Before getting started on any enterprise that you consider important, you should know what to anticipate. When it comes to purchasing a home, you probably already understand that the process in North Carolina differs from other states. Avoid surprises by getting acquainted with these unique procedures.
One of the most crucial stages in homebuying is the closing. There are many legal requirements in this process and you will want proper representation by a real estate attorney to guide you through the steps. Later in this post, we’ll discuss how you can secure a qualified attorney. First, let’s learn more about the general home closing process, as described in the following post:
13 Steps to Closing a Real Estate Deal
What is this mysterious “closing” you always hear real estate agents referring to when you’re shopping for a house? Closing occurs when you sign the papers that make the house yours. But before that magical (and often stressful) day arrives, a long list of things have to happen. This article will explain what you can expect during the closing process from the moment your offer is accepted to the moment you get the keys to your new home. (To learn about the things that can go wrong during the process, read 10 Hurdles to Closing on a New Home.)
- Open Escrow
Escrow is an account held by a third party on behalf of two parties in a transaction. Because there are so many things that have to happen to complete a home sale, the best way to prevent either the seller or the buyer from getting ripped off is to have a neutral third party hold all the money and documents related to the transaction until everything has been settled. (If you haven’t submitted your purchase agreement yet, be sure to read 10 Tips for Getting a Fair Price on a Home.) Read more at Investopedia…
As you can see, there are many measures in place to ensure that none of the parties involved in the transaction are taken advantage of.
The best way to protect yourself is to work with an experienced attorney. They will help you get a good deal and protect you from any legal vulnerabilities that may come up. Here is what your attorney will do for you during the closing process:
The Closing Attorney’s Role
Every so often at the closing table, a buyer will ask me what my role is in the closing process.
It’s a valid question since our very first face-to-face interaction may be at that table. Up until this point, we may have only been communicating through phone calls and emails.
Assuming we are representing the buyers, and a lender is involved, here’s a brief overview of the process our office goes through during a real estate closing:
Our process beings when we receive a fully executed contract. Our title search paralegals check the information on the property, the buyer, and the seller to see if any liens affect the property. Read more at Hutchens Law Firm…
The role of the home closing attorney is crucial since they ensure that all the legal requirements of the transaction are met.
It’s critical that you choose a closing attorney who is experienced with the entire homebuying process and the relevant laws that govern the same. There are guidelines you can use to choose a great attorney. Read the following post for more:
Your real estate agent can give you the names of qualified closing attorneys in your area. Once you have a few names and recommendations, pick an attorney with these things in mind:
- Hire a real estate lawyer based on his or her qualifications, experience, and background – not based on the fee charged. If anything, a lower fee is an indication that your closing will be handled poorly or by a law firm that operates a real estate closing “factory”. Buying real estate is a huge investment for most of us. Don’t skimp on representation. The downside is too big of a risk.
- Do not hire a lawyer to handle your real estate closing without speaking to him or her before you engage them to do the work. This is your opportunity to ask questions and raise any concerns that you have about the process. You might not speak to the lawyer again until closing, and that’s OK. If you have spoken to the lawyer prior to the actual closing, though, he or she will take a greater interest in you. It’s just human nature. Read more at McDevitt…
Working with a qualified closing attorney will ensure your homebuying or closing process is smooth and easy. If you are wondering where you can find a qualified and experienced closing attorney, Meek Law Firm South is the place to go. Call us today at (980) 729-5662 or use the contact form on the website to get in touch.