REAL PROPERTY LAW
Below is an overview of the basics of every real estate transaction and should answer most general questions from why you will need an attorney to what goes into a title search. Please view our blog for more in-depth information regarding real property law.
Why do i need an attorney to buy or sell real property?
In North Carolina, real estate attorneys prepare deeds, tax forms, property descriptions, owner's affidavits, search title, request title commitments, communicate with lenders, arrange closing dates, organize closing documents, explain closing documents, request payoffs, hold funds in escrow until after a transaction is finalized, and work with realtors to ensure all of the client's needs are met. This is for almost every closing, especially those involving financing.
Unless you are aware of just how to accomplish all of the above, you should find an experienced real property attorney to guide you through the process. Our law firm has over 32 years of experience in handling real estate closings and are ready to help you.
THE purchase CONTRACT
Buying or selling property starts with putting pen to paper. Every transaction involving real property must be in writing and getting the details right is a necessity. The contract identifies the real property, or multiple properties, being conveyed, the selling price, the amount of earnest money, the time period that the buyer has, if any, to inspect the property, a disclosure of any issues with the property, the closing date, and a number of other issues which should be contemplated. Typically a realtor uses a form to nail down all of the details before an attorney gets involved. The realtor will deliver us a copy of the purchase contract and we will begin our process. However, in the event there is no realtor involved, our office will meet with the buyer(s), seller(s), or both parties to explain the purchase agreement and any ancillary documents.
Once we receive the purchase contract our dedicated real estate team communicates with other attorneys, realtors, and banks that are involved in the transaction. Depending on the party we represent we may hold earnest money funds in our trust account until the closing or if the deal falls through. If our office represents a buyer, then typically our office will conduct a title search within a short period of time after opening the file. We begin our title searches early in the process to correct any potential errors well in advance of closing.
Leading up to closing, our team gathers information related to payments to third parties that are necessary, ensuring closing documents are prepared, and ensuring that lenders are kept up to date with the progress on the transaction.