Do I Need A Closing Attorney Or A Title Company in NC?

A significant amount of people have been moving to North Carolina from other states. When they come here to buy a home, they have a lot of questions. This is because they have bought and sold homes where they used to live, and have had their own experiences with the process.

One such question that comes up is in regards to title companies.

States other than North Carolina use title insurance companies for settlement agents. This is a third party who helps facilitate the transaction between the buyer and seller. Here are some things that they are responsible for:

• Transferring cash or compensation
• Transferring a clean title (proof of ownership)
• Accurate paperwork and documentation

In North Carolina, lawyers handle the closing. They will be the settlement agent during a real estate transaction.

Is This A Good Thing?

If you are a home buyer in North Carolina who has hired an attorney, you will be getting everything your average settlement agent would provide—plus someone who can advise you on any of your legal questions during the process.

With this additional layer of protection and service, you’d assume a lawyer would cost more. But this isn’t the case. North Carolina is still one of the least expensive states to close a real estate deal in.

Does NC Use Title Companies?

Absolutely. If you are a home buyer, your attorney will be using a title company to insure the title. However, it is the attorney who has to search and certify the home’s title before the title company creates an insurance policy for it.

A “free and clear title” means that there are no liens on the property, nor are there creditors who are making claims of ownership on your future house. This will be because of a debt created by the previous owner.

In addition to the title, your closing attorney is an important part of the closing process. Because buying a home is likely going to be one of the biggest financial decisions of your life, proceed intentionally and carefully. Your attorney, who represents your interests, can review the contract prior to you signing it. This helps you not only buy a home, but it potentially protects your interests beyond the purchase.

The documentation and paperwork associated with the loan package are significant—and your attorney can prepare these for you as well. On the day of the closing, you will likely go to your attorney’s office. She will have all the paperwork that requires your signature and will also facilitate the wire transfer of funds.

In North Carolina, when you buy a home, you will need to do so through an attorney. You will be getting more benefits for less—especially when compared to closing costs of some other states.

Thomas & Webber Law at the Lake

If you are about to buy or sell a home in North Carolina—especially around Lake Norman, contact Thomas & Webber Law at the Lake to schedule a consultation. Not only will we go over every document, every line, but we work to make it a fun and enjoyable experience. This is a significant moment in your life, and we always treat it as such. We can also be reached at (704) 663-1600.