You've picked the perfect house, signed the contract, and soon you'll be in your new home. Or, if you're a seller, your search for a buyer has ended. Now for the last step--your closing.
What is a real estate closing?
A closing is the transfer of interest from a buyer and seller after they have executed a contract for the sale of real estate or after a lender has agreed to refinance or provide to a borrower a loan secured by real estate. A closing or settlement agent usually provides the following services: review of the sales contract, assemble necessary information and documentation, such as the HUD-1, review title, issue of title insurance, review loan instructions, prepare, explain and record documents with the purchaser or seller, and receive and disburse funds.
Who can handle real estate closings?
Real estate closing laws are different in each state. For instance in North Carolina, a real estate closing must go through a licensed attorney. However, in Virginia, licensed Virginia attorneys, title insurance companies and agents, real estate brokers and financial institutions may serve as settlement agents. and provide "escrow, closing or settlement services" if they register with the Virginia State Bar and meet other conditions of their regulatory agencies. A Gunther Law Group, we have attorneys licensed in both North Carolina and Virginia, so we can conduct closings in both states. Our attorneys can even close North Carolina settlements in Virginia and vice versa.
What should you expect at your closing?
At your closing, should expect to sign lots of documents. These documents usually include: a note which evidences the loan and setting forth the terms of repayment; the Deed of Trust which pledges the property as security for the loan (mortgage); and Disclosure documents and other certifications required by the lender.
Why choose Gunther Law Group?
At Gunther Law Group, we know that a home purchase or sale is usually one of the largest transactions in your lifetime. Our attorneys and staff have handled many closings and are excited to assist you in completing yours.
To meet with a Gunther Law Group attorney, contact us online or call:
Virginia Beach, Virginia: (757)671-3352
Hertford, North Carolina: (252)426-2006