FAQs

While a realtor is not mandatory when buying a property in North Carolina, working with one can be incredibly beneficial. They can help facilitate negotiations, share valuable market insights, and provide local statistics, ultimately saving you time, stress, and money. Having a knowledgeable professional to help streamline the process can make the buying process much smoother. Whether you choose to collaborate with a realtor or not, we are here to help you through every step of buying your home!

North Carolina law mandates that an attorney be involved in the closing process of a real estate transaction. Attorney involvement is mandatory because real estate transactions include several processes, such as the drafting of legal documents and producing opinions of title, which are practices of law in North Carolina. The unauthorized practice of law by someone who is not an active member of the Bar of the State of North Carolina carries with it civil and/or criminal penalties.

Any time you put less than 20% down when purchasing your home, your lender may require that you fund an escrow account with them to ensure the timely payments of both your annual property tax bill and homeowners’ insurance premium. At closing, you will pay at least a couple of months’ worth of your annual property tax bill and homeowners’ insurance premium up front. Starting with your first mortgage payment, you will make monthly tax and insurance installment escrow payments to your loan servicer along with your normal principal and interest payments. Your loan servicer will pay your property tax bill towards the end of the year and your homeowners insurance bill every year on the purchase anniversary date out of your escrow account on your behalf. Your loan servicer will account for your escrowed funds monthly as part of your mortgage statement. You will receive a refund of any unused funds once the escrow account ends.

For resale closings, once your deed has been recorded with the county, then the property officially belongs to you. At that time, the seller or their realtor will release keys to you so that you can move into your new home. For our Lennar new construction home closings, however, you may not have to wait until your deed is recorded. Typically, you can get your new keys once all closing and loan documents are signed, signatures are approved by the lender (if applicable), and all purchase funds for the purchase of your new home have been received in our trust account.Any time you put less than 20% down when purchasing your home, your lender may require that you fund an escrow account with them to ensure the timely payments of both your annual property tax bill and homeowners’ insurance premium. At closing, you will pay at least a couple of months’ worth of your annual property tax bill and homeowners’ insurance premium up front. Starting with your first mortgage payment, you will make monthly tax and insurance installment escrow payments to your loan servicer along with your normal principal and interest payments. Your loan servicer will pay your property tax bill towards the end of the year and your homeowners insurance bill every year on the purchase anniversary date out of your escrow account on your behalf. Your loan servicer will account for your escrowed funds monthly as part of your mortgage statement. You will receive a refund of any unused funds once the escrow account ends.

A listing agent provides value by leveraging their deep knowledge of our local market to accurately price your home, maximize exposure to potential buyers through the Multiple Listing Service (MLS), skillfully negotiate offers, and ultimately help you sell your property faster and for the best possible price, often achieving a higher selling price than selling on your own (FSBO) due to their expertise and marketing capabilities.

The time it takes to get to closing is influenced by a few factors such as the condition of title to the property held by the seller and the time it takes for a lender to prepare financing for a buyer. Typically, the time between signing the Offer to Purchase form (or any other contract used by the parties) and the closing date is about one month, but it is not uncommon for that timeframe to be shorter. The closing date is the date agreed upon by the buyers and sellers when going under contract but can be adjusted after contract to accommodate completion of pre-closing due diligence or other considerations.

As a seller, you are not required to attend the buyer’s closing ceremony. In fact, most sellers in North Carolina are not present on the day of closing and instead sign their own requisite documents several days earlier at their convenience. Additionally, if you are an out-of-state seller or otherwise unable to come to our office, we can prepare your seller documents and send them to you, allowing you to get them notarized locally and whenever it would be most convenient for you prior to closing.

In North Carolina, the sale of a property is not finalized until the deed is recorded with the county, meaning sellers do not receive proceeds immediately at the closing table. That said, we do everything we can to expedite processes to get money to you as quickly as possible. Here is how the process generally works on closing day:

Buyer signing: On closing day, the buyers meet with one of our closing attorneys to review and sign their documents. As a seller, you have likely already signed your documents beforehand.
Funding approval: If the buyer is financing the purchase, their lender may need to review and approve their documents once signed and notarized.

Deed recording: Once the buyer’s lender gives the green light, we electronically submit the deed to the county for recording. Only after the deed is recorded does the transfer of ownership occur and the buyer officially owns the property.
Funds disbursement: After recording the deed, we can disburse the proceeds to you, the seller.
At Jackson Law, we prioritize convenience for sellers. You can choose three options to receive your proceeds.

Maling a check: We can overnight a check to you via FedEx.

Check pick up: You can pick up your proceeds check in person or designate someone to collect it from our office.

Wire transfer: We can wire the funds directly into your bank account following your notarized written instructions and authorization. We will also require you to independently verify these instructions using a phone app should you choose to have your seller deed package and wire instructions notarized outside of our office.

The first step is to shop around and decide on a lender you wish to refinance with for your new loan. We know excellent options and would be happy to provide a referral. Once you find a lender you want to work with, they will set you up with one of their loan officers to get the process started. Just like the original home purchase, attorneys are required to assist in refinancing your home. Jackson Law is skilled in refinances, and we are happy to help!

Paperwork wise, a refinance closing looks about the same as a regular home purchase closing just without the moving trucks and cardboard boxes. You will come to our office to sign the new loan documents with an attorney. Once you finish signing, we will fund and record the new deed of trust with the county, and your existing mortgage will be paid off.

Jackson Law can receive earnest money via check (which clients or agents can mail to us or drop off at either of our convenient locations), wire transfer, or remote deposit safely and securely through the mobile app, ZOCCAM. To learn more about ZOCCAM, click here.

Qualia is Jackson Law’s secure closing portal and our means of safeguarding transactional and nonpublic information. After completing the intake process and uploading the necessary documents, your clients can reach us by communicating with us directly through Qualia connect. Clients and industry professionals can also communicate with our team via email and phone.

The short answer is yes. Surveys allow attorneys to see issues with the property that are not otherwise visible or apparent when reviewing title documents. Surveys can reveal multitudes of issues such as encroachments and boundary line discrepancies that may cost buyers time and money after closing. The costs of a survey may pale in comparison to the costs of fighting and remedying title defects after closing. A buyer’s title insurance policy will have an exception to coverage for anything that would be revealed by survey at or before closing.

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