Once parties have agreed on the terms of a real estate transaction, in North Carolina they need an attorney to facilitate the “closing.” This occurs after all the preliminary work, like title searches and mortgage approvals, have been completed, when the parties meet with a qualified real estate attorney. The term real estate closing is an apt description of its purpose. In North Carolina, real estate closings are conducted by licensed attorneys in accordance with state law. It is the close out meeting between the buyer and the seller of real property wherein all the loose ends of a purchase is wrapped up pursuant to the agreements made in the Purchase and Sale Agreement. Often the closing is conducted remotely, by mail, or by email and bank wire.
At closing, documentation relating to the sale is executed, deeds are transferred and mortgage documents are signed. Tax issues are settled and paid, as are miscellaneous expenses described in the Purchase and Sale Agreement. These may include costs for items like recording costs, deed stamps, title insurance, and proration of real estate taxes. These costs are known as closing costs.
To finalize the closing, attorneys provide a settlement statement enumerating purchase and sale costs, ancillary expenses and other closing costs. The settlement statement is approved and signed by both the seller and buyer.
To many people, the purchase of real property will be the most substantial investment they ever make. It is important to have an experienced attorney with a professional staff to make sure that nothing is overlooked or left to chance.