Real Estate Closing FAQs
- 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, paying off existing mortgages and liens of the seller, and disbursing funds. We offer mobile closings at the location of your choice for no extra charge in Chapel Hill, Durham, and Raleigh. Additional fees may be required if non-standard documents are needed, such as a 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.
- 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.
- Should I pay for a survey?
- Yes. A survey is a very important step in the purchase of any real estate. A survey may reveal any easements, encroachments, rights of way or other issues that are important to the use of your property. Generally a lender will require a survey. In some cases, a lender will not require a survey, but their lender title insurance policy will typically cover any loss resulting from a condition that would have been reflected on an accurate survey. Your title insurance policy will not. A survey is not required if you are paying cash for your real estate. Please discuss this decision with your settlement attorney.
- 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 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 and 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.
- If I bought or was granted my property while single, but am married now, does my spouse need to sign the deed?
- Yes, after marriage, spouses gain a marital interest in the property that must be signed away via the deed when you sell, even if they were never put on the deed.
- Does Tripoint Law hold escrow money?
- We are happy to hold onto earnest money deposits in our escrow trust account if your realtor cannot do so, or if you are working without a realtor.
- 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. The lender requires 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 lender’s policy is calculated based on the amount of the mortgage.
- Can I sign on behalf of my spouse?
- Your lender must approve the use of a Power of Attorney for signing the loan documents. Tripoint Law can draft the PoA for you. Sellers are discouraged from using a power of attorney to sign the deed and other notarized documents, however sellers do not need to sign their documents on the day of closing, and thus can sign their documents from another location at their own convenience and mail them to their agent or the closing attorney’s office.
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