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Residential Closing Attorney Wilmington NC
Buying or selling a home is an exciting time and that exhilaration should not be marred by unanswered questions and unwelcomed surprises. The closing is the end of the procedure of buying a house. It’s the day you close the deal on a piece of real estate and on the mortgage to buy that real estate. Leading up to the closing, we stay in constant communication with the realtor, lender, title insurance companies, insurance agents, and you. Contact us today
Timing is critical when scheduling the transaction. Here are a few things to consider:
- Current living situation: If you are renting, you’ll want to inform your lender that you would like to close at least fifteen days before your lease ends. If you want to do some work on your new home before moving in, choose a date a few months before you have to move from your rental. If you’ll be moving out of a house that you are selling, you’ll be working with two closing dates. Most homeowners need the cash from the first closing to pay for the second closing, so remember to communicate this to both your lender and your residential closing attorney Wilmington. But keep in mind: two closings in one day could potentially be a disaster if the funds are not received from the sale in a timely manner.
- Mortgage considerations: Make sure the closing date is set before your lender’s commitment — or any interest rate lock — expires.
- Work schedule: Though most well-run closings last only about an hour, you don’t want to try to compress this into a lunch break.
- Do not plan to move the day you close: In North Carolina the property is not officially yours until the Deed is recorded. And, if the closing is scheduled for late in the day, or if the seller is signing documents out of town, your Deed may not record the same day you sign.
- If you are scheduling a closing at the end of the year, keep taxes in mind: Any points and interest paid before the New Year can become deductions for this year’s taxes. Check with a tax adviser for the timing of any other deductions.
Exchanging of Funds: The buyer and sometimes even the seller are anticipated to have provided the funds on or before closing.
Sign here … and here … and here: Most residential closings are actually two closings. You’ll be closing on the purchase of real estate, and you’ll be closing on the mortgage loan you are taking to buy that real estate. All the documents will have to do with one or the other. Some documents are common to most closings, and other documents will be unique to your area or situation.
Recording: After you have signed all the paperwork required by your lender and attorney, your residential closing attorney Wilmington will then obtain the Deed from the Seller’s attorney. We then do a final examination on the title of the property and record both the Deed and Mortgage on your behalf. Once recorded, the home is yours! We then disburse all funds on your behalf to the seller and other parties whose invoices were listed on the settlement statement.