5 Primary Functions of a Closing Attorney in Raleigh – Part 2

Last week, we established that the Real Estate market is hotter than hot. Inventory is low and people are coming into the area at incredible speeds. As such, if you're in the middle of buying or selling a home, or just refinancing an existing mortgage, you may be wondering what to expect next. Closing attorneys are often misunderstood. Very few people understand what they do. Therefore, today we'll pick up where we left off last week and discuss a few more of the primary functions of a closing attorney in Raleigh during a real estate transaction.

4. Your Closing Attorney in Raleigh must Review All Documentation

Most of the work of a closing attorney is done behind the scenes, and the final product can often look like standard documentation that is pulled out for every real estate transaction. Closing attorneys make it look easy because from the buyer and seller's perspective, it appears as if the attorney is there simply to collect signatures.

In fact, they closing attorney has spent countless hours creating these documents and is there to make sure you fully understand everything that you are signing associated with the real estate contract and loan closing. They are also available to explain the deed, a note, a deed of trust, the settlement statement, and disbursement at the end of the traction as well as loan documentation that is required by the lender.

The closing attorney in Raleigh's biggest responsibility is to hold ultimate legal accountability during the real estate traction.

5. The Closing Attorney in Raleigh Records and Disburses

The closing attorney in Raleigh's job isn't complete until they've officially closed the transaction and distributed all monies. Therefore, after your closing appointment, your closing attorney will check the local registry one more time to update the title, and record the deed and/or deed of trust.

From that point, your closing attorney in Raleigh will issue a final opinion to the title company and pay the title company their premium. Then, they'll disburse any and all other fees associated with the transaction. That includes real estate brokerage feeds, county taxes, payoff amounts for any existing loans, pest inspection fees, home inspector fees, homeowner association dues, homeowner insurance premiums, bank or mortgage broker fees, seller's proceeds from the sale and all attorney fees associated with closing.

Is the Closing Attorney's Location Important?

Your closing attorney will typically practice in or around the property being purchased, but that's not always the case as many real estate closing are being handled virtually due to Covid-19. In cases where the seller has already moved away, this becomes particularly useful. While closing virtually does add a few steps to the process (including cost), the closing attorney in Raleigh is still the main point of contact for all closing procedures.

Selecting the Right Closing Attorney

With all of that said, the closing attorney's role in the real estate process is absolutely critical and should not be undervalued. You want someone who is knowledgeable of the area, but also organized, attentive to details and mindful of the importance of the transaction. While your realtor or mortgage lender may have a preference for closing attorney, you can certainly select one that you trust. As such, if you're looking for the right closing attorney in Raleigh, contact our real estate attorney in Raleigh, NC to schedule a consultation. We'll be happy to walk you through our process and put your mind at ease during the final steps of the real estate process so you can confidently move into your new home with peace of mind. We look forward to working with you.

 

No Comments Yet.

Leave a comment