North Carolina § 46A-84 - Petition for revocation based on inadequate price.

§ 46A-84. Petition for revocation based on inadequate price.

In the case of a petition brought pursuant to G.S. 46A-83(a)(2)c., and when an independent appraisal of the property being sold has not been previously entered into evidence in the action, and upon the request of any party, the court may order an independent appraisal prepared by a real estate appraiser currently licensed by the North Carolina Appraisal Board and prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The cost of an independent appraisal shall be borne by one or more of the parties requesting the appraisal in such proportions as determined by the court. Before ruling on the petition brought pursuant to G.S. 46A-83(a)(2)c., the court may in its discretion require written evidence from the appraiser that the appraiser has been paid in full for the appraisal. If based on the appraisal and all of the evidence presented, the court finds the amount bid or price offered to be inadequate, inequitable, and resulting in irreparable damage to the owners, the court may revoke the order confirming the sale, order the withdrawal of the purchaser's high bid or offer, and order the return to the purchaser of any money or security tendered by the purchaser pursuant to the high bid or offer. History (1977, c. 833, s. 1; 1985, c. 626, ss. 3-7; 2001-271, s. 19; 2009-362, s. 4; 2009-512, s. 5; 2020-23, ss. 2(ii), 3.) Editor's Note. - This section is former G.S. 46-28(d1) , as recodified by Session Laws 2020-23, s. 2(ii), effective October 1, 2020, and applicable to partition proceedings commenced on or after that date. The historical citation from the former section has been added to this section as recodified. Session Laws 2020-23, s. 18, made the rewriting of this section by Session Laws 2020-23, s. 3, effective October 1, 2020, and applicable to partition proceedings commenced on or after that date. Effect of Amendments. - Session Laws 2009-362, s. 4, effective October 1, 2009, in subsection (a), in the introductory language, substituted "within 15 days of entry of the order confirming the partition sale or real property" for "an order confirming the partition sale of real property shall not become final and effective until 15 days after entered. At any time before the confirmation order becomes final and effective"; and added subsection (f). Session Laws 2020-23, s. 3 rewrote the section. For effective date and applicability, see editor's note.