New Bern NC Real Estate Attorneys
This information is brought to you
by the Tyson Group
New Bern's Top Real Estate Team
If you are going to purchase real estate in North Carolina
you should hire an
attorney to help with your transaction, preferable one that specializes in real estate law. If you do not know
of any, your Realtor will be glad to suggest some.
If you’re buying a home,
your lawyer should:
-
Help you understand the
purchase contract, including
how you will take title on
the property.
-
Check that there are no
covenants, easements, liens,
etc. registered against the
property that will impede
your use of it.
-
Prepare and register all
the legal documents.
-
Clarify the terms of the
mortgage and work with your
bank, if necessary, to
modify them.
-
Scrutinize the
adjustments, including taxes
owing and utilities costs
paid, prior to the
transaction closing.
-
Attend the closing and
review all the papers you
will be required to sign.
-
Arrange title insurance
protection to protect you
from losses due to title
defects.
-
Ensure you receive a
valid registered ownership
subject only to the
liabilities you have
accepted.
Your attorney can
review any offer you make or
receive and make sure that your
rights are protected and your
duties clearly defined.
Further, some title insurance
companies and mortgage lenders
require you to use a lawyer to
ensure that, among other things,
the title is good, there are no
liens against the property, and
that the deal will close as
anticipated.
A lawyer’s role can be as broad
as you want. And while it is not
typical in a real estate
transaction, you can ask that
your lawyer describe his or her
work and fees in writing before
you proceed.
If you’re buying a home,
your lawyer should:
-
Help you understand the
purchase contract, including
how you will take title on
the property.
-
Check that there are no
covenants, easements, liens,
etc. registered against the
property that will impede
your use of it.
-
Prepare and register all
the legal documents.
-
Clarify the terms of the
mortgage and work with your
bank, if necessary, to
modify them.
-
Scrutinize the
adjustments, including taxes
owing and utilities costs
paid, prior to the
transaction closing.
-
Attend the closing and
review all the papers you
will be required to sign.
-
Arrange title insurance
protection to protect you
from losses due to title
defects.
-
Ensure you receive a
valid registered ownership
subject only to the
liabilities you have
accepted.
If you’re selling a
home, your lawyer should:
-
Review the binder and
review or prepare the
purchase and sale agreement,
including negotiating its
terms.
-
Prepare the deed and
power of attorney if
necessary.
-
Deal with title issues
as they arise and help
correct them.
-
Attend the closing and
review all the papers you
will be required to sign.
-
Arrange for transfer of
security deposits.
-
Arrange for insurance
certificates if needed.
How much does this all cost?
Typically, legal fees are higher
when you buy than sell because
the role of the buyer’s lawyer
is more extensive. Most fees
range from $500 to $800 for an
average home whether you’re the
buyer or the seller.
Some lawyers charge a flat fee
for specific services and others
bill by the hour. If you are
paying by the hour, make sure
you understand what the final
cost is likely to be and insist
on a regular accounting for
charges. Usually, a lawyer can
easily estimate costs related to
a real estate transaction and
his or her fees will only go
higher if something goes wrong.
Remember, even if your deal does
not close, you’ll still owe your
lawyer for his or her time.
If you need an attorney for a real estate transaction,
email the Tyson Group
SteveTyson@ncmove.com
and we will send you a
list. |
