Real Estate Closings in North Carolina - What You Need To Know
Real estate closings are handled differently in every state. The end result, though, is the same. The Seller and Buyer enter into a Contract; and the Seller transfers ownership of the property the Buyer at closing. It is the process that is different from state to state; and this can be confusing if you are accustomed to the process used in other states.
In North Carolina, closings are usually handled by attorneys who specialize in real estate. In many other states, closings are handled by title or escrow companies; and in those states, the title search might be farmed out to lawyers or real estate paralegals. Historically, because real estate attorneys are involved, title insurance premiums are low in NC compared to other states. When you add up the attorneys fee and the title insurance premium for a closing in North Carolina, the total is comparable and in most cases lower than in other states.
In North Carolina, the real estate attorney usually does quite a bit of work, including these things: reviews the sales contract, performs a title search that covers a 40 year time period, checks for liens and past due taxes, prepares a title report so that a title company will issue a title binder, reviews and prepares certain documents including a loan package, prepares a Settlement Statement, coordinates and conducts the actual closing, updates the title, records the Deed and Mortgage, prepares a final title report for issuance of a title insurance policy, reviews the title insurance policy and sends the original recorded Deed and other documents back to the buyer. In many other states, these different jobs are often farmed out by a title or escrow company; and many times, a lot of these different jobs have separate fees that can really add up.
Your real estate agent can give you the names of qualified closing attorneys in your area. Once you have a few names and recommendations, pick an attorney with these things in mind:
1. Hire a real estate lawyer based on his or her qualifications, experience and background - not based on the fee charged. If anything, a lower fee is an indication that your closing will be handled poorly or by a law firm that operates a real estate closing "factory". Buying real estate is a huge investment for most of us. Don't skimp on representation. The downside is too big of a risk.
2. Do not hire a lawyer to handle your real estate closing without speaking to him or her before you engage them to do the work. This is your opportunity to ask questions and raise any concerns that you have about the process. You might not speak to the lawyer again until closing, and that's OK. If you have spoken to the lawyer prior to the actual closing, though, he or she will take a greater interest in you. It's just human nature.
2332 New Bridge Rd.
Lake Anna, VA 23117
Aspen Realtors Help Attractive Patio Awnings Outdoor Living Bedlocker The Only Retractable Cover Can Remote Viewing Training Really Commercial Real Estate Expert Deepti Sadhwani 2010-12 Batch Different Types Of Garage Doors Do I Really Need Closing Software Electric Door Systems Five Great Ideas for Real Estate Guide For Closing Real Estate Deal What a Real Estate Closing Can Do History Of Velux Blinds How Can an Attorney Save You Garage Remote Doors How Garage Door Remotes Work How Real Estate Closings Can Help Installing Your Own Garage Keyless Remotes Technology Oil Painting - The best Gift Oil Paintings Gift Idea Once You Purchase a Home Prevent Real Estate Closing Delays Programming a keyless remote Autos RKE (Remote Keyless Entry)Technology Ramping Up For E-closings Real Estate Closing 101 Tax Real Estate Closing Gift Idea Real Estate Closing Real Estate Closing Issues Real Estate Closings - All You need to Know Real Estate Listings in Chile Real Estate Notes Remote Control Blinds Remote Control Curtains for Bedroom Remote Control Door Systems Remote Control Windows Remote Printers as a Theft Deterrent Remote Tank Level Monitoring Remote Viewing Getting to Learn Remote Viewing Training Secret Removable Skylights Residential Window Minneapolis Seller Paid Closing Costs Should You Choose Your Own Agent Storage Door Safety Measures Sullivans Island Real Estate Tears at a Real Estate Closing The Finer Points About Real Estate The Importance Of Garage Door The Popular Remote Control Blinds Three Party Closings In Real What Are Ip Remote Control What Every Agent Should Know What Is Remote Support Computers Which Figures To Check New York Real Estate
Serenity Settlements, LLC
2332 New Bridge Rd.
Lake Anna, VA 23117