Purchases: We assist with the entire process of purchasing a home or other real estate; that includes examining the title for defects, such as judgments, deeds of trust and other liens; we obtain title insurance; help you comply with your lender's requirements, disburse the funds; and, most important, we answer your questions.

Refinance: People are often surprised to learn that the title to their home may contain defects that they are unaware of. The title search that is necessary for you to obtain a refinance can reveal problems. This can be an opportunity to clear up matters that could become more serious if they were left unattended for many years. Think of it as a check up for your home.

Contract and Purchase Disputes: Buying a home or other real estate can be very stressful. Things can go wrong. Consulting an attorney when questions arise can often lead to a solution before the problem becomes too big. We can advise you on your rights and possible courses of action, so that you can make informed decisions.

WHAT TO EXPECT IN A REAL ESTATE TRANSACTION

We are pleased to handle the legal aspects of your real estate transaction. We want to do everything possible to assure that things go smoothly for you and to let you know what to expect. If you have any questions along the way, please give us a call.

WHAT WE DO

1. We examine the title. Whether you are buying or refinancing, we will examine the public records to determine who owns the property and identify all liens and restrictions. The extent of the title search we do will depend on the particular circumstances of your property. Ownership of property has usually been insured by a title company in the past and we expect to bring our title search from the date of that insurance forward to the minute we record documents. This type of search is the basis of the fee we have quoted you. If we find title defects or cannot locate an existing title insurance policy, we will notify you and discuss what must be done.

2. We order a survey and title insurance. A survey will provide you with useful information about the layout of your property and identify any encroachments that should be resolved. Sometimes, in a refinance a lender will permit us to use your old survey if you have a copy of it. If you are purchasing or if your lender requires it, we will order a survey. If we discover something, such as a driveway encroaching onto your neighbors' property, we will discuss with you what can be done to resolve the problem.

Title insurance will insure that you own your property and that your lender has first lien position on it. Again, assuming that there is title insurance from previous closings, we will obtain a lower, "reissue" rate for your title insurance.

The expense for both of these items will be reflected on your closing statement.

3. We comply with the lender's requirements. If you are obtaining a new loan, your lender will require that a number of documents be prepared and signed, including a note and deed of trust. We are responsible for seeing that all of these are completed to the satisfaction of the lender and that the deed of trust is recorded. All lenders have differing, specific, additional requirements with which we must comply in order to assure that all of their documentation is in good order when the file is completed. We will spend a lot of time on the telephone coordinating to make sure that all the right inspections, documentation, certifications, and so forth are completed and returned to the lender.

4. Collecting and disbursing funds. An important aspect of our job is to make sure that the right amount of money is collected and then disbursed to the proper entities at the proper time. We never disburse funds from our trust account until we have updated our final title search, recorded the documents, and deposited the funds to our account. Because disbursing funds quickly is important to all concerned, we record as quickly as possible and require that all funds deposited be certified funds, so that our bank can honor the checks as soon as they are presented.

WHAT YOU MUST DO

If you are purchasing a home, you may be working with a real estate agent who will help you with these "nonlegal" aspects of the closing. If you have any questions as you work on these items, we will be happy to discuss them with you and help you find the experts you need. The North Carolina Bar Association Real Estate Section has some information on its website that may be of additional interest to you. You may visit it at http://www.ncbar.org/sections/Rp/closings_nc.asp.

1. Apply for a loan. If you are counting on financing to purchase your home or are refinancing, you will need to select a lender, make an application, and produce the documentation the lender needs to evaluate the application.

2. Inspect the property. If you are purchasing property, you may wish to exercise your option to have the property, including such items as roof, furnace, and appliances, inspected by an expert. This is not a guarantee that the property is perfect, but it will go a long way toward eliminating surprises later. If you find defects, you can negotiate repairs with the seller. If you do not hire an expert, you should go over the property carefully yourself. Do not assume that you can go back to a seller for correction of defects you discover after closing.

3. Obtain hazard insurance. Your property should be insured for fire and other hazards to protect you and the lender from loss. It is your right and responsibility to select an insurer and the details of your coverage. You should have the policies for you and the lender delivered to us before closing and have the agent contact the lender for the details required by your lender. This is another expense that can be paid at closing, so you can have the bill sent with the policy.

4. Obtain a termite report. An exterminating company will inspect the property for visible evidence of wood destroying insects and certify its findings. If termites or damage from termites is discovered, we will need to arrange for the seller to correct the situation before closing. We will need this report as soon as it is available, as well as the bill so that we can add this expense to your closing statement for payment at closing.

5. Obtain copies of Covenants and other restrictions on your property. If you are purchasing a home, frequently there are restrictive covenants or other restrictions on how you may use your property. If you intend to use your property for a particular, specialized purpose, be sure to tell us as soon as possible so that we can help you make sure that it is possible. For instance, you may expect to install a fence or use a home office. Your purpose may be limited by a restrictive covenant or other limitation. You may have already received copies of these from your Seller, your real estate agent, or your homeowners association. If you do not receive them and wish to review them, before or after your closing, we will be happy to furnish you with copies of the documents that are recorded at the Register of Deeds office. If they are bulky there may be an additional copy fee included on your closing statement. If you have questions about the documents or your use of your property, please feel free to raise them with us.

6. Obtain various other certifications. If your home is not on a public water system, you may need an inspection of the water and septic systems by the county or by a private inspector. If you are building a home, you may need approval of your plans by the developer. If you are not on a public street, there may be a question of access or maintenance of the road or drive. Your lender or your real estate agent will probably be in a position to alert you to any upcoming nonstandard requirements. Be sure to call if you have any questions about any of these issues so that we can help to resolve questions in advance of closing.

7. Bring certified funds to closing. We will gather information on the costs involved. It may be shortly before closing because we must wait for your lender to send us information that usually does not arrive until very close to the Closing Date. As soon as we can gather all the necessary information, we will tell you an exact amount you will need to bring to closing. This amount will cover your closing costs and down payment. It must be in some type of certified funds to allow us to disburse the same day we receive your payment. In the case of a refinance, we will sign papers and review the closing statement three business days before we disburse. In these cases, we may not be precisely sure of the amounts until the actual day of closing. You may, of course, be getting money back if your new loan is larger than the payoff for your existing one(s).

FEES AND CHARGES

At this time, it appears that the attorney fee for your closing will be: $500.00. This fee covers the services we have listed above. There may be other charges related to the legal aspects, such as courier fees, recording and so forth, which will be shown on the closing statement as your expenses. Also, there may be other services that you wish or need for us to provide during the course of the closing. We are always happy to provide them. They will be at an additional charge and if you ask us we will be happy to discuss this in detail when an issue arises. Some of the things for which we charge additional fees are a meeting to review and discuss the purchase contract, discussions and negotiations of punch lists and construction issues on new homes, title difficulties (although these are frequently a Seller's expense), and negotiations with the lender concerning loan terms or qualification requirements.

Attorney Diane A. Wallis, and paralegals Kendra Curtis and Crayton Matthews, are the closing team who will handle your closing. We look forward to working with you and the other professionals assisting you with this closing. Surprises and unexpected issues frequently arise at the last minute. We will plan to work together to assure that everything is smoothly in place to close on schedule. Please call us whenever you have a question.

Please see our Real Estate Law Library for common Real Estate terms your attorney may use.