Hey BPer'sI am trying to understand the legal aspect of security deposits as it pertains to a trust account in North Carolina. 

Do not rely on it for legal advice.

This can lead to "renegotiation" demands at the closing:(Other Potential Issues to Consider:Being in the chain of title is also exposure to potential legal issues.Selling an assignment may be a violation of a state's real estate statutes.Wholesaling w/o a real estate broker's license may violate your state's statutes.I'm sure there are more...

As everyone should see from the above posts, investing in real estate, especially foreclosure and tax sales, REQUIRES a working knowledge of legal aspects that can possibly affect the purchase.  

Quote from @Bruce Woodruff: Quote from @Stetson Oates: I’m not an attorney so this is not legal advice!!!!

@Drew Sygit my strategy for now is to spend the next 6 months or so learning everything I can about real estate markets, properties, underwriting, financing, landlords, property management, construction, legal, insurance, and anything else that comes across my radar, all the while trying to make connections and build relationships within each of these areas to build a network and gain the confidence to sell lenders and investors on the very best deals I can come up with.

I'm saying that if you had the option of paying taxes on $50K or $21K, legally, all things being equal, which one would you pick? 

Ask legal counsel though.

So we would buy the aceage and since the legal descriptions still called out lot and block we would just start to deed out the lots to get them on the tax rolls and the Assessor would change the maps. 

Legal fees, if any7.