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For the Outer Banks real estate seller..... After the Offer is Accepted
After the Buyer receives loan commitment, the lender will order an appraisal on the property. Whenever a property is financed, the lender requires that the subject property appraise for an amount equal to or greater than the purchase price. All closings on financed property are contingent upon obtaining such an appraisal. If the property does not appraise for the appropriate amount the sales contract could be null and void.
Having an attorney represent your legal interests in the sale of real property is highly recommended. The legal fees for the Seller’s side of a real estate transaction depend on where the property is located, the purchase price of the property, and any special other considerations (like a 1031 tax free exchange). The attorney's fee usually ranges from $400 to $1,000.
Other issues that your attorney will handle include prorations for rental income (if a rental property), property taxes, association assessments, if any, and other such items are properly prorated as of the date of closing.
Although you may select any attorney you choose, the attorney that has consistently provided outstanding service for me and for my clients is listed below.
When it comes to making one of the largest financial commitments in one’s life, most Buyers want to know more about the home they’re buying. A professional home inspection will enable the purchaser to know the true condition of the home before they buy it!
What is a Home Inspection?
The purpose of a professional home inspection is to provide information for the homebuyer, concerning any major structural or mechanical problems that may exist with a particular home. No home is perfect, even a brand new one.
What is inspected in the Home?
On site inspection of the basic systems of the home including roof, foundation elements, electrical components, plumbing systems, heating and air conditioning, exterior elements (siding, drainage). Each one of these systems is inspected thoroughly and non destructively as well as some of the more superficial elements such as windows, doors, porches and interior surface coverings.
Home inspections are not required, but most Buyers order one. The buyer chooses and hires the inspector of his choice and pays for it.
I sometimes urge the Seller to have an inspection at time of listing – especially if it is an older home. The cost is between $300 and $500 depending on the size of the home and is well worth it. In doing this early there is plenty of time to handle any problems and you will have a higher degree of confidence when negotiating for your sales price. In addition to this, it may be a good idea to establish a resale home warranty that covers the home during the listing period and then transfers to the new buyer for one year after the closing. Many clients have been saved by this when an expensive item like a heat pump or water heater breaks down while the home is listed. Check out the warranty American Homeshield offers - I personally have one on my home.
You'll need to terminate your insurance at some point AFRER we close. Don't cancel it before closing in the unlikely event something happens to the house. The house is yours until the deed is recorded so be sure to maintain coverage through that time period.
Sellers should begin the process of setting up transfers of service about one week prior to closing. If the property you own is in a rental program make sure you ask for a TRANSFER OF SERVICE, otherwise the utilities could be cut off and the tenants could be with out power and water. The following information should make this process simple and frustration-free:
PHONE: Century Link Telephone 252-38-9811.
ELECTRIC: Dominion North Carolina Power, toll free at 888-667-3000.
CABLE TV: Charter/Spectrum Cable TV, (800) 955-7766.
DARE COUNTY WATER CO., 600 Mustian St., Kill Devil Hills, NC, 27948, 252-441-7788, fax 252-441-2239.
MANTEO WATER DEPARTMENT, PO Box 246, Manteo, NC 27954, 252-473-2133
NAGS HEAD WATER DEPARTMENT, PO Box 99, Nags Head, NC 27959, 252-449-2004.
KILL DEVIL HILLS UTILITIES DEPARTMENT, PO Box 1719, Kill Devil Hills, NC, 27948. Phone 252-480-4080, fax 252-441-6136.
Typical residential closing costs in the purchase of real estate are estimated as follows:
Attorney $600 to $1,000
Deed preparation $50 to $75
Transfer tax – 1% of the sales price
Brokerage fee – 6% to 10% of sales price
Tax stamps - $2 per $1,000 of sales price
The buyers, or, in the buyers' absence, the buyers’ real estate agent, may do a final walk-through of your home just prior to closing. This is done to confirm that all fixtures and furnishings expected to convey in the sale of the property are on site and in the expected condition, and that no damage has occurred to the property since the offer was accepted. Once completed, the buyers' attorney is notified that the walk-through was satisfactory and that closing can proceed.
Most closings involve at least one if not two out-of-town parties. The good thing is that it is not necessary for the Buyer or Seller to be present for the closing. It is very common for all paper work to be reviewed and signed via overnight mail – in advance of the scheduled closing date. The actual closing process is handled by the buyer and seller's attorneys on the day of closing.
An important note:technically the property is not legally owned by the buyer until the deed is recorded at the County courthouse, which usually happens later in the day and most times not until the end of the day. It is advisable that the buyer takes possession of the property only after it has been recorded.