Your lawyer protects the legal side of the purchase
A REALTOR® helps you find, evaluate and negotiate the property. A lender arranges financing. Your real estate lawyer completes the legal transfer and makes sure the registered ownership and mortgage match the transaction you agreed to complete.
Choose the lawyer early enough to ask questions before the closing rush. Your lawyer should receive the accepted agreement and all amendments as soon as possible.
Before closing
The lawyer reviews the agreement, searches title, checks registered interests and prepares the documents required to transfer ownership. They also receive mortgage instructions from the lender and identify the funds you must provide.
For a condominium purchase, the status certificate is usually reviewed during the conditional period by a lawyer. That review may identify issues involving the declaration, rules, budget, reserve fund, insurance, litigation or special assessments.
Title insurance and ownership
Title insurance may protect against certain title defects, fraud, survey issues and other covered risks. It does not replace a home inspection and does not cover every property problem. Your lawyer can explain the specific policy and exclusions.
You will also confirm how title will be held. Couples, family members and investment partners should understand the consequences of joint tenancy and tenancy in common before signing.
Money and adjustments
Your lawyer prepares a statement showing the purchase price, deposit credit, mortgage funds, land transfer tax, legal costs and adjustments. Adjustments may reimburse the seller for prepaid property taxes, condominium fees or other items assigned under the agreement.
The lawyer will tell you how much money to provide and the acceptable method and deadline. Confirm transfer instructions directly with the law office using a trusted phone number. Real estate transactions are frequent targets for wire fraud.
Signing and closing day
You will sign transfer, mortgage and other closing documents before the transaction closes. On closing day, the lawyers exchange funds and documents electronically and register the transfer and mortgage. Keys or access information are released after registration and confirmation of closing.
Closing is a process, not a scheduled 9 a.m. key pickup. Keep the day flexible and avoid booking movers so tightly that a routine registration delay creates chaos.
Questions to ask
Ask what the estimate includes, when funds are due, what identification is required, whether signing is remote or in person and how keys will be released. For a rural, estate, investment or condominium purchase, ask whether additional searches or reviews are recommended.
Your next step
Need a local real estate lawyer? Ask Charlotte for the current referral list, then choose the professional who is the right fit for your transaction.