In North Carolina, real estate closings are conducted by an attorney. The closing process involves a number of steps to ensure that the sale of the property is legally valid and that all parties involved are protected.
One of the first steps in the closing process is for the buyer to sign a purchase agreement, which outlines the terms and conditions of the sale. This may include the purchase price, the closing date, and any contingencies that must be met before the sale can be finalized.
Once the purchase agreement has been signed, the buyer will typically be required to provide a down payment, which is a portion of the purchase price that is paid upfront. The remainder of the purchase price will be paid at the closing.
Before the closing can take place, the buyer might need to obtain financing for the purchase, such as a mortgage or home equity loan. The lender will require an appraisal of the property to ensure that it is worth the amount being paid.
At the closing, both the buyer and seller will be required to sign a number of documents, including the deed to the property, which transfers ownership from the seller to the buyer. The closing attorney will also handle the transfer of any funds that are required, including the down payment, mortgage payoff and the balance of the purchase price.
Once all of the necessary documents have been signed and the funds have been transferred, the closing is considered complete and the property has officially been transferred to the new owner.
It is important for both the buyer and the seller to be fully aware of the terms of the sale and to understand all of the documents that they are signing at the closing. This is why it is important that an attorney is present to review the documents and to ensure that the interests of both parties are protected.
At 24 Hour Closing, we have multiple attorneys on staff who can assist you with your next real estate closing in North Carolina. 24 Hour Closing handles closings in all counties located in North Carolina. Contact us at: [email protected] to schedule your next closing.