what does closing attorney do

Full Answer

Which of the following is the responsibility of the closing attorney?

The closing attorney disburses any and all other fees and amounts associated with the transaction, to include any real estate brokerage fees, county taxes that are due and payable, payoff monies for existing loans, homeowner insurance premiums for the purchaser/borrower, pest inspection fees, homeowner association dues ...

What does a closing attorney do in NC?

Closing attorneys are vital to the closing process. They are responsible for gathering information about the contract, the loan, title to the property, insurance, home warranties, termite inspections, and land surveys, as well as prepare documents that cover everything.

Who chooses closing attorney in NC?

the buyerThe closing should be scheduled at least 2 weeks in advance. Generally, in North Carolina, you as the buyer have the right to choose the closing attorney.

Who chooses the closing attorney in Alabama?

In some areas, closings take place with title companies, but most in Alabama are handled by attorneys. If the real estate agent does not select the attorney the lender will suggest one. Most homebuyers rely on their real estate agent to select an attorney, but I recommend asking your lender for a referral.

Is an attorney required for a real estate closing in NC?

Many other states in the US operate their closings with a title company and no independent attorney is involved. However in North Carolina, this is not the case. North Carolina has a law that all real estate closings must take place with a North Carolina licensed attorney.

Does a seller need an attorney at closing in NC?

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.

Does buyer or seller choose closing attorney in NC?

Generally a seller will hire a real estate attorney once he or she has the offer to purchase on the table. A real estate attorney will help the seller negotiate the offer, so clearly buyer and seller would not use the same attorney.

Can a buyer and seller use the same attorney in NC?

But the question is – can a buyer and seller use the same real estate lawyer? Technically speaking, no! However, they can hire lawyers from the same law firm. As per the laws of the Law Society, an attorney cannot represent both parties simultaneously to avoid any possibility of conflict of interest.

How do I close on a house in NC?

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 escrow agent will use the escrow funds to pay off any remaining mortgage and other closing costs. The remaining funds are then sent to the seller.

Is a closing attorney required in Alabama?

In Alabama, non-attorneys can conduct closings. However, there are restrictions in both the Alabama code and case law on what activities a non-attorney can perform related to the closing.

Do you need a closing attorney in Alabama?

Alabama is one of the few states that requires a licensed real estate attorney to draft and prepare all legal documents involved in a real estate transaction (Ala. Code § 34-3-6(c)).

How long does it take to close on a house in Alabama?

What's the average time to sell a house in Alabama? The average time it takes to sell a house in Alabama is 78 days — 43 days to get an offer and an additional 35 days to close. This is approximately 1.3% slower than the national average.

Does buyer or seller choose closing attorney in NC?

Generally a seller will hire a real estate attorney once he or she has the offer to purchase on the table. A real estate attorney will help the seller negotiate the offer, so clearly buyer and seller would not use the same attorney.

How do I close on a house in NC?

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 escrow agent will use the escrow funds to pay off any remaining mortgage and other closing costs. The remaining funds are then sent to the seller.

Who does real estate settlements in North Carolina?

licensed attorneysIn North Carolina, real estate closings are conducted by licensed attorneys in accordance with state law. It is the close out meeting between the buyer and the seller of real property wherein all the loose ends of a purchase is wrapped up pursuant to the agreements made in the Purchase and Sale Agreement.

Is South Carolina an attorney closing state?

South Carolina considers the conducting of a real estate closing the practice of law, which only an attorney can do. State v. Buyers Service Co., 357 S.E.2d 15 (S.C. 1986.) In South Carolina, any reputable mortgage lender will require that an attorney be selected to conduct the closing.

How does a closing attorney work?

Briefly, the closing attorney searches the records at the County Register of Deeds Office to determine ownership of the property, find restrictive covenants, check for access to the property, identify any easements or rights that benefit or burden the property. The title is reviewed for 30 or more years, to be sure a “chain of title” is in place leading to the current owner (this time period may be shortened if a “prior” title insurance policy can be found). The closing attorney also checks the records at the County Clerk of Court’s Office to be sure there are no judgments of record that create liens on the property. If the property is being sold out of an estate, the Clerk’s estate records are also checked to determine who has to sign the deed, and to be sure the estate has been properly processed. The closing attorney reviews County Tax office records. The closing attorney also checks with the municipality in which the property is located to be sure there are no outstanding assessments owed by the seller.

What is a closing attorney?

The closing attorney represents the buyer in the buyer’s purchase of real estate, or refinance of a mortgage loan. The closing process can be divided into three parts: Pre-closing, Closing, and Post-Closing. Here are some of the responsibilities and tasks of the closing attorney.

What is included in the closing package?

The closing attorney reviews the loan package, typing in the legal description, property tax information, homeowner’s insurance information, and various terms and details as needed to ensure the documents are fully complete and accurate. The closing attorney adds other documentation to the closing package that will be reviewed at closing, such as a copy of homeowners insurance, the title insurance binder, a copy of any plat map, any restrictive covenants, any home warranty. A copy of the entire package is made for the buyers.

What to bring to closing?

Information Gathering. One of the main tasks for the closing attorney’s office is gathering information from a variety of sources, and assembling it for closing, including things such as: 1 Homeowners insurance policies and premiums 2 Homeowners Association Dues (which are collected and/or prorated at closing) 3 Termite reports, home inspections, other costs to be collected at closing 4 Home warranty information 5 Realtor commission information

What funds are needed to close a house?

Funds to Closing. The buyers are informed of the amount of money to bring to closing (which must be either “certified funds” such as a cashiers check, or wired funds).

Where does closing take place?

CLOSING. All the preliminary activity leads up to The Closing, which usually takes place at the closing attorney’s office. The closing attorney and the buyers attend, of course, and usually their realtor and occasionally the lender. The closing attorney reviews all the documentation involved in the transaction with the buyers.

What is final title opinion?

Final Title Opinion. Soon after recording the closing attorney draws up a “final title opinion” which reports the deed and deed of trust recording information, and the status of the seller’s mortgage loans that have been paid off, to the buyer’s title insurance company, and the closing attorney send s that title opinion to the title insurance company along with the title insurance premium .

What Is A Closing Attorney, Or Lawyer, In Real Estate?

A closing attorney is responsible for organizing and overseeing the closing of a real estate transaction, as well as preparing the necessary paperwork and contracts. In some states, it’s mandatory for a closing attorney to be present during a closing.

What Does A Closing Attorney Cost?

A typical closing attorney will charge, whether it is done per hour or a fixed rate, between $500 and $1,500 total to conduct a home closing.

What is the closing attorney responsible for?

As outlined in the Settlement Statement, the closing attorney is responsible for handling a number of issues at closing:

What does an attorney do after closing?

After the closing, the attorney processes the loan funding, performs a title rundown to ensure there are no changes in the title, then records the deed, mortgage and other recordable instruments. The attorney will also ensure that all paid off mortgages and liens are discharged.

Do closing attorneys get title insurance?

The closing attorney also coordinates the issuance of title insurance to the lender and the new home buyer. I always recommend that buyers obtain their own title insurance policies because even with the most accurate title examination, there can be hidden title defects that could derail a later sale or refinance. Look no further than the Land Court Ibanez foreclosure mess for what can happen when you don’t get an owner’s title policy.

What Closing Fees Can You Expect from a Closing Attorney?

Closing costs, such as legal fees, and other one-time expenses can really add up with your home purchase. Closing attorney fees can range from 2% – 4% of the purchase.

How much does a buyer's attorney charge?

Buyer’s Attorney Fee ($400 and up) – Depends on each State. This fee is paid to a Lawyer specializing in Real Estate Transactions who prepares and reviews all the closing documentation on behalf of the lender.