Info for Buyers
Thank you for selecting Roper & Taylor, P.A. Attorneys at Law to represent you in closing the purchase of your property.
Upon receipt of the necessary information from your Realtor and other third-parties to the transaction, we will assign your file to a Paralegal in our Office, perform a title examination of the property and prepare all necessary documents for closing.
Approximately 7 to 3 days prior to closing, you will receive a Closing Disclosure or Settlement Statement from your Lender or from our Firm. With the most recent CFPB Regulations that went into effect, October 3, 2015, some Lenders will be preparing the Closing Disclosure and some will ask us to do so on their behalf. Regardless of who provides it to you, please note that it is imperative that you acknowledge to them that you and your Realtor (if applicable) have reviewed it, understand it, and whether any changes are necessary. Either way, please communicate with the person who provided it to you as soon as possible in order for us to be certain that we meet the ‘3 day rule’ that you have received and acknowledged receipt of documents atleast 3 days prior to closing. In the Engagement Letter, please be sure to let us know if you give our Firm permission to e-mail the Closing Disclosure or Settlement Statement directly to your Realtor.
The Closing Disclosure will provide you with the dollar amount of funds needed to close. Once the final Closing Disclosure has been provided to you, you will need to bring those funds to closing in the form of a certified or cashier’s check made payable to Roper & Taylor, P.A. Attorneys at Law Trust Account in order for us to comply with North Carolina State Bar requirements. If you wish to wire your funds to us, please contact our Office to request wiring instructions.
Please remember that if you are married, your spouse will need to attend closing with you, regardless of whether they are purchasing the property or not. If they cannot attend you will need to contact us as soon as possible to have a Power of Attorney prepared ahead of time. As noted above, your Lender (if applicable) must approve the document and grant permission to use at closing in advance of the closing. We will need the original back to our Office prior to closing or delivered at the closing as the Power of Attorney must be recorded along with other documents.
Your Realtor will inform you of the date of your closing, as soon as we get it on the schedule. The closing will take place at our Office. At closing, we will review the Closing Disclosure or Settlement Statement, which summarizes all the costs and funds associated with the purchase. We will also review the lender’s documents (if applicable), which include the Promissory Note, Deed of Trust and other loan documents which establish the terms and conditions of your loan as well as other reports and information relating to your purchase. You will be provided a copy of everything we review.
Please remember to bring your Driver’s License or some other form of picture ID with you to closing. We will request them upon arrival in order to make a copy for our records. Many documents being signed during the closing are required to be notarized and our Policy is to have a picture ID of any person whose signature we will be notarizing.
In the event you are unable to attend closing, please let us know as soon as possible. Allowing someone to sign on your behalf with a Power of Attorney is an option but if necessary, your Lender (if applicable) must approve the document and grant permission to use in advance of the closing. Any necessary document preparation must be completed as soon as possible. Please Note: Our Firm does charge an additional fee of $200.00 to prepare a Power of Attorney; the charge will be paid at closing.
After closing, upon receipt of all required funds due at closing, we will record the Deed and Deed of Trust (if applicable) at the Register of Deeds Office in the County where the property is located, and disburse funds from our trust account. You will receive your Deed in the mail shortly after closing and the loan documents (if applicable) will be sent to your Lender. You will receive your Title Insurance Policy by mail from the Title Company, and your payment statement/booklet from your Lender (if applicable).
- Keys: Please discuss the delivery of keys with your Realtor and the Seller. Keys are not always delivered to the Buyer at the closing table. Sometimes the Seller or their Realtor hold the keys until the Deed has been recorded at the Register of Deeds Office, which may be 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, which can delay the delivery of keys.
- Costs: A list of potential costs incurred associated with the purchase of the property may include, but are not limited to the following:
- Survey - To determine the cost of a Survey please contact your Agent or a Surveyor directly.
- Title Insurance Premiums - Between $1.50 and $2.50 per thousand
- Recording Fees
- Lender Fees
- Attorney Fees - See our Price List here.
- Hazard Insurance
- HOA Dues & Transfer Fees
- Inspection Fees - To determine the cost of a Home Inspection please contact your Agent or a Home Inspector directly.
All funds for closing will need to be certified funds for amount under $10,000.00. Wire transfers will be required for funds over $10,000.00.
For more details ask your Lender, Attorney, Title Agent or Realtor for direction.