Residential Real Estate Closing in North Carolina
Our attorneys at Whitaker and Hamer, PLLC have extensive real estate experience when it comes to the buying and selling of commercial and residential real estate in North Carolina.
We know that the closing process can be overwhelming – to experienced and first-time buyers alike – so we take care to guide our clients through each step of the process while prioritizing both efficiency and understanding.
In this post, we’re answering a number of common questions about the ins and outs of the real estate closing process in North Carolina. Read on to learn when a closing attorney is necessary and what they can contribute to the closing experience.
Is an attorney required for closing in North Carolina?
Specifically, in the state of North Carolina, it is mandated by law that the closing process of a real estate transaction is overseen by a licensed North Carolina attorney as it is a practice of law. Real estate attorneys provide peace of mind for buyers confirming that they are receiving good title to the property they are looking to purchase.
When Should I Hire a Real Estate Attorney?
As a buyer, you should have a real estate attorney established once you are ready to put in an offer for a property. The representative attorney’s information is entered into the Offer to Purchase and Contract, so having that relationship established prior to the offer is important.
What does a closing attorney do in NC?
The real estate closing process in North Carolina takes about 2-3 weeks from the initial filing to the final document being signed on closing day. During this time, a real estate lawyer is tasked with performing a title search of the property and purchasing and officiating the closing where all necessary legal documents (and loan documents, if applicable) are signed.
If you are a buyer and using a lender, you will be responsible for gathering financial documentation requested by the lender and coordinating the scheduling of your closing with the closing attorney, your agent, and your lender.
It is important to keep in mind that this entire process could be delayed by an issue with the title search or if the buyer or seller was not able to provide appropriate documentation and information within the allotted time frame.
Once the paperwork has been filed and prepared, the closing itself usually takes thirty minutes to an hour at your attorney’s office. During this time, you’ll meet with your attorney and real estate to perform a final review and signing of the loan documents.
Purchasing a home is a big decision and our attorneys at Whitaker and Hamer are excited to guide you through that process.
Whether you’re a first-time homebuyer or a seasoned real estate investor, the process of purchasing a home can be an exciting and overwhelming task. Our real estate attorneys are equipped with the knowledge and skills to help make the process efficient and easy for you and your family. From conducting a title search of the property to explaining documents at signing, Whitaker and Hamer attorneys are here to provide a seamless transfer of property from seller to the buyer.