Purchase & Refinance
Our office can assist you with purchasing or refinancing a home or investment property and provide the necessary services for a successful closing. In North Carolina, it is required that a licensed attorney supervises the real estate closing process. Our closing attorneys maintain professional malpractice insurance coverage to protect you during the transaction. Additionally, they are independent of the seller, lender, and realtors, maintaining professional independence as required by the North Carolina State Bar’s rules of professional conduct. Our experienced attorneys will guide you through each step of the closing process, ensuring a smooth and secure experience. Here is an overview of the services our closing attorney will perform on your behalf:
Pre-Closing
Establishing conflicts of interest and obtaining informed written consent if necessary.
Sending an engagement/representation letter to the clients/parties involved, outlining the scope of representation, fees, and an overview of the process.
Reviewing the sales contract and advising the client on any necessary changes.
Conducting a detailed title search, certifying title, and addressing any curative measures required before closing.
Performing necessary searches of city and county tax offices, Register of Deeds, Clerk of Court records, and organizational/entity records.
Ordering and reviewing a survey, verifying legal descriptions, and obtaining payoff information for liens affecting the property.
Addressing hazard insurance, homeowner’s association dues, and disclosing any covenants, conditions, and restrictions (CCRs) that may affect the property.
Collecting inspection letters and obtaining a title commitment from a reputable title insurance company.
Preparing and reviewing the settlement statement, loan documents, and any additional documents required by the title insurance company.
Handling deed preparation or review, power of attorney, and other applicable closing documents.
Closing
Providing a thorough explanation of the closing documents to the client, including important items such as the Settlement Statement, which breaks down fees and figures.
Overseeing the proper execution and notarization of the closing documents. Whether it’s a physical or electronic closing, the attorney will be present to answer questions and ensure the correct execution of all documents.
Collecting the necessary funds from the parties involved and verifying that they meet any relevant regulations.
Submitting the required funding documents to the lender for approval and ensuring funding is obtained before proceeding with recording.
Performing a title update to verify that no new matters have arisen since the attorney’s most recent title work.
Recording the closing documents in the correct order promptly after the execution and delivery of the documents.
Disbursing the closing funds in accordance with the settlement statement and lender’s instructions, as required by the North Carolina Good Funds Settlement Act.
Informing all parties involved in the transaction that the closing documents have been successfully recorded.
Submitting the completed loan package to the lender, ensuring that all necessary documents are included.
Post-Closing
Reviewing the final title and recording information, ensuring the correct recording, execution, and acknowledgment of documents, as well as accurate vesting and legal description.
Ensuring the satisfaction of liens, judgments, and deeds of trust related to the transaction, if included in the attorney’s scope of representation.
Certifying and submitting a final title opinion which meets the requirements of the title commitment.
Obtaining a copy of the final title policy from the title insurance company and distributing all relevant documents to the appropriate parties involved in the transaction.
Please note that the above summary is an abbreviated version of the closing process, and additional steps may be involved depending on the specific transaction.
The Law Group and its network of attorneys can help you in eastern North Carolina and New Hanover, Pender & Brunswick Counties.