“Congratulations, the seller accepted your offer. You are in contract”…now what?
By Charlene Efird
The Lake Lure real estate market continues to be strong and remains primarily a 2nd home market with many buyers living elsewhere. The real estate transaction process varies from state to state as do real estate contracts. NC contract documents are written by the NCREC and NC Bar Association. Contract date is the date on which the last party signs and the clock starts ticking. NC contract dates are based on accumulative days, not business days.
So, what can a Buyer anticipate in the process of closing their contract?
Communication, clarity and timeliness are the keys to a successful transaction.
Buyer, Seller, Broker, Lender and Attorneys remain in close communication throughout.
It is advisable that Buyer and Seller have their own closing attorney with representation
Step-by-Step to Closing:
- Seller accepts and signs Buyer’s Offer. You are legally in contract.
- Broker and Buyer provide copies of contract to all parties: buyer, seller, attorneys, lender
- Buyer’s earnest deposit is delivered to closing attorney for escrow.
- Lender orders appraisal.
- Closing attorney begins title search.
- Inspections are ordered: Home inspection, radon, septic if applicable, water/well tests if applicable.
- Pest inspection performed within 30 days of closing.
- Survey ordered after appraisal and inspections are completed.
- Buyer obtains homeowners’ insurance and provides information to closing attorney.
- Buyer and Seller arrange for utilities transfer. Transfer to be effective one day after closing.
- Buyer and Seller sign closing documents in closing attorney office.
If Buyer or Seller will not attend the closing, attorney overnights closing documents.
Client signs in presence of notary and overnights back to closing attorney.
- Buyer and lender provide certified funds for closing.
- Buyers’ attorney records the new deed in county courthouse and disperses proceeds to all parties.
Buyer usually receives house keys once the contract has been funded.
TYPICAL NC BUYER EXPENSES:
All Inspections (home, pest, radon, water/well, septic)
Pro-rated property taxes, association dues and fees
Attorney fees, title search and title insurance, flood insurance if required
Fees to record new deed
Funds to open lender escrow account, taxes and insurance
TYPICAL NC SELLER EXPENSES:
Attorney fees for deed preparation
Tax stamps (excise or revenue stamps) at rate of $2.00/$1000 purchase price
Prorated share of property taxes, association fees and similar fees
Real estate brokers fees associated with sale
Loan payoff fees
Repairs as negotiated with Buyer
Breathe and communicate your way through a successful transaction.