When To Hire a Real Estate Attorney in North Carolina? 2024

If you’re considering buying or selling a property, perhaps you’re wondering when to hire a real estate attorney in North Carolina. Whether you are new to the area or this isn’t your first real estate transaction, it’s crucial that you know what situations would most benefit from having a competent lawyer by your side. Having a trusted real estate professional on retainer can be immensely helpful for business owners and first-time buyers alike.

Instances When You Need to Hire a Real Estate Attorney

In the state of North Carolina, every person is required to have a licensed real estate attorney to handle their residential property closing. It is also mandatory to have a property lawyer within commercial closings, whether you are the buying or selling party. While your real estate attorney doesn’t necessarily need to be physically present during a closing, they are crucial to the process and ensure all legal procedures are conducted seamlessly and properly.

Real estate closings include various tasks that a qualified professional can confidently assist you with, such as examining and signing important documents, transferring funds, and the official transfer of property ownership through a deed. A real estate attorney is also a valuable resource for other property matters and prospects, including business formation and real estate expansion. Lawyers can help with negotiations, inspections, title searches, zoning, and tax issues.

What Does a North Carolina Real Estate Lawyer Do?

Real estate lawyers are well-equipped to handle a wide variety of tasks and processes, such as:

• Drafting and reviewing relevant documents, including property deeds, loans, and closing statements. A qualified lawyer ensures all paperwork is prepared properly and according to legal standards.
• Conducting title searches: An attorney can help investigate public records to verify the ownership trail of the property you are interested in in addition to identifying any potential liens, claims, or other encumbrances.
• Managing contract dispute resolutions: When disagreements or misunderstandings arise between the parties involved, real estate lawyers mediate and work toward reaching a solution.
• Title transferring: Property lawyers oversee the legal procedures involved in transferring ownership of a property between the seller and the buyer, as well as recording the new deed with the appropriate authorities.
• Providing representation in legal disputes: In the event a real estate transaction dispute warrants the court’s intervention, your real estate attorney can counsel and represent you during the proceedings.

Potential Issues in Real Estate Transactions in North Carolina

There are numerous common problems that may come up during the process of a real estate transaction. One instance is when a party faces financing issues such as delays or denials with the mortgage or other property loans due to a change in their financial circumstances. Another example is when the property is appraised at a value lower than the price originally negotiated. Solutions to these issues include loan pre-approvals and ensuring appraisals are accurate.

Potential hurdles with the property title are also frequently observed, including unresolved claims, unknown liens, and other title defects that may suddenly slow down the closing process. It is important to conduct a comprehensive title search early on so any possible issues can be identified and dealt with so the closing isn’t needlessly delayed.

Disclosure problems—damage or hidden defects within a property discovered during an inspection—can result in sudden deal cancellations or last-minute renegotiations. A comprehensive inspection of the property can help avoid any unexpected problems post-closings. Another common issue is contract disputes between the parties, which a real estate lawyer can help to mediate by providing clarification and guidance.

FAQs

Q: What Are the Benefits of Having a Real Estate Lawyer?

A: Beyond the legal requirement of their involvement, there are many benefits to having a real estate lawyer help you. The job of real estate attorneys is to protect your interests, ensuring the deal is handled fairly and in compliance with legal procedures.

They conduct title searches, check the details of contracts, and negotiate on your behalf. Real estate lawyers also minimize the risk of potential issues, facilitate meetings, provide advice, and can represent you in court if disputes arise.

Q: Which Party Chooses the Closing Attorney in North Carolina?

A: In North Carolina, a real estate attorney is required for all closings. Usually, it is the buyer who is responsible for choosing the closing attorney. However, in certain circumstances it may be beneficial for the buyer to waive their right to choose a closing lawyer, such as when it makes the offer more appealing. The seller may also hire their own attorney to prepare their documents but it is not uncommon for the buyer’s attorney to handle the paperwork for both parties.

Q: How Much Does an Attorney Cost for Closings in NC?

A: How much a real estate lawyer costs for a closing can vary depending on your situation. For example, you’ll likely spend more on attorney costs as the buyer, and you’ll also probably need your lawyer’s help with multiple aspects of the process. Fees can vary depending on the type of property you plan to purchase and if there are issues with the title, loans, or other elements of the transaction. Your lawyer can give you an accurate estimate of the costs.

Q: How Long Do Real Estate Closings Take in North Carolina?

A: Real estate closings take a month or two to complete fully but some cases may take longer. The timeline of a real estate transaction may be delayed for numerous reasons, such as financing issues, loan delays, and contract disputes. Due to this, it can often be difficult to anticipate how long a case will take to finalize. By hiring a competent attorney early on, they can anticipate these potential pitfalls and try to avoid anything that may prolong your closing.

Hire an Experienced Real Estate Lawyers at Thomas & Webber

The team of skilled and professional property law attorneys at Thomas & Webber are well-equipped to assist you with your real estate case, no matter how complex, far along, or minimal the task may be. Contact us today to schedule an initial meeting with a kind and knowledgeable real estate lawyer. We look forward to hearing from you.