Buying Real Estate in WNC
If you are considering relocating the North Carolina, you will most likely discover that the process of buying real estate is different here, as each state has its own nuances of a real estate transaction. Use this information as a very basic explanation of the steps or process of buying. A real estate attorney will be happy to better define the legal process of buying in North Carolina.
Most people start their home buying process on the internet; some use it to look at different home styles and prices while others delve more deeply into it by doing on-line research using a variety of websites. Being better informed is always a good thing, just be aware that the information you find on-line may not always be correct, even data that may feed from the local courthouse.
Your timeframe for buying may well dictate the process. If you are starting well ahead of your projected move date, you may choose to do a lot of the legwork on your own, without the assistance of a Buyer’s Agent. Having a Realtor represent your best interest is your option, and one that, having chosen the right agent, should prove to be a wise decision. See Real Estate Representation for a more information on the process and advantages of having an Exclusive Buyer’s Agent.
The North Carolina Offer to Purchase and Contract is a 9 page document, which an agent or your Buyer’s Agent will use to make an offer on the property you have decided to buy. You will need to be prepared to make an Earnest Money deposit and a Due Diligence fee payment, most likely by personal check at the time of offer, the amounts, of which, are negotiable. Once you have decided on what your offer will be, you will need to decide how you are going to buy the property- cash or will you need to obtain a loan. If you will be financing the property, you should be pre-approved by a local lender. This is in your best interest for several reasons- you’ll have a good idea of what you can afford and what your monthly expenses will be, and it will make you a stronger buyer in the seller’s eyes. It tells them you have been pre-approved by a lender and are able, at least initially, to purchase their property.
In North Carolina we have what is called a Due Diligence period. This is the time you will be doing all of your inspections, research into the property, have all your questions answered to your satisfaction and not only make formal application for your loan (if applicable) but, it is best to get approved. The time frame can be whatever you and the seller agree to. Any time during this period, you can walk away from the contract, with no penalty to you, except the Due Diligence fee, which you have paid to the seller. After your Due Diligence period is up, your Earnest Money becomes “hard”, it is no longer refundable should you decide to not to move forward in the purchase.
You will need to choose an attorney to handle the closing, as North Carolina does not allow title companies to handle them, and your agent should provide you with a selection. It’s best for you to call and speak with the attorney, ask them any questions you might have, including their fees and estimated time frame. Once you have decided who you want to use, your agent should then provide them with copies of the contract and other pertinent information needed for closing. Closings can take anywhere from less than 15 minutes for a cash transaction to about an hour for one involving a lender. After all parties have signed, the attorney’s office will go to the courthouse and record the Deed. The property will, at the time of recording be now be yours and keys will be exchanged. There are, of course, variations of the process, with out of town buyers and sellers, bank owned properties and more, but this is an overview of what you can expect in the buying process in North Carolina.
