

2. Lanzones Festival
   
   • a week-long celebration of the generous harvest of the Lanzones fruit
   • usually every 3rd week of October
   • held in Mambajao City, island province of Camiguin, Philippines
     • you can round trip the island in just one day though you will definitely extend the stay to explore the springs, waterfalls, beaches and islands; plus there's a scuba diving site or three to see
   • 

   • Photo Credits Lanzones Festival

Go big on a November trip and heads up to this festival.

1. Higantes Festival
   • a pious celebration in honor to the patron Saint Clement
   • usually the parade is scheduled on the Sunday before the town feast on November 23
   • held in Angono, Rizal (the art capital of the Philippines and producer of local clothes)
   • 

   • Photo Credits GMAnetwork

Surely you don't want to miss seeing Christmas decors and lights on the month of December.

1. Giant Lantern Festival
   • the fest is a competition of huge parol lanterns, thus the place become known as the Christmas Capital of the Philippines
   • annually held in mid-December
   • celebrated at San Fernando City, province of Pampanga, Philippines
     • try the local cuisine, it's one of the best in the country
   • 

   • Photo Credits Bong Lacson; courtesy of punto.com.ph

Whatever month you plan to visit the Philippines, there is surely a festival waiting for you.

To search Homes for Sale in Wilmington, NC, click here.

Wondering what your home could sell for? Click here for a Free Instant Home Value Report.

We Can Help!

Are you looking for the best real estate agency in Wilmington, NC? When choosing a real estate agent, be sure to go with someone who has the expert knowledge of listing and selling property.  The Regina Drury Real Estate Group has that and more.  We are a Full-Time real estate company in Wilmington, NC; our crew can provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression.  Contact us today to talk more about your real estate needs. 

Contact Us

Where To Go For A Halloween Weekend?

Are you ready for another terrifying and spooky experience this year? Here is a list of places to go to for a Halloween weekend road trip, and for a few local things to do.

Halloween Road Trip Destinations

Pack up for the weekend and shortly leave Wilmington, NC. Take the wheels and hit off to these Halloween attractions and theme parks.

Busch Gardens in Williamsburg, VA

• 4.5 hours travel; 300 miles
• Ticket price varies per event and tour.
• Daytime Halloween fun for kids of all ages.
• Screams and terror begins at dark for adults.
• For tickets and more info, click here.

Kings Dominion in Doswell, VA

• 4.2 hours travel; 280 miles
• A lot to do with more than 60 rides, attractions, shows, and a waterpark.
• Get your tickets here.

Carowinds in Charlotte, North Carolina

• 4.2 hours travel; 275 miles
• Choose from almost 60 world-class rides, waterpark, live entertainment and more.
• Book your tickets and know more info, click here.

Panic Attack Haunted Attraction in Nakina, North Carolina

• 1.2 hours drive; 63 miles
• Let your heart race, and scream to your content.
• Price varies from $30 to $70. Ages 2 and under are free.
• Buy your tickets here.

Local Things To Do in Wilmington, NC

Haunted Pub Crawl

Go on an adventure to some of the city's well-known pubs as you hoist a beer or two, and hear tales of murder, love, and more!

• October schedule is Wednesday-Saturday at 7:30PM.
• Admission is $22.50 plus tax
• Featured on the History Channel, Discovery Channel and Haunted TAPS.
• LIMITED TOURS. For tickets and more info, click here.

Ghost Walk of Old Wilmington

Experience chills and thrills in the city's haunted homes and burial grounds, and possibly even have an actual encounter!

• October schedule is Monday-Sunday at 6:30PM and 8:30PM.
• Ticket price varies from $15 to $17, tax not yet included. Children 6 & under are free.
• Included in the "Top 5 Ghost Walk in America" USA Today
• LIMITED TOURS. Get your tickets here.

Halloween Carriage Ride

Be in your costumes, go giddyup, and listen to child-friendly ghost stories while touring past the historic places in downtown Wilmington.

• October 28-31, 2022 at 6:00PM-10:00PM.
• No reservation. Tickets: $14 per adult; $6 per child under 12. Free treats for children.
• Tours start on Market Street, between Water & Front Streets downtown Wilmington, NC.
• For Tickets, call (910) 251-8889.
• For more details, visit their website here.

Ghostbusters Movie in the Park at Wrightsville Beach

When there's something strange in the neighborhood, who you gonna call? Ghostbusters! Enjoy a movie date with the whole family.

• October 28, 2022 Friday at 6:30PM.
• Admission is FREE.
• Bring your picnic blankets and lawn chairs.
• Concessions will be available for purchase.
• More info, click here.

Lantern and Lore Walking Tour in Wilmington, NC

Discover and rediscover the local lore. Walk down dark alleys, secret nooks and private yards of historic homes.

• October 28-31, 2022 at 7:00PM-8:30PM.
• Ticket is $15 each. LIMITED AVAILABILITY.
• For updates and tickets, click here.

Have a Happy Halloween!

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Home for Sale in Wilmington, NC

Fall in love with this beautiful 4-bedroom home with a bonus room, and a fenced-in yard. 161 Tributary Circle in Wilmington, NC is a great find that's near to the airport, downtown Wilmington, and Wrightsville beach.

To view all the details of this property including more photos and information, Click Here.

House Tour on YouTube!

Come on in and experience 161 Tributary Circle with me.

What are the Features of 161 Tributary Circle?

• 4 Bedrooms

• 2 Bathrooms

• 2 Car Garage

• Bonus Room

• Huge Kitchen Island Counter

• Covered Porch

• Fenced-In Yard

• Near to the Wilmington International Airport

• Near to the Downtown Wilmington Area

• 15-20 minutes to Wrightsville Beach

4 Bedroom, 2 Bathroom Home in Wilmington, NC

Spacious master bedroom that fits a king-size bed. Master bathroom has separate sinks, a shower, and a large walk-in closet.

2 Car Garage

Perfectly fit your family's vehicles inside and shield it from harsh weather conditions.

Bonus Room

This room upstairs is great for movie room, office, or another extra bedroom for the family and guests.

Huge Kitchen Island Counter

Make cooking experience a lot more fun having your kids watch and learn, or involving them at a young age.

Covered Porch

Enjoy your early mornings or late afternoons at the covered area in your backyard.

Fenced-In Yard

Keeps your family safe and your gatherings private.

Accessible to the Wilmington International Airport

Saves you time from traffic when going out of town for a holiday or vacation.

Near to the Downtown Wilmington Area

Spend family weekends and dinner nights in the Downtown Wilmington area just minutes away.

15-20 minutes to Wrightsville Beach

Drive anytime you like it going to the beach just 15-20 minutes away.

4 Bedrooms

2 Bathrooms

2 Car Garage

Bonus Room

Huge Kitchen Island Counter

Covered Porch

Fenced-In Yard

Near to the Wilmington International Airport

Near to the Downtown Wilmington Area

15-20 minutes to Wrightsville Beach

Schedule a private showing of 161 Tributary Cir, Wilmington, NC 28401. Contact Regina Drury 910-232-4919.

To search more Homes for Sale in Wilmington, NC, click here.

Wondering what your home could sell for? Click here for a Free Instant Home Value Report.

To view all the details of this property (including more photos), click here.

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Are you looking for the best real estate agency in Wilmington, NC? When choosing a real estate agent, be sure to go with someone who has the expert knowledge of listing and selling property.  The Regina Drury Real Estate Group has that and more.  We are a Full-Time real estate company in Wilmington, NC; our crew can provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression.  Contact us today to talk more about your real estate needs. 

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Home for Sale in Wilmington, NC

This adorable 3-bedroom home is one you don't wanna miss. 6016 Chancellorsville Dr in Wilmington, NC is just approximately 10 minutes away to the must-visit and stunning Carolina Beach. Definitely, a beach lover's delight!

To view all the details of this property including more photos and information, Click Here.

House Tour on YouTube!

Walkthrough with me and you'll absolutely love this home at 6016 Chancellorsville Drive.

What are the Features of 6016 Chancellorsville Drive?

• 3 Bedrooms

• 2 Bathrooms

• 2 Car Garage

• Sunroom

• Front Porch

• Vaulted Ceiling

• Hardwood Floors Throughout

• Kitchen Island

• Approximately 10 minutes to Carolina Beach

3 Bedroom, 2 Bathroom home in Wilmington, NC

Tray ceiling master bedroom with dual sink, linen closet and shower.

2 Car Garage

Utilize the other half as parking and the other half as storage space. It's a double win.

Sunroom

Picture yourself drinking your morning coffee or cozying with a good book in the afternoon.

Vaulted Ceiling

Allow in more natural light and have a spacious feeling with this vaulted ceiling home feature.

Hardwood Floors Throughout

Solid hardwood flooring all over the house making it easy to maintain and clean.

Kitchen Island

Additional seating and storage in your kitchen.

Approximately 10 Minutes Away to Carolina Beach

An advantage to see the beach sunrise and sunset anytime you want to.

3 Bedrooms

2 Bathrooms

2 Car Garage

Sunroom

Front Porch

Vaulted Ceiling

Hardwood Floors Throughout

Kitchen Island

Approximately 10 minutes to Carolina Beach

Schedule a private showing of 6016 Chancellorsville Dr, Wilmington, NC 28409. Contact Regina Drury 910-232-4919.

To search more Homes for Sale in Wilmington, NC, click here.

Wondering what your home could sell for? Click here for a Free Instant Home Value Report.

To view all the details of this property (including more photos), click here.

We Can Help!

Are you looking for the best real estate agency in Wilmington, NC? When choosing a real estate agent, be sure to go with someone who has the expert knowledge of listing and selling property.  The Regina Drury Real Estate Group has that and more.  We are a Full-Time real estate company in Wilmington, NC; our crew can provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression.  Contact us today to talk more about your real estate needs. 

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Thinking of Becoming a Landlord?

Property ownership and real estate investment are good means of increasing wealth on a long-term view. Are you giving thought to turning your primary residence into a rental property? You need to consider several most important things before taking the role of a property investor and landlord—with emphasis on tax.

What legal issues do I need to know in converting a primary home into a rental?

If you have full possession of the property as it is paid in cash, you can absolutely do what you intend to with the home provided that the HOA allows renting it out. It is good to review and read the Covenants, Conditions, and Restrictions (CC&Rs) of the community.

If the home is still under a loan, it is imperative to check your original mortgage documents. The terms of your loan would specifically indicate the intended use of the property. So if the lender has it on record that it is occupied for your primary residence, you are not allowed to use it as rental after the purchase. Certain loans also require a specified number of years in using it as a primary home before you are allowed to utilize it as an investment property. Failure to meet the agreement may be considered as bank fraud, and lead to prison.

A safe strategy which can be done is by refinancing your home and changing the owner-occupied loan with an investment property loan, wherein the latter has higher rates.

How do I qualify for tax benefits when selling a primary residence?

Homeowners have taken advantage of the Section 121 exclusion to exclude up to $250,000 in profit from the sale of the main home (or $500,000 if married filing jointly) as long as you must have owned and lived in the home for a minimum of two years—within the past five years prior to the date of sale. These two years do not need to be consecutive. You could have lived there in 2018, then in 2020, and sell the house in 2022.

Example 1: Rox purchased her house in 2019 for $180,000. She moved out of the state in 2020, and moved back in residing her primary residence in 2021. She sold the house for $350,000 in 2022. Her profit of $170,000 is not taxable.

Example 2: Ron purchased his home in 2015 for $195,000. The property sold for $465,000 in 2022. He has a tax exclusion of $250,000. The $20,000 gains will be taxed.

Example 3: John and Alice bought their home in May 2008 for $290,000. They sold it in May 2022 for $780,000. Their total gains is less that $500,000, so none of their profit is taxable.

Example 4: Ann and Mark got their house in August 2008 for $350,000 and sold it in August 2022 for $1,150,000. They have a total gain of $800,000. They availed the $500,000 tax exclusion benefits, thus the $300,000 will be taxed at long-term capital gains rates. (If they made valuable improvements, those costs can feasibly be added to the $350,000 purchase price and in effect reduce the taxable income.)

What is the tax impact of turning a primary home into a rental?

Purchasing a new home and moving in, homeowners commonly have two income opportunities for their existing property: to sell or to use it as a rental property. While the idea of receiving passing monthly rental income is appealing, converting your home to a rental can have a consequential tax impact by the time you decide to sell.

Example 5: (from Example 3 scenario) Instead of selling for in May 2022. John and Alice decided to turn their house into a rental. After two years, they no longer want to be landlords and opted to sell their home in May 2024 for $780,000. They still qualify for Section 121 exclusion since they have lived in the home (May 2020-2022) within the past five years. The only income to be reported is the depreciation recapture taken during the rental period.

Example 6: John and Alice continued on renting their home for four years, and sold the property for $780,000 in May 2026. They no longer qualify for the exclusion since they only have resided for one of the past five years. The entire $490,000 profit from the sale will be taxable. There is also a need to recapture any depreciation that was taken during the four years rental.

John and Alice decision in Example 6 has resulted in a higher tax bill compared to when they decided to sell earlier or to sell after only a few years of renting out the property keeping in mind the 2-out-of-5 years home sale exclusion rule.

What approach can I take for real estate that was converted into a rental property?

Owners have the approach below to consider when their homes have been used as rental property:

1. Re-gain exclusion by moving back into the property. 

Example 7: Dan and Diane purchased their home in July 2015 for $200,000 and used it as rental a year after. In July 2020, they decided to sell their house. All gains will be included in the taxable income because the home was used as rental for 4 years in the past 5-year period.

They opted to move back in July 2020 and sell it in July 2022 for $600,000. They can now avail the tax benefits because they have used the home as their primary residence for two years of the last five years in the Section 121 exclusion rule.

In July 2022, they had three years qualified use as a personal residence and four years of non-qualified use as a rental home. The $400,000 of profit will be prorated. $400,000 x 43% = $172,000 can be excluded, and $400,000 x 57%=$228,000 cannot be excluded.

Also, all deprecation during the four years as a rental will be part of the taxable income when the house is sold.

The approach to move back into their home for two years allowed Dan and Diane to exclude some of their gains from their ownership period.

2. Continue renting out until qualifying for a Step-Up in Cost Basis

When the owner of an asset dies, that asset is qualified for a complete step-up in cost basis. Any profit that may have been included in taxable income are erased, and the cost basis is "reset."

Example 8: Dan and Diane continued renting out the property. They lived in California and Dan is in critical condition. Dan dies in July 2022 when the house has a value of $600,000. Diane receives a complete step-up in cost basis. The home is treated as if Diane has purchased the house for $600,000. She can sell it as is with no taxable income imposed.

The example above assumes the owners are in a community property state. Otherwise if they are in a common law state, they would possibly not receive a full step-up in cost basis. Owners of rental properties also receive a step-up in any deprecation taken in and included to the capital gains, which gives additional tax benefit.

3. Section 1031 Exchange into a Different Rental Property

If the owner decides to no longer rent out his current property, but still wants to acquire a rental property. The taxpayer can defer taxes with a Section 1031 Exchange. This is a complicated process and it would be best to work with a knowledgeable broker. This approach can only be made between rental properties.

Conclusion

A rental property is appealing particularly if the rent offers a substantial extra income. Profitability is always a key factor to consider along with the desire to be a landlord. Instead of impulsively deciding to turn your primary home into a rental, take into consideration the numbers bearing in mind the home sale tax exclusion rule and the opportunity cost. 

If you need help in the computation and professional advice from a landlord and broker, let's discuss it.

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Fall Season Events and Things To Do In and Around Wilmington NC

It's the season again for foliage and harvest festivals. Here are activities to do and events you can go to this October 2022 in Wilmington, NC and close by.

October 1, 2022 Saturday

Fall Farmer and Artisan Market in Poplar Grove, Wilmington, NC

• 8:00AM to 1:00PM
• For more info, visit their events post here.

2nd Annual GB Dunn Memorial Car Show in Wilmington, NC

• 9:00AM
• Check updates and details here.

Fall Craft Market in the Gardens in 224 Market St., Wilmington, NC

• 9:000AM to 3:00PM
• Admission is FREE.
• Event details through this link.

Fall Family Day in Long Leaf Park, Wilmington, NC

• 10:00AM to 2:00PM
• FREE to All Families.
• More details here.

Fall Festival in Belville Riverwalk Park, Belville, NC

• 10:00AM to 3:00PM
• FREE admission.
• For more info, click here.

Waterline's 7th Annual Oktoberfest in Wilmington, NC

• 1:00PM to 8:00PM
• Read more about the event, here.

Fall Fest at Humphrey Farm, Hubert, NC

• 2:00PM
• $5 per person.
• More info, here.

October 6, 2022 Thursday

Kids Consignment Sale - Super Hearts in Wilmington, NC

• 9:00AM-7:00PM
• For inquiries, call (919) 721-1689
• Visit their event post here.

October 8, 2022 Saturday

Open House at the Center for Marine Science in Wilmington, NC

• 10:00AM-2:00PM
• More details here.

Curated On Castle Outdoor Vintage Market in 604 Castle St., Wilmington, NC

• 10:00AM-2:00PM
• Check event details here.

October 15, 2022 Saturday

Downtown Riverfront Market in Dock St., Wilmington, NC

• 8:00AM-1:00PM
• Read more here.

Beachin' Car Show in 306 Lake Park Blvd S, Carolina Beach, NC

• 10:00AM-3:00PM
• FREE to the public. Registration fee for cars to compete is $20.
• For more info, click here.

Machine Gun Band Concert

• 4:00PM-7:00PM
• FREE
• Check concert details here.

October 22, 2022 Saturday

Tri-Mindfulness at Veg-Out Fest Wilmington, NC

• 10:00AM-1:00PM
• $25 to $35
• Learn more here.
• Tickets available here.

Peace Rose Fall Festival and Fun Run in Wilmington, NC

• 10:00AM-1:00PM
• $5 to $40*
• Info and tickets, click here.

Lake Fest 2022 in Wilmington, NC

• 10:00AM-2:00PM
• Free and Open to All.
• Fest details here.

Port Brunswick Day in Brunswick Town/Fort Anderson State Historic Site, Winnabow, NC

• 10:00AM-4:00PM
• Free and fun for all ages.
• Check more info here.

October 27, 2022 Thursday

2022 Brunswick County Fall Festival in Bolivia, NC

• 6:00PM-9:00PM
• Free.
• Event details here.

October 28, 2022 Friday

The Hodgetwins Live in Thalian Hall Center, Wilmington, NC

• 7:30PM
• $50 to $75*
• Tickets here.

October 29, 2022 Saturday

Paws & Claws Vendor Market in Wilmington, NC

• 1:00PM-5:00PM
• Know more about the event here.

October 29-30, 2022 Saturday-Sunday

Oktoberfest at CB Boardwalk, Carolina Beach, NC

• 11:00AM-5:00PM
• General admission is $10. Kids (10 and under) are $5.
• Get tickets here.
• More info here.

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Activities and Events to go to for Halloween 2022

It's that time of the year for some hair-raising experience, and for fun and enjoyable Halloween activities with family and friends in Wilmington, NC and around.

October 1, 2022 to October 31, 2022

Woods of Terror in Greensboro, NC

• Thursdays and Sundays 7:30PM-9:30PM; Fridays 7:30PM-10:30PM; Saturdays 6:30PM-11PM
• Tickets price range $30* to $75* ; No bags allowed of any kind; Parking is cash only from $5 to $20
• Get your tickets here or visit their page at Woods of Terror.

Kersey Valley Spooky Woods Haunted Attraction in Archdale, NC

• Fridays and Saturdays 8PM-11PM; Sundays 8PM-10PM
• Tickets are priced at $30* to $75* ; Parking is $10, preferred parking $20
• Book your tickets here.

October 1, 2022 Saturday

USS Battleship North Carolina Ghost Hunt in Wilmington, NC

• 8PM to 2AM
• $129 per person
• For booking and more info, click here.

October 7, 2022 Friday

Night Tour of the Burgwin-Wright House in 224 Market St., Wilmington, NC

• 8:30PM
• Fee is $14 plus tax per person.
• Advance registration is required. Please call (910) 762-0570 or visit event page here.

October 15, 2022 Saturday

4th Annual 4-H Pumpkin-Palooza in New Hanover County Extension Service Arboretum, Wilmington, NC

• 5:00PM to 6:00PM; 6:30PM to 7:30PM; 8:00PM to 9:00PM
• Tickets are $25 per carload (cars, minivans and trucks.) No large passenger vans, oversized trucks or recreational vehicles.
• Click here to purchase tickets.

October 16, 2022 Sunday

Halloween Scare Fair in Waterline Brewing Co., Downtown Wilmington, NC

• 2:00PM-6:00PM
• Local food trucks, live music, and the spookiest collection of local vendors.
• For more info, visit event page here.

October 22, 2022 Saturday

All Hallows in Tryon Palace Historic Sites and Gardens, New Bern, NC

• 10:00AM to 2:00PM
• FREE for children dressed in Halloween costumes (offer limited to ages 12 and under); $4 for ages 13-18; $10 for adults; Free for members of the Tryon Palace Foundation.
• Tickets can be purchased at the ticket desk in the North Carolina History Center, located at 529 S. Front St., or by calling (252)-639-3524
• For more info, click here.

2nd Annual 'Howl-o-ween' Costume Contest in Seagate Bottle Shop, Wilmington, NC

• 12:00NN to 4:00PM
• Admission: Donation of cat/dog food or 'Items Needed' list from New Hanover County Humane Society website.
• Know more about the event here.

5th Halloween Fest and Trunk or Treat in Humphrey Farm, Hubert, NC

• 3:00PM to 9:00PM
• $5 per person
• Learn more here.

Bull City BOOs Fest in Durham Central Park, Durham, NC

• 4:00PM to 10:00PM
• Tickets available here for $15 to $20.
• Check their event post for more info.

Port Brunswick...After Dark in Brunswick Town/Fort Anderson State Historic Site, Winnabow, NC

• 6:00PM to 8:00PM
• This event is FREE and all ages are welcome.
• Read more here.

October 27, 2022 Thursday

Mary's Art Explorers - Room on the Broom in Cameron Art Museum, Wilmington NC

• 10:00AM to 11:00 AM
• CAM Members: $3 per child/adult; Non-Members: $6 per child/adult; Children under 2 are free.
• Book a ticket here and see event's post here.

Dog Night in the BOO-tanical Garden in Cape Fear Botanical Garden, Fayetteville, NC

• 5:30PM to 9:00PM Thursday
• Tickets are from $7* to $12*
• Get your tickets here. Know more about the event here.

October 28-30, 2022 Friday to Sunday

Halloween in the BOO-tanical Garden in Cape Fear Botanical Garden, Fayetteville, NC

• 5:30PM to 9:00PM
• Tickets are from $7* to $12*
• Tickets available here. Read the event info here.

October 29, 2022 Saturday

Howl-O-Ween Pet Costume Party! in Coastal Paws, Wilmington, NC

• 12:00NN to 4:00PM
• No admission fee. Open for donations for the benefit of animal local shelters/rescues.
• Learn more about this event here.

Beary Not-So-Scary Halloween in Downton New Bern, NC

• 4:00PM
• Trick or Treating
• Keep updated for more details on their event post here.

Halloween Movie In the Park in Union Point Park, New Bern, NC

• 6:30PM-9:30PM
• FREE admission to watch The Adams Family 2
• For additional information, please call New Bern Parks and Recreation at (252)-639-2901
• Check out their event post here.

October 29-30, 2022 Saturday and Sunday

Goosebumps In The Grove in Poplar Grove, Wilmington, NC

• 10:00AM-5:00PM on Saturday; 10:00AM-4:00PM on Sunday
• $5 admission ages 2+ up, additional $5 for walkthrough of the Haunted Mansion
• For tickets, please call (910) 398-5673
• Know more info, click here.

Have a spooktecular October and be sure to take photos for keepsakes.

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