Why Do I Need a Real Estate Attorney in North Carolina?
In North Carolina Real Estate Attorneys perform the real estate closing on your home. The real estate attorney in North Carolina is working for you to ensure that you are receiving the property free and clear of any encumbrances and that all the terms of the contract are met. Many buyers moving into the area are coming from states where Title Companies conduct the real estate closings. The process is quite different when a Real Estate Attorney does the closing. Steps in the Closing Process:
- As soon as you go under contract you should select your attorney. Most realtors have good attorneys whom they can recommend. It is important that it is an attorney that specializes in real estate.
- A copy of the Sales Contract should be provided to the attorney so that they can determine that all the terms of the contract have been met before you close.
- A title search is performed to make sure you are taking title to the property free and clear. You then purchase a title insurance policy under the attorney’s umbrella policy. Because the attorney has performed the title search he is then certifying that the title is clear and the title insurance is one of the lowest in the nation. This could lower your closing costs by a $1000 or more and much less than what would be paid in the Title States.
- The attorney orders a property survey if you choose to have a survey. He reviews it for any encroachments that should be resolved before closing.
- The attorney prepares the HUD-1 closing statement to show how all the money is disbursed at closing and how much Money you will need to bring to the closing table.
- He conducts the closing by reviewing with the buyer all the loan documents provided by the lender and any other documents that are needed to complete the closing.
- After leaving the closing the attorney goes immediately to the courthouse to record the deed, he disburses all the funds as indicated on the HUD-1 and returns all the paperwork to the lender.
It is not uncommon in North Carolina that you may not see the attorney until the closing table but there is a tremendous amount of work going on behind the scenes. Because the attorney is guaranteeing you a free and clear title and title claims are very low in North Carolina is the reason your closing costs are greatly reduced in NC in comparison to many other states. When there is a title problem in NC the insurance goes back to the Attorney to resolve the problem. However, in Title states there is no one person assuming responsibility if problems arise. Therefore, the title insurance in those states is greatly increased because the risk is greater. Attorney fees in the Triangle NC area range from about $375 – 600. Be sure to ask if the lower fees include the cost of the Title Search. Many attorneys will price that separately and that could range from $125 – 250.
If you have further questions about NC Real Estate Attorneys or would like a recommendation for a Raleigh Real Estate Attorney please Contact Us or Call 919-878-1110 or Text 919-219-9878. FOR HomeBUYERS Realtors, an Exclusive Buyer Only Real Estate Agency will be happy to assist with any Raleigh Real Estate Homes for Sale or questions you might have about Triangle NC real estate.