Why do I need a lawyer for my closing? Conducting a real estate closing in North Carolina is the practice of law, which only an attorney can do. The actual closing, where the closing documents are signed, represents a small part of the services an attorney provides to you for your real estate transaction. In addition, North Carolina, where lawyers conduct the title examination and closing has one of the lowest closing costs in the nation.
What information will an attorney need from me?
After you select an attorney, the Bordbar-Moody team will work with your attorney to provide any required information. Typically, in order to complete the transaction an attorney will need your marital status, buyer names, address, contact information, social security number, mortgage lender and Home owners insurance provider.
Do I need to get a survey?
The average cost of a survey is $350.00. The choice is usually yours as to whether or not you want to order a survey but you can't go wrong by getting a survey. You will know the shape and size of the property. You will also know if there are any encroachments (i.e. the neighbor's fence or driveway is located on your property). Another option is to have your realtor ask the seller's realtor if the seller has a copy of a previous survey on the property. You can usually look at the property and tell if any improvements have been made since that survey was made.
Do I need a home inspection?
We highly recommend that you hire a professional licensed home inspector as well as a Termite Inspector, Surveyor and depending on whether the property is on city water and sewer or a well and septic system. a well and septic inspector. A Radon inspection should also be considered. Your Realtor can provide guidance as to any additional inspections you should seek based on the property you'd like to purchase.
Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:
- Evaluate the physical condition: the structure, construction and mechanical systems.
- Identify items that should be repaired or replaced.
- Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
How long will the closing last?
A closing usually lasts from 45 minutes to an hour.
What should I bring with me to closing?
Usually all you need to bring is your driver's license and certified funds, such as an official bank check, certified check, cashier's check or money order made payable to your attorney's trust account for the balance you will need to close. We will notify you before the closing if your lender is requesting anything else (we usually do not know what additional items your lender will require until the closing package arrives at the attorney's office).
When will I know how much money I will need for closing?
In order to give you your final figure, your attorney will need to receive the closing package from your lender. Typically, your attorney receives the loan package a day or 2 before closing. Once the package is received, your lawyer generates your closing statement. After the closing statement is completed your attorney will usually fax it to you and your realtor for review prior to closing.
Are all of my fees included on the closing statement?
Yes.
Can I wire the money to my attorney's account?
Yes, your attorney can usually fax or e-mail written wiring instructions to you. Please note, wires are not received immediately. If you are planning to wire funds for closing you should let your agent or attorney know as soon as possible prior to closing.
What if I want to wire the money before I have the final figures?
You can wire more than you think you will need and you will receive a check for the difference at closing. Your lender should provide you witha "Good faith estimate" of closing costs that is a useful guide in determining how much to wire.
What if the money I will bring to closing will come from the closing on the sale of my present home?
If the closing on your present property is located in North Carolina, you may bring the check you receive from the closing attorney. If you are closing on a property located outside of North Carolina and you do not have enough time to get a certified check, ask you attorney to fax or email wiring instructions to the other closing attorney to request him or her to wire your proceeds. If the amount wired exceeds the amount you need for closing, you will receive a check for the difference at closing.
Can I write a personal check for the money I owe at closing?
No, unless the amount is less than $100.00. All of the money collected at closing will be disbursed the same day. The Rules of Professional Conduct and State Law require the funds to be immediately available. Personal checks may take several days to clear.
What if I am cashing in stocks or retirement plans to use for closing?
Start the process as soon as possible. Our experience has been that the process takes much longer than people think.
Can I see a copy of the closing statement before closing?
Yes. We prefer that you review the closing statement before you come to the closing. If you have any questions or corrections, we would like to know as soon as possible.
Can I see a copy of the loan package before closing?
Yes. After your loan package is typed, it's copied in order to give you a copy at closing.
I am married, but the house I am buying will be in my name only, and my spouse will not be a co-borrower on the mortgage. Does my spouse have to come to closing?
Yes. Though your spouse does not need to participate in the buying of the house, he or she must sign the deed of trust. When you get a mortgage loan, you convey to your lender a property interest in your house, and your spouse's potential property rights must be subject to the mortgage.
What if my spouse is unable to attend the closing?
Most lenders will allow you to sign on behalf of your spouse as long as you have a properly executed durable power of attorney signed by your spouse. You will need to check with your lender to make sure this will be permitted. Then, call your lawyer and request a power of attorney to be prepared with instructions on how to deliver it to your spouse. This document must be notarized when your spouse signs it.
Comments(0)