The Closing Process in North Carolina
Agents, including myself, have always used the term “closing” when you sign the dotted line buying a property. Technically, “settlement” is when you sign the papers and “closing” is when the deed is recorded at the Register of Deeds.
Once you have gotten through the due diligence period and “closing” day has arrived, it is time for the walk through. You always want to do a walk through to make sure any agreed upon repaired are completed, the seller has totally moved out, and also to make sure nothing out of the ordinary has happened like a tree falling on the house; crazier things have happened.
The lender communicates with the closing attorney to get the Closing Disclosure and loan documents finalized. The attorney will also communicate with your home insurance agent and the title insurance company. Once all is in place and funds from you (down payment) and funds from the lender are received…it’s go time. Signing typically takes about an hour. Make sure you bring a valid driver’s license to closing. Once all signatures are in place (including the seller’s) the attorney will notarize all documents, scan them to the lender and then await approval. Once this happens the attorney will then record documents with the Register of Deeds of the county where the property is located. It is then official. *most counties in North Carolina e-record, so there is usually a lag of 2-3 hours before recordation.
Obviously, there are many different scenarios that can delay closing or affect different aspects of the transaction, but overall that is it. I have worked with great loan officers and attorneys over the years and it is part of my job to make the process as smooth as possible.
I can honestly say that I love my job and this is the best part; when a transaction is complete and both parties are happy.
A few tips:
-Make sure you switch utilities to your name a few days before closing
-Make sure to forward you mail once closed.
-Be aware that you may not move in until the deed is recorded. So if you have settlement at 10am, it may be 2 or 3pm before the deed is recorded and you can officially access your new home.
-DO NOT purchase a lot of things on “credit” prior to closing if you are getting a loan…this could throw off your loan qualification. *talk to your lender
-DO NOT end your lease or start packing until “after” your due diligence period OR unless you are sure you are going to close.
-Do Eat, Drink, and be Merry!
