Buying a home or investment property can seem like a complicated process, but working with a good attorney can turn something that seems complex into a pleasant experience where you feel confident things will happen on time and you will be protected.
What Is A Closing Attorney?
North Carolina law requires that you have an attorney close any real estate transaction. A closing attorney is an attorney that assists buyers with the closing of a real estate purchase.
What Are 4 Things A Closing Attorney Can Do For You?
Conduct A Title Search
A closing attorney will perform a title search to ensure that there are no liens or encroachments regarding the property you want to purchase. Some of the issues that can pop up in a routine title search are:
- The property may be encroaching on a neighboring property or vice versa.
- There could be unsatisfied mortgages on the property.
- There could be IRS tax liens against the seller personally that attach to the property.
- The seller may not, in fact, be able to legally sell the property.
Experienced proactive closing attorneys can identity and resolve issues just like this, and either solve the issues or advise you to walk away from the property before you put your money at risk.
Obtain Title Insurance
The purpose of title insurance is to protect both you, the buyer, and the lender by safeguarding your investment.
Even though title insurance is not legally required, given the relative inexpensive nature of the insurance to the size of the investment in real estate it is always recommended. Strong closing attorneys will be approved agents with many title insurance underwriters.
Help You Understand the Legal Documentation
Real estate closings requires legal documentation such as:
- Settlement statement
- Loan documents such as a Deed of Trust and Promissory Note
These documents affect your legal rights and obligations and can be confusing. A good Closing Attorney can educate you as to what you are signing and why and how it affects you and your ownership of the property.
Speak With A North Carolina Real Estate Lawyer
To ensure that you obtain the best possible outcome during the real estate closing process, you should speak with the residential and commercial North Carolina real estate lawyers at WZ Law Group today.