A real estate attorney in Sanford North Carolina is familiar with all aspects of the buying and selling process for real estate in North Carolina. A real estate attorney in Sanford NC can explain what disclosures are required to be made by law and can represent an affected party when these disclosures are not made.
For all real estate transfers in North Carolina, the seller is required to submit a Residential Property and Owners’ Association Disclosure Statement. This form is used to document known conditions and material defects of the property. The broad nature of the disclosure is meant to compel sellers to reveal to potential buyers the issues that the seller is actually aware of in the home. This may be a bad roof, a problem with radon exposure, leaks in the basement, issues with the water supply or other issues. By properly disclosing these defects, the seller can ensure that the buyer makes an informed decision about the property and avoids litigation in the future.
The disclosure is only related to those defects that the seller has actual, and not constructive, knowledge of. This means that the seller has actual information about a particular condition. The seller is under no obligation to inspect the property to reveal conditions of which he or she is not aware. However, the buyer is free to hire a home inspector to perform a check for him or her.
If the seller does not provide this disclosure at the time required by law, the buyer can rescind the offer within three days of actually receiving the disclosure. Additionally, North Carolina law allows the seller to hire an inspector to prepare a report on his or her behalf.
Whether you are planning to buy or sell real estate in North Carolina, you should make your decision wisely, since there are legal implications to every real estate transaction. It is advisable to consult with a real estate attorney in Sanford North Carolina before you make a deposit or sign any documents related to the purchase or sale of property. An experienced real estate attorney in Sanford North Carolina will have the specific expertise you need to protect your legal interests in your real estate transaction.
A contract for the sale of real estate in North Carolina must be in writing in order to be legally enforceable. As long as the written real estate contract includes a dated offer, the purchase price and the signatures of both the buyer and seller, it is legally binding. Consequently, it is essential to have your real estate contract reviewed by a licensed North Carolina real estate attorney to in order to avoid potential problems down and ensure that the provisions of the contract correspond to your expectations.
A common issue that often arises in real estate transactions relates to the returning of earnest money deposits in the event that any condition of the contract is not satisfied as agreed. Unless your real estate contract states otherwise, state law requires the broker to retain the earnest money or deposit it with the Clerk of Superior Court until a written release from both the Seller and Buyer has been obtained, or until the court orders disbursement.
All material aspects of a North Carolina residential real estate closing must be supervised by an attorney. Only a North Carolina licensed attorney may offer an opinion related to title or answer any questions at the closing table. Contact a local real estate attorney to represent you in your real estate transaction.
Real estate attorneys handle various transactions for their clients. Though most real estate transactions take place outside of the courtroom, real estate attorneys may, on occasion, have to go to court to argue for their clients. A real estate attorney in Sanford North Carolina is skilled and experienced in every phase of a real estate transaction, from drawing up the initial paperwork to performing the closing that finalizes the deal. A real estate attorney in Sanford North Carolina may also represent clients if an issue arises with the transaction—such as discovering a purchased home has defects.
When a real estate attorney first becomes involved in the sale or purchase of a property, one of the first steps that is taken is to perform a title search to ensure that the seller of the property has the property authority to sell. If not, the purchaser may run into problems down the road if another individual claims ownership over the property.
Next, the real estate attorney will coordinate the drafting and production of the necessary financial documents from the lender. These documents can become quite voluminous, and they will need to be carefully reviewed to ensure the proper information is included in them. These documents will be provided to the parties at the closing, where they will be signed.
After a real estate closing, the attorney takes the deed to the local register of deeds office for filing. This records the transfer of property with the state.
Should there be additional issues with a transaction, such as a property defect, the real estate attorney may represent the party in court and will argue as to what term of the contract was not properly fulfilled.
Real estate transactions can be tedious and complicated. It is in one’s best interests to have counsel.