Real Estate Closings
Purchases, sales, refinances, closings. In North Carolina, real estate attorneys (also referred to as “closing attorneys”) handle the closing of real estate sales transactions. Real estate closings involve multiple parties working together to finalize the transaction. A closing attorney determines if title to the property is clear by performing a title search, which can help avoid any future disputes. A closing attorney also reviews the loan documents with the buyer.
Closing attorneys must work closely with buyers, sellers, real estate agents, and lenders to ensure a successful transaction. In many ways, the closing attorney (typically with a paralegal assisting) coordinates many moving parts of this important legal and financial process.
One important factor for buyers to consider is whether the closing team is engaged in a high volume practice – which makes it more risky that each individual deal may not get customized attention to detail – or whether the closing team has and takes the time to focus on each matter. Many of the inquiries our Firm receives regarding real estate disputes concern mistakes that were made at or leading up to the closing stage of the deal.
Many buyers in North Carolina do not realize that they have the right to choose their own closing attorney, and are not required to just go with whomever the lender or real estate agent lists or recommends. Whomever the lender or realtor recommends may be perfectly fine, but some buyers believe it’s wiser to choose someone independent versus someone with a close tie to others involved in the transaction.
When hired by the buyer for a closing, our Firm represents the buyer with regard to the closing transaction for the property and does not represent the seller. However, it is common for the closing attorney to prepare certain seller-side documents required in the purchase contract (often called the Offer to Purchase and Contract, or “OTP”) as long as the buyer does not object. Some of the seller-side documents are the deed, lien waiver affidavit, and FIRPTA affidavit. The preparation of these documents does not create an attorney-client relationship between the closing attorney and the seller and is done solely as an accommodation for the buyer.
We also represent sellers who need assistance clearing title, want their own attorney to help navigate the closing process, or just want someone to guide them and protect their rights.
It is important to hire a careful, detail-oriented closing attorney and team to assist you in the purchasing or selling of real estate. You can rely on McGrath & Spielberger to take the time to do it right.
See Recent Blog Posts Related To Real Estate Closing
The real estate market is extremely volatile these days, leading to an increase in real property purchase and sale contracts gone awry. If you are a buyer with an actual contract to purchase real estate and stand able, ready and willing to close / purchase, but the seller breaches the contract and fails to sell you the property, what are your...... Read more