The process of transferring ownership from the seller to the buyer is called a real estate closing. When you buy or sell a home, you want the transaction to go as smoothly as possible. Unfortunately, even in the best of circumstances, there can be snags. That’s where a real estate closing attorney comes in.
A real estate closing attorney is responsible for ensuring that all legal aspects of the closing are handled correctly and promptly. A closing attorney is there to ensure that all the i’s are dotted, the t’s are crossed, and that you (and the other party) understand everything that’s happening.
In North Carolina, the real estate closing process is overseen by a licensed attorney. This is different from many other states, where the closing is handled by a neutral third party, such as a title company.
Why Hiring a Real Estate Closing Attorney Saves You Money
While having a real estate closing attorney oversee the closing may seem like an unnecessary expense, it can save you money in the long run. Here’s why:
- An attorney can spot potential problems with the contract or title that a non-attorney might miss. This could save you from buying a home with hidden damage or from selling a home without disclosing a material defect.
- A real estate closing attorney can help you negotiate with the other party if there are problems. For example, if the buyers back out of the deal at the last minute, an attorney can help you recover your earnest money deposit.
- An attorney can represent you in court if necessary. This is rare, but it does happen. If the other party doesn’t hold up their end of the deal, an attorney can help you get what you’re entitled to.
When you are ready to close on your home, you first need to find a real estate closing attorney. You can find them by searching online or even by asking your real estate agent for a recommendation. Once you have found a few attorneys, you must interview them to find the one that is the best fit for you. During your interview, ask each attorney about their experience, education, and how they would handle your specific situation.
How a Real Estate Closing Attorney Helps You During Closing
After you have found the right real estate closing attorney, they will help you during closing by:
- Reviewing your Purchase Agreement. Your attorney will review your purchase agreement to ensure that it is fair and that you understand all of the terms. They will also ensure that the agreement complies with North Carolina law.
- Conducting a Title Search. Your attorney will conduct a title search to ensure that the property you buy is free and clear of any liens or encumbrances.
- Reviewing the Title Insurance Policy. Your real estate closing attorney will review the title insurance policy to make sure that it is adequate and that you understand the coverage.
- Negotiating with the Lender. If you are obtaining a loan to purchase your home, your attorney can also help you negotiate with the lender on your behalf to get the best terms possible.
- Drafting the Closing Documents. Your attorney will draft all necessary closing documents, including the deed, the mortgage, and the promissory note.
- Reviewing the Closing Documents. Your attorney will review all of the closing documents, including those prepared by attorneys from the other party, to ensure that they are fair and that you understand them.
- Attending the Closing. Your attorney will attend the closing with you and represent you during the entire process.
- Resolving any Problems that Arise. If any problems arise during the closing process, your attorney will be there to resolve them.
The Best in the Business
If you’re looking for a real estate closing attorney in North Carolina, look no further than GPS Law Group. We’re ready to help you with all of your needs. Our team of experienced attorneys is knowledgeable in all aspects of real estate law, and we’re ready to help you with any legal issues you may have. We’re also familiar with the local real estate market, so we can help you get the best possible deal on your property.
If you’re ready to get started, call us at (704) 549-1950 to discuss your estate planning needs, or use our online contact form to send a message and set up a free consultation. We’ll help you understand your options and get the process started. We’re looking forward to helping you achieve your real estate goals.
GPSLaw Group serves Charlotte, North Carolina, and the surrounding communities.