When you’re preparing to make a life-changing financial decision such as buying a house, it’s nice to have all the help you can get from experienced professionals. Having a real estate attorney present at closing isn’t just necessary here in North Carolina, it’s also incredibly beneficial for the purchaser.
Real estate attorneys play a critical role in the closing process, which can be complex and daunting for novice homebuyers to navigate on their own. Read on to discover exactly what a real estate attorney does to help during the closing process in North Carolina and all the benefits that come with having one by your side from start to finish!
What Does a Real Estate Attorney Do at Closing in North Carolina?
Unlike in some other states where title companies conduct the real estate closings, real estate attorneys conduct the closing process in North Carolina. As such, the process typically looks something like the following:
The attorney receives a copy of the sales contract and then reviews the document to ensure all terms have been met prior to closing
A title search is performed to make sure the property is free and clear of any third-party interests
Title insurance policies may then be purchased under the attorney’s umbrella policy
If you choose to have a survey of your house, the attorney will order a property survey and review for any possible encroachments
Your attorney will prepare the HUD-1 closing statement to illustrate how all money will be disbursed at closing and how much money you will need to bring at closing
The attorney will then conduct the closing by reviewing all documents with the buyer to ensure everything has been properly executed
After the closing process has been complete, the attorney will immediately file the deed at the appropriate courthouse and disburses all funds as indicated by the HUD-1
As you can see, the real estate attorney plays a critical role in ensuring all aspects of the real estate transaction are properly documented, processed, and recorded. Without this representative by your side, the full weight of the closing process would fall squarely on your shoulders.
What Benefits Are Provided by Having a Real Estate Attorney at Closing?
Along with having professional guidance throughout the complex real estate transaction process, there are many additional benefits to having a real estate attorney present at closing, including:
Being a homebuyer can feel a bit lonely during the transaction process with so many competing interests involved with the deal, including the real estate agents and your lender. Having a real estate attorney by your side gives you someone on your team to review all documents and represent your best interests throughout the entire process.
While exciting, buying a home can be incredibly stressful with so many unknowns popping up along the way. With a real estate attorney by your side to scrutinize every detail of your transaction, you’ll be able to gain peace of mind knowing that you’re making a wise investment.
Matheson Law Firm for Your Real Estate Attorney
Since 2010, Matheson Law Firm, P.A., has offered North Carolina families the comprehensive legal representation they need to facilitate a stress-free real estate closing process. Our team will carefully review all documents, receive and disburse the closing proceeds for the transaction, and provide recording services — all on your behalf. With our experienced attorneys by your side, the closing process won’t seem so complicated after all!
Is it required in North Carolina to have a real estate attorney present at closing?
According to North Carolina state law, a real estate attorney is required to be present to facilitate the closing process.
Do I need a title company in addition to a real estate attorney?
Since North Carolina requires you to have a real estate attorney at closing, you do not need to engage a title company. However, your real estate attorney will be responsible for ensuring a clear and free title and for securing the proper title insurance for your purchase.
Does hiring an attorney mean higher closing costs?
Not necessarily: Because North Carolina requires a real estate attorney to be present, more lawyers compete for the same business, offering more competitive, affordable rates as a result. In many cases, the cost to have a real estate attorney is identical to the cost it would be to have a title company perform the same process.
The information on this website is for informational purposes only; it is deemed accurate but not guaranteed. It does not constitute professional advice. All information is subject to change at any time without notice. Contact us for complete details.