PRE-CLOSING

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 The Roper Law Firm, P.A. 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.

CLOSING

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.

POST-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 Title Insurance Policy by mail from the Title Company, and your payment statement/booklet from your Lender (if applicable).

OTHER INFORMATION

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.

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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
• Escrows
• 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.

PRE-CLOSING

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.

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.

We would ask that you provide us with a copy of your Title Insurance policy. If you are able to provide us with a copy, please do so as soon as possible by email, to packages@roperlaw.net or you may fax it to (919) 847-1280.

We will need to know your Marital Status?

Your Realtor will inform you of the date of your closing, as soon as we get it on the schedule. Please Note: If you are married but your spouse is not on the Deed, your spouse will still be required to sign Seller transfer documents to dissolve their marital rights! In the event you or your spouse 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, if necessary; if you need us to prepare one or more on your behalf, please contact us as soon as possible.

The Engagement Letter will include the following Authorization and Release:

I/We hereby authorize The Roper Law Firm, P.A. at Law to obtain documentation relating to any and all current or past mortgages (if any) on the property located at: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . I/We hereby authorize any current and past mortgage companies to release to The Roper Law Firm, P.A. at Law, any and all information and documentation requested. Such information includes, but is not limited to, payoff, per diem, escrow and lien release information. Furthermore, I/We hereby authorize The Roper Law Firm, P.A. at Law, to correspond with any current or past companies in all matters, including but not limited to: payoff confirmation, escrow, payoff shortages and lien releases and to accrue any charges. Please Note: If this loan is an EQUITY LINE OF CREDIT, this notice serves as a request to block ALL further advances from the Line of Credit, and to permanently close the Line of Credit once payment has been received. A photocopy or fax of this document shall also serve as authorization to provide the information requested.

We will e-mail you and your Realtor a copy of the Closing Disclosure and/or Settlement Statement as soon as we have it prepared. If you require any changes to it, please let us know as soon as possible. If you are required to bring cash to closing, funds must be in the form of a certified or cashier’s check made payable to The Roper Law Firm, P.A. 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. 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.

CLOSING

Please be aware that pursuant to the terms of your contract with the Buyer, you must transfer your interest in the property by General Warranty Deed. This deed must be prepared in conformity with North Carolina Law to effectively convey ownership. North North Carolina Law allows us to perform this service on your behalf, or you can make other accommodations to prepare the requisite documentation. In the event we are not providing this service, please provide the documents, or at least a copy of the documents, two days prior to closing for our review.

If you have an outstanding mortgage(s) on the property, as most Sellers do, we will handle obtaining the amount required to pay off the loan or loans. Such amount(s) will be itemized on the Closing Disclosure or Settlement Statement and will be reviewed with you at closing. A copy of the payoff statement will be provided to you at closing as well. Because you accrue daily interest on your loan, and because the amount of the payoff check is typically a fairly large amount, it is our practice to express mail or wire all payoffs to the mortgage company. Our fee to do so is $45 per payoff. We also charge a $50 cancellation fee to ensure proper cancellation of your mortgage in the public records.

POST-CLOSING

POST-CLOSING We will need to know how you would like to receive your Proceeds Check? If you would like your Funds to be sent via wire to your Bank, you will be required to provide Wiring Instructions to our Office no later than 2 hours prior to the closing. All Wiring Instructions can be sent via e-mail to packages@roperlaw.net or you may fax them to (919) 847-1280. Wiring Instructions must be provided by a Seller in the transaction. Please include a copy of Driver’s License for the person e-mailing or faxing the Wiring Instructions. If you choose to provide a copy of check at closing, we will require that any Seller who is requesting us to do wire funds provide us with a copy of a cancelled check with a Cell Phone Number for each Seller written on the check. Our Office will call to confirm you want your proceeds to be sent via wire, please provide us with an emergency/best number for us to use for wire verification purposes: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . In North Carolina, the Closing Attorney is not allowed, under the current rules of the North Carolina State Bar, to disburse any funds, including the Seller’s proceeds and/or the Realtor’s commission, until the deed and deed of trust are recorded in the County Register of Deeds office. This means that you will not get your proceeds check at the closing table.

Should you have any questions regarding your closing at any time, please do not hesitate to contact us. We will be glad to answer any questions you may have.