Real Estate Closing Attorneys
While most real estate owners believe the transaction process has concluded once all documents have been reviewed and signed, there are still a few final responsibilities that must be navigated prior to the finalization of the transaction. After the title of the property has been thoroughly examined by one of our Asheville real estate attorneys, the transaction must be properly closed, finalized, and distributed in order to avoid disruptions or issues relating to the transfer of the title from one party to the other. Don’t let small hang-ups add unnecessary delays to your title transfer — guarantee the state of your transaction is in good hands by contacting the title attorneys at Goosmann Rose Colvard & Cramer, P.A. today.
Why You Need A Closing Attorney
The process of closing on new real estate is complicated and filled with complex legal procedures and paperwork. This is where closing attorneys step in. We provide guidance and legal assistance during the process of closing on a home or business. The State of North Carolina requires a title attorney to conduct the examination and transaction closing. Don’t leave anything to chance — contact the real estate closing attorneys at Goosmann Rose Colvard & Cramer, P.A. today.
Potential Closing Issues
Buyers and sellers do everything they can to prevent any unforeseen problems that could arise during real estate closing procedures. However, unexpected problems do happen, so it’s important to understand how they affect the closing process and how our closing attorneys can remediate the issues, which could include banks refusing to pay a portion of or any of the purchase price, title issues, inspection problems, and trouble getting insurance. All of these can delay the closing process and cause a headache for everyone involved.
Responsibilities Of A Closing Attorney
During the final steps of a title examination, a real estate closing lawyer will conclude or ‘close’ the transaction by ensuring all documents, title insurance premiums, and other accompanying information is properly recorded and distributed to the appropriate parties. Closing attorneys in North Carolina have many different responsibilities including the following.
- Finalizing the title updates
- Funding mortgage escrow account
- Paying transfer taxes and recording fees
- Paying real estate taxes and utilities (water, oil, etc.)
- Paying closing fees (typically a small percentage of the total title cost)
- Paying pre-paid interest
- Distributing sale proceeds
- Paying realtor commissions
- Paying and discharging of mortgages
- Sending the final title opinion to the title company
Asheville Real Estate Attorneys
The process of transferring and closing a title can be a complicated one and is much more cumbersome than simply signing a few documents. At Goosmann Rose Colvard & Cramer, P.A., our Asheville attorneys are with you every step of the way, working to ensure that the transition of a real estate title is smooth and completed swiftly. To learn more about the real estate transaction process or to schedule a closing, contact our real estate lawyers in Asheville, NC, today.
Closing FAQs
What Is A Closing Attorney?
A real estate closing attorney is responsible for streamlining the process of closing on any type of real estate, or refinancing. They supervise the closing, including collecting and distributing funds and providing title insurance for the lender and buyer.
Why Do I Need A Closing Attorney?
Closing attorneys are vital to the closing process. They are responsible for gathering information about the contract, the loan, title to the property, insurance, home warranties, termite inspections, and land surveys, as well as prepare documents that cover everything.
What Should I Bring To The Closing?
If you are the party purchasing the real estate, it’s important to bring ID and any documents and payments needed, as shown on the HUD-1 Settlement Statement or any amount otherwise instructed by our closing attorneys.
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 transaction closing.
Who’s Required To Attend The Closing?
Any person whose name appears on the loan or the title to the property 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 loan), they must attend the closing.
How Long Will The Closing Last?
Closings typically last between 30 minutes and 60 minutes, but unforeseen factors may lengthen the process. Our real estate closing attorneys 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.
