The Law Office of

Tiffany N. Naylor

Attorney at Law

​​Buyer Information

PRE-CLOSING

Upon receipt of the necessary information from your Realtor and other third-parties to the transaction, we will assign your file to a Paralegal in our Office, perform a title examination of the property and prepare all necessary documents for closing.

Approximately 7 to 3 days prior to closing, you will receive a Closing Disclosure or Settlement Statement from your Lender or from our Firm. With the most recent CFPB Regulations that went into effect, October 3, 2015, some Lenders will be preparing the Closing Disclosure and some will ask us to do so on their behalf. Regardless of who provides it to you, please note that it is imperative that you acknowledge to them that you and your Realtor (if applicable) have reviewed it, understand it, and whether any changes are necessary. Either way, please communicate with the person who provided it to you as soon as possible in order for us to be certain that we meet the ‘3 day rule’ that you have received and acknowledged receipt of documents at least 3 days prior to closing. In the Engagement Letter, please be sure to let us know if you give our Office permission to e-mail the Closing Disclosure or Settlement Statement directly to your Realtor.

All funds for closing will need to be sent via wire transfer. You will provide our wiring instructions to your local bank when issuing the transfer of funds.  Please request that your financial institution call our office to confirm the information before issuing the transfer.  These instructions will not change or be altered.  If you receive notice that we have changed or altered these instructions, do NOT trust the source.  Wire fraud is extremely common.

Please remember that if you are married, your spouse will need to attend closing with you, regardless of whether they are purchasing the property or not. If they cannot attend you will need to contact us as soon as possible to have a Power of Attorney prepared ahead of time. As noted above, your Lender (if applicable) must approve the document and grant permission to use at closing in advance of the closing. We will need the original back to our Office prior to closing or delivered at the closing as the Power of Attorney must be recorded along with other documents.

CLOSING

Your Realtor will inform you of the date of your closing, as soon as we get it on the schedule. The closing will take place at our Office. At closing, we will review the Closing Disclosure or Settlement Statement, which summarizes all the costs and funds associated with the purchase. We will also review the lender’s documents (if applicable), which include the Promissory Note, Deed of Trust and other loan documents which establish the terms and conditions of your loan as well as other reports and information relating to your purchase. You will be provided a copy of everything we review.

Please remember to bring your Driver’s License or some other form of picture ID with you to closing. We will request them upon arrival in order to make a copy for our records. Many documents being signed during the closing are required to be notarized and our Policy is to have a picture ID of any person whose signature we will be notarizing.

In the event you are unable to attend closing, please let us know as soon as possible. Allowing someone to sign on your behalf with a Power of Attorney is an option but if necessary, your Lender (if applicable) must approve the document and grant permission to use in advance of the closing. Any necessary document preparation must be completed as soon as possible. Please Note: Our Firm does charge an additional fee to prepare a Power of Attorney; the charge will be paid at closing.

POST-CLOSING

After closing, upon receipt of all required funds due at closing, we will record the Deed and Deed of Trust (if applicable) at the Register of Deeds Office in the County where the property is located, and disburse funds from our trust account. You will receive your Title Insurance Policy by mail from the Title Company, and your payment statement/booklet from your Lender (if applicable).


OTHER INFORMATION

Keys: Please discuss the delivery of keys with your Realtor and the Seller. Keys are not always delivered to the Buyer at the closing table. Sometimes the Seller or their Realtor hold the keys until the Deed has been recorded at the Register of Deeds Office, which may be several hours after closing. Holding the keys until that time is the Seller’s option since, under North Carolina law, title is not actually conveyed until the moment the Deed is recorded. We do our best to record as quickly as possible, but occasionally there are delays, which can delay the delivery of keys.

• Survey - To determine the cost of a Survey please contact your Agent or a Surveyor directly.
• Title Insurance Premiums - Between $1.50 and $2.50 per thousand
  
• Recording Fees
  
• Lender Fees
  
• Escrows
  
• Attorney Settlement Fee 
• Hazard Insurance
  
• HOA Dues & Transfer Fees
  
• Inspection Fees - To determine the cost of a Home Inspection please contact your Agent or a Home Inspector directly.

Seller Information

PRE-CLOSING

Upon receipt of the necessary information from your Realtor and other third-parties to the transaction, we will assign your file to a Paralegal in our Office, perform a title examination of the property and prepare all necessary documents for closing.

Please remember to bring your Driver’s License or some other form of picture ID with you to closing. We will request them upon arrival in order to make a copy for our records.



We will need to know your Marital Status?

Your Realtor will inform you of the date of your closing, as soon as we get it on the schedule. Please Note:If you are married but your spouse is not on the Deed, your spouse will still be required to sign Seller transfer documents to dissolve their marital rights! In the event you or your spouse are unable to attend closing, please let us know as soon as possible. Allowing someone to sign on your behalf with a Power of Attorney is an option, if necessary; if you need us to prepare one or more on your behalf, please contact us as soon as possible.


We will e-mail you and your Realtor a copy of the Closing Disclosure and/or Settlement Statement as soon as we have it prepared. If you require any changes to it, please let us know as soon as possible. 

CLOSING

Please be aware that pursuant to the terms of your contract with the Buyer, you must transfer your interest in the property by General Warranty Deed. This deed must be prepared in conformity with North Carolina Law to effectively convey ownership. North Carolina Law allows us to perform this service on your behalf, or you can make other accommodations to prepare the requisite documentation. In the event we are not providing this service, please provide the documents, or at least a copy of the documents, two days prior to closing for our review.

If you have an outstanding mortgage(s) on the property, as most Sellers do, we will handle obtaining the amount required to pay off the loan or loans. Such amount(s) will be itemized on the Closing Disclosure or Settlement Statement and will be reviewed with you at closing. A copy of the payoff statement will be provided to you at closing as well. Because you accrue daily interest on your loan, and because the amount of the payoff check is typically a fairly large amount, it is our practice to express mail payoffs to the mortgage company. 

POST-CLOSING

In North Carolina, the Closing Attorney is not allowed, under the current rules of the North Carolina State Bar, to disburse any funds, including the Seller’s proceeds and/or the Realtor’s commission, until the deed and deed of trust are recorded in the County Register of Deeds office. This means that you will not get your proceeds check at the closing table.

Should you have any questions regarding your closing at any time, please do not hesitate to contact us. We will be glad to answer any questions you may have.