Real Estate Closing FAQs
How can I deliver an Earnest Money Deposit to you?
We are happy to hold onto earnest money in our firm trust account. Please make checks payable to “Tripoint Law Trust Account”.
If your purchase contract allows time, you are welcome to mail it to 891 Willow Dr, Ste 7, Chapel Hill, NC 27514.
If you prefer to hand-deliver, we are available to accept the check during regular business hours. If for any reason we are not available, the mailbox in front of our office door doubles as a locked dropbox — you may place an envelope with “Tripoint Law” written on it inside.
Precise directions to our Suite are here: tripointlaw.com/directions
What are the attorney fees for a closing?
Our standard fee for a residential purchase is a $775 flat fee. This includes the title search, working with your lender to prepare the loan package and settlement statement, explaining the loan documents at the closing, holding the funds in our trust account, recording the deed and deed of trust, and disbursing funds. We offer mobile closings at the location of your choice – extra fees may apply depending on location.
Additional fees may be required if non-standard documents are needed, such as a buyer power of attorney, but we generally keep it close to our flat fee. Please contact us at 919-903-8645 or email us email@example.com to schedule a closing. If you select us, simply let your realtor and lender (if applicable) know our contact information.
Can buyers bring a personal check for their funds due at closing?
Unfortunately not. Funds must be “certified”, meaning they must either be wired to our trust account or you must bring a certified (or “cashier’s”) check from your bank made out to “Tripoint Law Trust Account.” Your lender will provide the exact figure needed. If do not have the exact figure before needing to obtain the check from your bank, your lender can provide an estimate and any excess funds will be reimbursed to you via check from our trust account once the deed is recorded and disbursement is authorized.
Should I pay for a survey?
Surveys are strongly recommended. Just as you have an inspection of the home itself, a survey assures you of your property’s boundaries, alerts you to encroachments onto neighboring property you could be liable for removing, encroachments by neighbors onto your property, location of some easements on the ground, and other physical aspects of the lot. The cost of a survey depends on the size of the lot and the complexity involved for the surveyor. Please notify us or your agent promptly if you want a survey ordered, as surveyors can be booked up for weeks in advance. We are happy to discuss this option further over the phone.
As a seller, if I bought or was granted my property originally while single, but am married now, does my spouse need to sign the deed?
Yes, after marriage, spouses gain a certain marital interests in the property that must be signed away via the deed when you sell, even if they were never put on the deed.
What is title insurance and why do I need it?
Tripoint Law will conduct a title search of public records to advise of liens, judgments, or other encumbrances or defects that may be on the property. Title insurance protects you and the lender from hidden defects in title, including those not found in the public record. These defects might be due to errors in the public record regarding names, signatures and legal descriptions, or an error in the indexing of the record. Title insurance further covers you and the lender for legal expenses required to cure such defects in title. Lenders require nearly always title insurance to insure that their mortgage is the first lien on the property.
How much does title insurance cost?
Title insurance is a one-time premium paid at closing. The owner’s policy is calculated based upon the purchase price of the property, while the lender’s policy is calculated based on the amount of the mortgage. The exact cost will vary based upon the location of the property and the existence of a prior title insurance policy that is less than 15 years old, which can be used by the title company for a reissue rate. We always do our best to find a prior policy for buyers to secure them the lowest rate possible.
When will I, as a seller, receive my funds?
Funds are disbursed after we receive approval from the buyer’s lending institution and have recorded the deed and deed of trust, typically the same day if the closing is before 3pm. If you have requested a wire, the wire may need to be sent the morning after closing if part of the seller proceeds arrived in our trust account via certified check (since such funds, though guaranteed by the bank, are not available until the following day. Please note that if you have elected to receive a check rather than a wire, your bank may not make those funds available to you for a period of time, sometimes a few days, depending on your account’s average balance and your bank’s own policies.