Real Estate Closing Top Ten FAQ
Thursday October 15, 2020
- Without prior agreement with your seller, you cannot take possession of your new property until your deed (and any mortgage documents) records at the County Register of Deeds. If you are borrowing money to buy, many lenders require we obtain funding approval after you sign closing documents before we can record your deed. This process normally takes several hours. Recordation of your deed normally occurs between 4-5 p.m. on your closing date.
- If you are borrowing money for your purchase, your lender will require wet signatures on many documents in front of a notary public and DocuSign is not an option.
- We must be in actual possession of original signed documents (Deeds, Deeds of Trust, etc.) to record at the County Register of Deeds. Faxes, scans, DocuSign documents do not work.
- We strive to timely close your transaction, however, much of the information comes together close to the day of closing, not weeks before. Despite best efforts, we may not get a lender’s final loan package which includes lender generated documents needed to record until minutes before your scheduled closing time.
- All sellers must sign the Deed to their buyer in front of a Notary Public. Sellers may also be asked to sign additional documents generated on the scheduled closing date which are required and generated by a buyer’s lender.
- If you are married, both spouses must sign the mortgage document (deed of trust) and any documents required to sell the property. In North Carolina, the exceptions to this rule are limited.
- We require wired closing funds. Please plan to iniate your wire with your bank 24 hours before closing and to wire excess funds to cover any changes. Your closer can help with a good estimate of funds required. Do not solely rely only on the cash to close shown on any Closing Disclosure or estimate your lender gives you 3 or more days before closing.
- If you are selling and have a mortgage or equity line, we must obtain a written payoff statement from any lender. Your monthly statement is not an official payoff statement.
- If you are executing your documents via a mail away closing, plan to receive, sign with a notary public and return your documents to us the same day via UPS overnight immediately or else your closing will be delayed. If you are borrowing, your loan package will not be ready to ship to you days before your closing. It usually gets to us from your lender with very little turnaround time. Overnight Delivery is not guaranteed and can be delayed because of weather, volume, etc. If you are borrowing, your lender will require the documents be signed on the day they are dated.
- If you plan to utilize a power of attorney to sign and have a lender, your lender must preapprove the process and the power of attorney document. We must have the original power of attorney in our possession to record at the County Register of Deeds to close.