What role do real estate attorneys and title companies play in North Carolina?

Purchasing a home is one of the best ways for the average person to build wealth. Owning your own home means that you will be able to reap the benefits of inflation and market growth over the long term. A home is the foundation of a lasting financial investment and is the best investment you can make.

It is also a wise decision to take property ownership to the next level by investing to create a stable and long-term financial foundation. Real estate is one of the most diversified investment options available, and it offers a high level of liquidity – meaning you can easily sell your property if you need to. Additionally, real estate investment has historically been one of the most reliable ways to make a profitable return.

Isn’t a real estate agent enough?

So, you hired an agent who knows the real estate market inside out! An expert agent leverages their knowledge of the industry and familiarity with neighborhoods, sellers, and contractors to boost their clients’ confidence and recommend the right properties. Then where does a real estate attorney come into the picture?

What a real estate agent brings to the table

A real estate agent offers personal support through every step of the real estate transaction. Let’s take a look at what an agent does on both sides of the table.

Role of a Buyer’s Agent

• Help you get as close to your dream home as possible within your budget – with realistic features that are all within reach.
• Identify homes that fit these qualities, and take you for home tours or gain you access to see them.
• Connect buyer’s with the right mortgage lender.
• Landing on the perfect offer price, writing up a real estate contract and presenting it to the seller’s real estate agent!
• Negotiating price adjustments and repairs as a result of appraisals or inspections.
• Taking you on your final walkthrough for your final inspection before closing.

Role of a Seller’s Agent

• Help you prepare your home for sale with improvements to maximize profit.
• Give advice for home staging or give recommendations for a professional stager.
• Run a comparative market analysis to set the right prices.
• Create and execute a marketing plan to sell your home to the public and their pool of contacts.
• Guide you through all of the legal documents and steps that need to be completed in the closing.

The role a good real estate attorney plays

A real estate lawyer helps you navigate the ins and outs of the law with solid legal advice. The real estate laws in each state are different, so it’s important to understand and abide by the laws of your state. That’s where a real estate attorney comes in! The law firm looks after your best interests answering all your important legal questions.

How your own attorney and agent serve you

An attorney won’t be able to help you prepare a competitive market analysis report, negotiate for repairs, or point out issues during a property visit. On the other hand, a real estate agent will not be able to address legal questions. Both of their real estate services together allow for a smooth transaction.

Title companies vs. real estate attorneys

Title companies and real estate attorneys are two important real estate professionals who can help with the sale or purchase of a home. They provide you with valuable advice and help make your closing a smooth transaction. They can also ensure that all the proper legal paperwork is completed, so you don’t have to worry about any potential problems down the road.

What are title insurance companies?

Title companies guarantee that property or piece of real estate is legally titled. A title insurance company or a title agent searches public records to ensure there are no title defects. They will inspect the legal claim of title for a given property and validate all liens on it and that there is a clear title. They also provide information about former owners and current ownership stakes in a piece of real estate.

Charlotte NC state laws regulation

Did you know that many states ONLY allow a real estate attorney to prepare the home purchase documents, conduct a title search, and close the deal? One of those states is North Carolina. The other states that require include:

Alabama

Delaware

Georgia

Massachusetts

New York

North Carolina

South Carolina

Virginia

West Virginia

Gastonia, NC
704-751-5725
https://dumpsterrentalcharlottenorthcarolina.com

Attorneys in North Carolina still handle the majority of the transaction process for the buying and selling of real estate. Even in these states, the title company will always be the one that’s insuring the title and providing the actual escrow account.

An experienced real estate attorney is legally required to properly switch ownership of the property.

Steps in a Real Estate Attorney closing

1. You should get your sales contract over to an attorney ASAP so that they can make sure that all the terms of the contract have been met before closing. A title search is triggered to ensure that the property you are considering is free of any liens.
2. The lawyer receives a title report and conducts a title examination. He then clears the title and certifies that the title is unencumbered from property taxes or outstanding liens from prior owners.
3. You purchase a title insurance policy under the attorney’s umbrella policy that ensures the title is clear.
4. The attorney suggests you order a property survey (a process of measuring land to determine its size and features) to avoid any encroachments that could ruin your closing. They’ll review it for you to make sure everything is in order before you finalize the deal!
5. The attorney prepares the settlement statement. A settlement statement is a document that lists all the money that was paid and received during the real estate transaction. It is also called a “closing statement” or a  “disclosure statement.” The statement includes the amount of the sale price, any payments made by the buyer or seller, and the amount of money that was actually transferred between the two parties. It’s important to review this document carefully to make sure everything was accounted for properly.
6. The real estate closing concludes with the contractor reviewing all the loan documents and any required documents with the customer, to ensure everything is complete.
7. The attorney goes to the courthouse immediately after concluding the transaction and disburses all the funds as specified on the disclosure statement. Then he returns to the lender and hands over all the documentation.

Real estate transactions take a lot of thought and preparation. But you could not let that stop you from buying a home and building a real estate portfolio. With the help of qualified real estate professionals all doing their part, the process can be much easier and less stressful. So don’t be afraid to jump into the market – just make sure you have the right team in your corner.

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