Highlight In Legal North Carolina Real Estate Closings Forms For Free

Unlike some states that allow title companies to facilitate home sales, residential property sales in North Carolina must be processed by a residential real estate attorney. In addition to the buyer, seller, and their attorneys, real estate agents and either an escrow or settlement agent may be involved in the closing.

For example, the North Carolina ?standard? residential sales contract (Form 2-T) allows for a delay period that extends for up to fourteen (14) days beyond the agreed settlement date without penalty to the delaying party, provided they are acting in good faith to close the transaction.

Who pays closing costs in North Carolina, buyers or sellers? Both buyers and sellers pay some portion of closing costs, in North Carolina and every state. Sellers typically shoulder a larger financial burden, since they usually pay the real estate agents' commissions.

The steps leading up to the closing date include: Purchase agreement acceptance. Optional buyer home inspection. Loan origination. Lender home appraisal and credit underwriting. Loan Approval. Homeowner and title insurance. Closing disclosures.

Here's how it goes: An escrow agent will oversee the closing at the buyer's attorney's office. The buyer provides their agent with funds to pay for the closing and signs all necessary paperwork. The buyer's attorney records the new deed at the courthouse.

The closing phase of residential property sales includes several steps that usually take between thirty and sixty days to complete. If this is your first-time selling property in North Carolina, you may have questions about how closings work and what to expect.