Why do I need an attorney for my real estate closing?
The simple answer is that you are required to have one. The state of North Carolina mandates that an attorney certify that you are getting clear title when a property is sold or refinanced in order to obtain title insurance, which is required by all lenders. This certification and title insurance will protect you from claims that may arise against the property in the future. For example, if someone claims that you do not own the property, or that a previous owner owed them money that they should be able to collect out of the value of the house, if there are unpaid taxes, or if there are boundary disputes, having good title can give you a solid defense and limit your liability. In addition, using attorneys to certify titles in North Carolina helps to keep title insurance costs down. Even if it was not required, having an attorney to help coordinate the transaction is the best way to ensure that your most important purchase is done correctly and efficiently.
It may seem that with real estate agents, lenders, and insurance agents involving another party is unnecessary, but a good closing attorney can do so much more for you than simply certify your title. Your attorney should make sure that everything is completed in a timely fashion, ensure that nothing is overlooked, and oversee that there are no unreasonable extra expenses so that a closing happens smoothly and, perhaps even more importantly, on time.
What do I need to be ready for my real estate closing?
Take a look at our sample outline and our letter to real estate clients to give you an idea of everything our competent legal staff can handle for you, as well as providing a summary for you and your agent of the things we will need you to provide to ensure a hassle-free transaction. Remember to send us the name and contact information, including mailing address, for your insurance provider, contractors, inspectors, and anyone else who needs to be paid out of the closing proceeds of your closing.
How can my real estate closing attorney help me?
Besides coordinating the closing of a purchase or sale of real estate, contact us about:
- Commercial and retail development
- Contract and deed drafting, negotiation, and real estate related litigation
- Partitions
- Income, estate, and gift tax ramifications of sales
- Foreclosures
- Landlord tenant law and litigation
- Lease and purchase options
- Mortgages and wraparound mortgages
- Real estate disclosures
- Real estate financing
- Seller financing
- Title examinations and title insurance
- Zoning, land-use, permits and variances
Forms:
- Real Estate Seller Information Sheet
- Real Estate Sample Closing Outline
- Information Letter to Real Estate Clients
- Real Estate Buyer Information Sheet
- Real Estate Engagement Letter
Calculators: