|Real Estate Closings A Summary of NC Real Estate Closing Information by a licensed real estate attorney and Managing Broker/Owner of a Real Estate Brokerage Firm in North Carolina
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. This article summarizes the basics about North Carolina Real Estate Closings and offers a few suggestions to minimize the frustration of buying a home or vacant land in NC.
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:
Noel B. McDevitt , Jr. is the Managing Broker of McDevitt Town and Country Properties in Southern Pines/Pinehurst, North Carolina , and is an Attorney licensed in North Carolina. Prior to entering the real estate brokerage business, Mr. McDevitt practiced real estate law in North Carolina and owned a law firm which concentrated in real estate and corporate law. He does not practice actively and does not handle real estate closings, but he can advise you when working with McDevitt Town and Country Properties.
He can be reached at (910) 693-7901, by Email.