North Carolina Real Estate Transactions
States do have different methods of
carrying out a residental real estate transaction.
If you're from the west coast it's sometimes a surprise
to find out that in North Carolina we use real estate attorneys to process
the legal paperwork rather than an escrow company.
The real estate attorneys do the title search, acquire title insurance for buyers,
prepare the deed and handle the closing transaction.
As your agents, we help coordinate the closing with
the transaction attorney.
Triad Area Home Buyer Transaction Steps
- Buyer makes offer to purchase with or without contingencies, seller accepts offer, with or without contingencies
- Buyer's earnest money (good-faith deposit) is held by the closing attorney
- Lender orders appraisal (buyer or agent might order it for a cash purchase)
- Inspections are ordered after an acceptable appraisal is received (If time is a factor, and you're confident the home will appraise, inspections can be done earlier)
- Repair issues are negotiated with the seller
- Termite inspection is ordered (must be within 30 days of closing)
- After a successful appraisal and inspections surveys are ordered
- Buyer applies for hazard insurance and the information goes to the lender and closing attorney
- Nearing closing date, buyer arranges for utilities to be transferred or established in the buyer's names
- Closing takes place at the office of the buyer's attorney. (The seller's attorney has forwarded signed deeds to the closing attorney.)
- Buyer gives attorney certified funds to pay for the transaction's closing and buyers sign loan papers and other required documents
- Attorney records new deed at the courthouse and disperses funds due to all parties
Buyer's Offer to Purchase Contract
- RESIDENTIAL PROPERTY DISCLOSURE -
North Carolina law requires that most sellers furnish a residential property disclosure that describes the condition of all systems in the home.
- BOUNDARY SURVEYS -
Buyers usually pay for surveys, but sometimes ask the seller to share in the cost. Most lenders do not require a survey, but agents usually recommend them.
- SALES CONTRACTS - Most residential sales contracts are written by real estate agents using standard forms provided by the North Carolina Association of Realtors. These "fill in the blanks" forms were developed by attorneys and comply with NC state laws but sometimes buyers will ask their attorneys to draft offers for them.
- HOME INSPECTIONS -
Home inspections normally take place after the contract is accepted by all parties. Inspections are typically paid for by the buyer.
- CONTINGENCIES - Contingencies for basic home inspections and pest inspections are part of the main body of the contract. Contract contingencies for some types of inspections, such as those for septic systems and radon levels, are added by including a special addendum with the offer and the same for many other contingencies, such as appraisal requirements, buyer possession before closing, seller financing and more. Other standard contingencies include financing provisions, a description of items to remain in the home (or be removed), clarification of association dues.
Triad Home Buyer Closing Costs
The closing costs for buyers transaction will vary and based on the purchase price, loan amount, interest rate, etc. Your lender will be the one to provide you with a list of your costs at the appropriate time.