The Closing Process in North Carolina
Agents, including myself, have always used the term “closing” when you sign the dotted line buying a property. Technically, “settlement” is when you sign the papers and “closing” is when the deed is recorded at the Register of Deeds.
Once you have gotten through the due diligence period and “closing” day has arrived, it is time for the walk through. You always want to do a walk through to make sure any agreed upon repaired are completed, the seller has totally moved out, and also to make sure nothing out of the ordinary has happened like a tree falling on the house; crazier things have happened.
The lender communicates with the closing attorney to get the Closing Disclosure and loan documents finalized. The attorney will also communicate with your home insurance agent and the title insurance company. Once all is in place and funds from you (down payment) and funds from the lender are received…it’s go time. Signing typically takes about an hour. Make sure you bring a valid driver’s license to closing. Once all signatures are in place (including the seller’s) the attorney will notarize all documents, scan them to the lender and then await approval. Once this happens the attorney will then record documents with the Register of Deeds of the county where the property is located. It is then official. *most counties in North Carolina e-record, so there is usually a lag of 2-3 hours before recordation.
Obviously, there are many different scenarios that can delay closing or affect different aspects of the transaction, but overall that is it. I have worked with great loan officers and attorneys over the years and it is part of my job to make the process as smooth as possible.
I can honestly say that I love my job and this is the best part; when a transaction is complete and both parties are happy.