Real Estate FAQ

The Consumer Finance Protection Bureau (CFPB) was created as an advocate for consumers that require a loan for purchases such as a buying a home, a car or paying for a college education.  The Bureau's intent is to help place regulate and simplify the process of financing in an effort to mitigate the confusion often associated with taking out a large loan.

Yes. Our fee to wire the funds to your account is $25.00 and can be deducted from your proceeds. You will need to provide our office with your written and signed wiring instructions prior to or at closing.

Yes. This situation is really the same as the one in the question just above. Even if your spouse does not co-own the property with you, he or she must also sign the mortgage (which is almost always called a "deed of trust" in North Carolina). When you get a mortgage loan, you convey to your lender a property interest in your house, and your spouse's potential property rights need to also be subject to the mortgage.

Of course, if you are buying real property in your name only, for cash, that is, you are not getting a mortgage loan, your spouse is not needed at the closing.

Yes.  The documents that need to be signed can be emailed to you prior to closing. Once you execute those documents (in front of a notary), you may return them to our office prior to closing. In the event you want to come in to our office and sign the documents prior to closing, there will be a $25.00 early signing accommodation fee. This is charged because of the time associated with reviewing and explaining the documents at a time other than the scheduled closing time.

Although we have seen successful examples of For Sale by Owner transactions, the reality is that Real Estate is a very broad concept that touches legal, tax, investment, finance, retirement, sales, psychology, design, home improvement and more. The decision to proceed without the existence of a licensed professional is one that should not be taken lightly and should be given objective consideration. If you decide to sell or purchase a home "by owner" we must most importantly make you aware that our firm, if retained as your closing agent, will not perform the same duties as a real estate agent. Our duties as your closing agent are outlined in our engagement letter which can be found on our "Buyer" page. If you feel that you require additional guidance and/or representation please contact our office to schedule an appointment with our office. These appointments are billed separately from the closing fee and will be invoiced hourly.

You should contact your agent and let them know that you would like to terminate the contract. If there is a dispute with regard to the release of the earnest money or who is entitled to it, the agent by law may not disburse the money to anyone but the clerk of court, and the parties will be forced to plead their case, so to speak, in front of a judge or magistrate, who will then decide how the earnest money is to be distributed. A termination of contract should be executed so that the buyer and seller can move on. In the event the parties are able to negotiate the terms of the release of the earnest money, a termination of contract setting forth those terms should be executed by the parties and the disbursement should be made by the agent according to those terms.

Possibly. You need to inform your lender and the closing attorney that you want to do this, because he or she will need to see the Power of Attorney beforehand to see if it is valid for your real estate closing. Also, the attorney will need time to prepare additional documents in this situation, and the original Power of Attorney will have to be recorded.

Please note also that a Power of Attorney, though perfectly valid, might have been written to be used only for an earlier, specific closing or transaction. Such Powers of Attorney, containing a limitation to specific property, a specific mortgage loan or lender, or an expiration date, are very common. In this case you will need to sign a new Power of Attorney.

If you are a borrower on the mortgage, your lender also has to approve your non-attendance at the closing through the Power of Attorney; many lenders will require you to attend anyway (if you want the loan). Most lenders that allow Powers of Attorney, require that they be specific for the transaction, as described above. 

You should discuss this with your lender, broker or agent, but generally if, as a result of the sale or refinance, your old loan will be paid off by the 15th of the month, then you will not need to make that payment for that month. This is because typically no late charges accrue until after the 15th.

Purchasing a home in foreclosure often appears to be a good value, but factors outside of the price need to be considered:

• The purchase of a foreclosure often is a "cash only" sale.
• Can you view the actual condition of the home inside and out before placing a bid? The home may be in need of extensive repairs driving up the actual cost of the home.
• Are there liens for taxes or mechanics liens that the winning bidder will be responsible for?
• Is there a redemption period for the previous owners? If so, how long do they have the ability to buy the house back before you can move in?

Yes, your spouse must also sign the deed. This is because spouses have potential property rights in any real property their spouse owns, and they must release those rights if the property is conveyed. This is true even if you, the owning spouse, got the property before you were married, or inherited the property from your family, or you have a prenuptial agreement.