Real estate owners tend to believe that their transactions (and real estate operations in general) end when the corresponding documents have been signed and archived. Even if you, as an owner, had carefully reviewed the documents before its execution, there are still some remaining details to take care of, such as the legal validity of the real estate, its legal and economic value, of the possible claiming right of third parties.
After the title of the real estate has been successfully studied and analyzed by our team at GPS Law Group real estate attorneys, the transaction must be properly closed and finalized to avoid any kind of misdemeanors or issues relating to the effective transfer of the real estate.
Why You Need a Real Estate Closing Attorney?
The process of closing on new real estate is complicated and filled with complex legal procedures and paperwork—closing attorneys are always required to look for your interests and expedite your transactions. Closing attorneys provide guidance and experienced legal assistance during the process of closing on a house, office, parking lot, or any type of real estate that you may have in mind. Furthermore, the State of North Carolina requires a title attorney to conduct the examination and transaction closing.
Do not allow any delays in your real estate business operations. Trust our team at GPS Law Group to provide the personalized, results-driven service you are looking for in North Carolina. Contact us to schedule your initial consultation, and we can go over our capabilities and what we can do for you in greater detail.
Potential Closing Issues
When you are buying a house or any real estate, the list of what can go wrong at closing is big. Buyers and sellers do everything in their power to prevent any unpredictable problems that could arise during a real estate deal or the same real estate closing procedure.
However, even if you tried your best to avoid them, unexpected problems do happen, so it’s crucial to understand how these problems may impact each specific closing process and how the closing real estate attorneys can remediate the issues.
The types of real estate issues that may arise in a closure process are endless, from issues with the mortgage loan and buyer’s credit, appraisal issues, third parties involved, title claims, and even some types of events beyond human control (such as natural disasters, or buyer or seller illness or death). This could also include banks refusing to pay a portion of or any of the purchase price, inspection problems, and trouble getting insurance.
All of these can delay the real estate closing process and give a hard time for everyone involved.
Responsibilities of a Closing Attorney
During the final steps of a deal, a real estate closing attorney will conclude or ‘close’ the transaction by ensuring all documents, title insurance papers, and other accompanying information is properly recorded, formalized, and distributed to the Buyer, Seller, and other involved parties.
Closing attorneys in North Carolina may have many different responsibilities, such as:
- Concluding the title updates
- Funding (if applicable) a mortgage escrow account
- Analyzing and paying transfer taxes and recording fees
- Paying real estate taxes and utilities (water, oil, etc.)
- Paying closing fees
- Paying pre-paid interest
- Distributing sale proceeds
- Paying realtor commissions (if applicable)
- Paying and discharging mortgages
- Sending the final title opinion to the title Buyer/Seller
In other words, the process of transferring and closing real estate can be very complicated, and it is much more complex than simply signing a few documents. Our GPS Law Group real estate attorneys are dedicated to you every step of the way, guiding your best interest, and working to ensure that the transition of real estate is smooth and completed swiftly.
To learn more about the real estate transaction process or to schedule a closing, contact our GPS Law Group real estate attorneys today.
What Is a Closing Attorney?
A real estate closing attorney is responsible for streamlining the process of closing on any type of real estate transaction during any of its multiple phases. Real estate closing attorneys supervise the entire operation, including collecting and distributing funds and providing title insurance for the buyer and/or seller.
Why Do I Need a Closing Attorney?
Closing attorneys are completely indispensable to the real estate closing process since they are responsible for gathering all the information related to the operation, later legally analyzing and process said information, to finally issue the title of the real estate property, insurance documents, home warranties, termite inspections, and land surveys, as well as prepare documents that will need to cover every aspect of the deal.
What Should I Bring to the Closing?
If you are the party purchasing the real estate, it is essential to bring your proper and valid identification documents and any payment proofs needed. The seller party must certainly provide the real estate title to transfer it to the purchaser according to the applicable law.
Are Closing Attorneys Required In North Carolina For Real Estate Transactions?
Yes. The law in North Carolina requires a title attorney to conduct the examination and real estate transaction closing.
Who’s Required to Attend the Closing?
Any person whose name appears on the signing documents of the real estate, or its attachments must be present at closing or be represented by one of our attorneys. Also, if a spouse or other person is to be on the deed (even if they are not on the title), they must attend the closing.
How Long will the Closing Last?
Closings typically last between 60 minutes to 90minutes, but unforeseen problems (such as the ones explained above) may lengthen the process. Our real estate closing attorneys at GPS Law Group are here to help expedite the process.
Who Schedules my Closing?
Most times, your real estate or mortgage agent will contact us to schedule the closing. Be sure that the time works with your schedule so you can attend. At GPS Law Group, we offer real estate law services to those in Charlotte, Cornelius, Davidson, Huntersville, Matthews, Mint Hill, Pineville, Concord, Harrisburg, and Kannapolis, North Carolina. Call us at 704-549-1950 to set up a consultation.