When will I get my Closing Disclosure and my final numbers for closing?
If you are paying CASH for your closing you will receive your closing disclosure the week of closing.
If you have lender financing our office needs a loan package from the lender including instructions on the exact figures to put together your disclosure. Once we are able to do that and your lender has reviewed and approved the figures, at that time, we will send out a closing disclosure to the parties. Please make sure you have provided your lender with every piece of information they have requested and that you have forwarded to us every invoice and document that will affect the final numbers.
When will I know the amount I need to bring to closing? Do you tell me or does my lender tell me?
You will know the exact amount down to the penny once we have gotten final approval from your lender on your closing disclosure. Your lender will send you your final Closing Disclosure Statement listing your cash to close.
How do I get my funds to you for closing?
Amounts due from you at closing must be in the form as follows:
$0-$500.00 – Personal check accepted
$501.00-$5,000.00 – Certified check will be accepted but we prefer a wire transfer
$5,000.01 – wire transfer only.
Please do not bring a check of any kind over $5,000.00 as we will not be able to accept this and you will be delayed in receiving your new keys. We recommend sending wires the day before closing to ensure that they have arrived by the time your closing is scheduled.
My spouse is not on the loan. Why does he/she need to attend closing?
In North Carolina, any married person who is not on your loan has a marital interest in your Property. That person must sign certain loan documents to subordinate their automatic marital interest to the priority of the lien of the mortgage. For any additional questions on this issue please call our office.
If neither you or your spouse will be present at closing and there is someone who can sign on your behalf, we can prepare and have you and your spouse sign a Power of Attorney to allow the your designated person to sign on your behalf. This MUST be approved by your Lender PRIOR to closing. The Power of Attorney document must be limited and specific to the closing transaction.
When do I receive my keys?
In most cases you receive your keys after the Deed has been recorded. This means that we have all funds, the Buyer and Seller have both come to our office to sign their required documentation, and any additional requirements by the Lender have been met.
Is it okay to sign the buyer’s checklist with electronic signatures?
Yes, electronic signatures are fine for the buyer’s checklist. The seller’s checklist must be signed in pen as it is required by some lenders to order payoffs.
Do I really need to order a survey?
A final survey is highly recommended but not required by our firm. Your lender may not require a new survey because their title insurance policy will protect them against coverage from loss or damage resulting from a condition which would have been shown on a new survey. Your owner policy will not offer this protection without a new survey. Any problem that would have been revealed on a survey will become your responsibility or liability.
What is title insurance?
Title insurance is an insurance policy that protects your ownership in your property. It assures you that your property is free from any defects, liens or encumbrances that are not listed specifically on your policy. It is a onetime fee that can potentially save you thousands down the road.
We will automatically get you an Owner’s Policy of Title Insurance unless you tell us, in writing, at least 7 days before closing, that you do not want Title Insurance.
What happens if I cancel my transaction with your office?
If a transaction fails to close through no fault of ours, our fee will be computed as follows:
Prior to Start of your Title Examination $250
After Start of Title Examination and Before Closing $450
During or After Closing: $ Full fee and any additional costs
What do I need to do as a Buyer or Seller to make this a smooth closing?
Your responsibilities include providing your lender with all documentations they require in a timely manner so as to avoid a delay in closing, obtaining a homeowners insurance policy at least ten (10) days prior to closing for the property you are purchasing, contracting for and providing copies of any invoices related to your closing, providing those invoices to our office as soon as you receive them, notifying us in advance of any additional services our office will be required to render and attending closing on time.
You will need to bring 2 forms of identification, one of which should be a valid driver’s license or passport.
We ask that you arrive at our office for closing 10-15 minutes ahead of your appointment. For directions or questions, please call our office at (919) 871-0022.