Information for Buyers
In addition to two attorneys who advise clients on legal matters and conduct the closing ceremonies, our supporting staff assists with the facilitation of intake, title, escrow, and settlement for residential real estate closings.
We strongly encourage first time home buyers to work with a qualified residential real estate broker to assist successfully negotiate the transaction.
If you are purchasing real property without the representation of an agent, contact our attorneys to prepare a contract, review material terms, and sign the agreement with all parties. We welcome questions relating to your purchase of residential real estate in the state of North Carolina.
Please submit your signed contract or inquiries to our team to get started today: Closings@vyasrealtylaw.com
Title Vesting & Ownership
There are three types of joint ownership interests: tenancy by the entirety, joint tenancy with right of survivorship, and tenancy in common. Lenders are not likely to allow non-borrowing, non-spouses to take title to the property.
There are additional considerations to keep in mind when taking title, such as the purpose of the acquisition, tax consequences, and shielding liability from creditors.
Importance of Surveys
We recommend every purchaser obtain a survey of the property during the due diligence period. Most importantly, an experienced surveyor’s map and report will indicate any unacceptable encroachments which may be resolved prior to closing. A survey revealing defects should allow a buyer under contract to require the seller to cure any matters as a condition of the purchase.
The average survey cost is between $450 and $600 depending on several variables including the acreage of land, visibility of prior markers, topographic abnormalities, and surrounding development. If you would like our office to order your survey, please ensure the Survey Authorization form is completed and returned promptly.
What is Title Insurance?
In North Carolina, mortgage lenders require borrowers to obtain a lender’s policy of title insurance, based on the attorney’s opinion that the loan is free from unacceptable liens and encumbrances. This is paid as a one-time premium based on the sale price or loan amount.