Does North Carolina Require a Real Estate Attorney at Closing?

In North Carolina, a licensed real estate attorney is required to handle all residential real estate closings. While the law doesn’t require the attorney to be physically present at the closing, it can be to a buyer’s or seller’s advantage to have a knowledgeable ally by their side.

The real estate law team at Matheson Law Firm offers expert guidance and support in all types of property closings, including traditional and virtual closings.

We ensure your transaction is finalized correctly and any challenges or last-minute issues are handled efficiently.

 contact us

Schedule Now

Role of a Real Estate Attorney at Closing

A real estate attorney is integral to the closing process, ensuring legal requirements are met and everything goes as smoothly as possible.

1. Document preparation: All legal documents, including deeds, loan documents, and closing statements, are drafted and reviewed to ensure accuracy and legal compliance.
2. Title search: A thorough investigation of public records verifies the property’s ownership trail and identifies potential liens, encumbrances, or claims.
3. Title transfer: The attorney oversees the legal process of transferring property ownership from the seller to the buyer, including recording the new deed with the proper authorities.
4. Contract dispute resolution: If disagreements arise between the parties, a real estate attorney mediates and works to resolve issues related to property conditions, financing terms, and the purchase agreement or contract.

Legal Requirements in North Carolina

Real estate closings in North Carolina include:

• Reviewing and signing numerous documents
• Transferring funds
• Officially transferring ownership through a deed

North Carolina is one of a few states that requires a licensed real estate attorney to process real estate transactions, including closings. As mentioned, their physical presence at the actual closing isn’t mandatory.

Non-lawyer parties who typically participate include the buyer, seller, real estate agents or brokers, and a title or escrow company representative.

Benefits of Having a Real Estate Attorney

Having a real estate attorney present at closing protects your interests, ensures legal compliance, and minimizes risk. Your attorney scrutinizes contracts, conducts thorough title searches, and addresses potential issues before they become problems.

By anticipating and avoiding legal pitfalls, attorneys provide peace of mind and can save you significant time and money in the long run.

Common Issues in Real Estate Transactions

Real estate closings can hit a bump for many reasons, but some issues are more common than others. Understanding and anticipating these potential pitfalls can help buyers and sellers be better prepared at closing.

• Title discrepancies: Unknown liens, unresolved claims, and other title defects can bring a closing to a sudden halt. A thorough title search early in the process identifies any problems so they can be addressed before closing.
• Financing hurdles: Mortgage and loan delays or denials become an issue if a party’s financial situation changes or the property is appraised at a value below the negotiated price. Loan pre-approvals and accurate appraisals can reduce these risks.
• Contract disputes and disclosure issues: Hidden defects or damage discovered at inspection can lead to last-minute renegotiations or even deal cancellation. Comprehensive property inspections help avoid post-closing surprises.

 contact us

Schedule Now

Find Your Charlotte-Area Real Estate Attorney at Matheson Law Firm

Every real estate closing comes with unique challenges and opportunities. With a Matheson Law Firm attorney at your side, you get far more than legal representation; you also gain a strategic partner dedicated to ensuring a smooth transaction from start to finish.

Our team has years of local experience in expertly guiding clients through various types of transactions, including straightforward residential and complex commercial closings.

Schedule a consultation today to learn more about the professional legal assistance our real estate team can provide.