What to Expect at Closing?

Buying or selling a house can be a stressful experience.  There are so many things to think about!

Don't hesitate to ask your Realtor about the process.

I tell all my clients that no question is too small and that they shouldn't hesitate to ask.  

Here are some of the things which I get asked about most frequently.

Do I have to come to Closing?

• Most of the time all of the buyers and all of the sellers will attend closing. 

• Arrangements can be made for the closing to go ahead without you there. This may take some time to organize so make sure the Attorney knows ahead of time.

Who else will be at Closing?

• In North Carolina the Closing transaction will usually be completed at an Attorney's office and an Attorney is responsible for co-ordinating the transaction.  
• At a typical closing you will see the buyers, the sellers, the closing Attorney, and two sets of Real Estate Agents at the closing table.  
• Real Estate Agents do not have to attend but usually do to offer advice and ensure that the transaction runs smoothly.  
• You may also see other professionals represented - a representative of the lender for example.
• There is no requirement for the buyers and sellers to be in the same room at the same time to close.

What should I bring to Closing?

• Make sure you know ahead of time what amount of money you need to bring to closing.  Some Attorneys will require that the money is wired, others will accept a Certified Check - make sure you ask.  A personal check or envelope full of cash will not be acceptable for closing!
• The Attorney will also need to see a photo ID so make sure you bring your driver's license.
• If you have had a recent name change which may affect the paperwork at closing make sure the Attorney knows ahead of time so that the correct names appear on the paperwork.

How long will closing take?

• If all parties are attending the Closing and the Buyers are using a mortgage then the closing will  take much longer than if there is a cash buyer  and the seller is closing remotely.  
• The Attorney will usually give a brief explanation  of every piece of paperwork which needs to be  signed and in most cases buyers should expect to  spend 30-45 minutes at the closing table.  
• Sellers usually have less paperwork to sign and their side of the transaction can be completed more quickly.

What can go wrong at closing?

• In the vast majority of cases closing runs smoothly.  All parties to the transaction have provided all the information ahead of time and any questions about the parties or the property have been answered before you get this far. 
• In some cases, however, a deal can fail even at this late stage. Disputes around repairs may come up or some detail about the physical property may be disclosed which should have been disclosed earlier. 
• Careful planning and research ahead of time is always wise but it is also good to be aware that nothing is FINAL until the closing is complete and the deed recorded.

What happens after closing?

• Even after the paperwork is signed the sale is not complete.  
• The Attorney will still need to arrange for the deed to be recorded and commonly you should not expect to receive the keys to your new home until this is complete.  
• After Recording is complete the keys will be released and the Attorney will disperse the various funds. Sellers should make arrangements with the Attorney to receive their funds either by check or by wire to their bank. 

All closings and all Real Estate transactions are different so make sure that you get up to date and reliable information from a Realtor as you work through your sale or purchase.

Looking for an Expert to Guide You Through 

Your Real Estate Transaction?

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Real Estate Advice, Local Knowledge & SO Much More!

Louise Norton

704 408 0733

louise@charlotteandthelake.com

charlotteandthelake.com