SERVICES WE PERFORMWe are responsible for conducting the title examination of the property, ensuring that the deed of conveyance and the loan documents have been properly prepared and executed, that the closing funds are properly received and disbursed pursuant to the Closing Disclosure or Settlement Statement prepared by our office and reviewed by you at closing, that the Deed and Deed of Trust (mortgage) are duly recorded, and that the Owner’s and Lender’s policies of title insurance are issued and delivered in proper form. We will obtain payoffs of the outstanding liens, along with cancellation of lien instructions to the proper creditors; however, in the event the creditor does not comply with our cancellation instructions we will not pursue the creditor without being further retained by the Buyer or Seller to do so.
HOMEOWNERS INSURANCEYou should ensure that the improvements on the property will be insured against fire and other casualties with a reputable company and that the insurance will be in place as of the date and time of closing. You must order the policy. Your Lender will not allow a closing to proceed without it. Ask your insurance company to deliver or send by fax or email the “declarations page” to our office as soon as possible prior to closing. Please Note: You may be unable to acquire insurance coverage if a designated hurricane or tropical storm is near our area or if the state is under a “state of emergency.” Therefore you should plan accordingly. Failure to obtain insurance coverage by the time of closing will result in a delay in your closing.
OTHER MATTERSDuring the course of our representation, other matters may present themselves. These matters include determining whether a home or termite inspection is needed, how keys will be distributed, whether or not there or HOA fees and covenants or restrictions associated with the property, any last minute home repairs or other resolution of matters needed immediately prior to closing, and how your documents are cared for.
Home and Termite Inspections – You should consider having the structure(s) you are purchasing inspected for termites and inspected by a professional inspector. You should take care to make sure that these inspections are performed prior to any deadline and immediately communicate any desired repairs to your Agent or to the Seller or Seller’s Agent. Thereafter, you should verify that the Seller is making the repairs to which you have agreed. You should begin this repair review process as soon as possible to insure that closing is not delayed by issues related to incomplete or improper repairs.
If the residence you are purchasing is new construction, the Seller should provide a soil treatment guarantee at or prior to closing. Otherwise, your Lender may require that the improvements on the property be inspected by a licensed exterminator and a termite report prepared and submitted prior to closing. Normally the Lender will not fund the loan until the report has been received and reviewed. You or your Agent should order the report and see that it is timely delivered to our office and to the Lender so that we will have an opportunity to review it and resolve any issues which may arise therefrom. In the rare case that your Lender does not require a termite inspection, we strongly suggest that you order one.
HOA’s – Homeowners Associations are not a matter of public record. We attempt to determine if one exists and, if so, obtain necessary information to prorate the dues. Presumably your Agent has provided you with copies of restrictive covenants applicable to the property. If you have not been provided with a copy you should request and obtain a copy from your Agent or the Homeowner’s Association to be certain that your proposed use of the property is consistent with those restrictions.
Keys – Please discuss the delivery of keys with your and the Seller’s Agent. Keys, and other entry devices such as garage remotes or security codes, are not always delivered or provided to the Buyer at the closing table. Sometimes the Seller or their Agent holds the keys until the Deed has been recorded with the Register of Deeds Office, which may take several hours after closing. Holding the keys until that time is the Seller’s option since, under North Carolina law, title is not actually conveyed until the moment the Deed is recorded. We do our best to record as quickly as possible, but occasionally there are delays beyond our control, which can delay delivery of keys.
Last Minute Repairs – Occasionally property issues are discovered immediately prior to closing. While a home inspection will often discover these issues, there are times when an inspection is not conducted and issues are discovered during a walk-thru of the property. Our office will not hold in escrow any monies for these repairs, nor will we record the Deed and “withhold” Seller’s proceeds until the matter is resolved. All repairs or other issues should be completed prior to closing.
Document Retention – You will receive copies of your loan documents at closing. If there are additional documents you would like copies of we are happy to provide them to you at or immediately after closing. The original, signed Lender documents are mailed to your Lender immediately after closing. Per North Carolina Bar rules, we are required to store your file for a period of seven years after the closing date. After this time, our firm will destroy your file. A copy of all file documents are stored electronically in our database.