A homebuyer might work closely with a realtor to find the property that is just right for them. Once they find their dream home, they are eager to move forward to closing. They already have been working with a realtor, so is it necessary to work with an attorney as well to close on a home?
What is closing?
Working with an attorney is almost always necessary when closing upon a home in North Carolina. Closing is the final step in the real estate purchasing process. It is the process in which ownership of their home is transferred from the seller to the buyer.
Some states permit title agencies or escrow companies to handle the closing process. In North Carolina, for the most part, only attorneys can perform the necessary tasks to close on the property. Attorneys have many responsibilities in the closing process.
The beginning of the closing process
The attorney has many duties at the start of closing. The attorney is responsible for reviewing the sales contract. They must prepare the deed, mortgage and other legal documents. They must certify the title so that title insurance can be obtained. They have many other duties as well.
The settlement conference
The main component closing is the “settlement conference.” At the settlement conference, the necessary paperwork to complete the sale will be signed and the buyer will put down their down payment.
At the settlement conference, the attorney is responsible for presenting the paperwork, telling the parties where to sign it and ensuring they have done so.
The final steps of closing
After the settlement conference is complete, the attorney will ensure that the loan funds were received. Any liens on the property will be paid. The deed will be recorded. Finally, the funds will be disbursed.
Once these steps are completed, the closing process is complete. At this point, the buyer can take possession of the home.
Having an attorney handle the closing process is generally required in North Carolina. This is a good thing. It ensures that all of the necessary laws are adhered to. There are many steps in the closing process, so working with a professional who knows what is required to close on a home sale is key to ensuring the process runs smoothly.