Cynthia Pela

Imagine, you have worked hard and saved for a large down payment, you have found the perfect home, and now you are days away from closing. The transaction has progressed smoothly, and now you have been contacted by email from someone who appears to be your real estate agent to wire your closing funds to the attorney’s office for settlement. Because your real estate agent has guided you throughout the home buying process, and you have trusted in their guidance, you wire the funds just as they have advised in the email without question. What could go wrong? Wire Fraud!

We often joke at the closing table that a borrower is about to sign their life away. Maybe it is not that serious, but signing the promissory note and deed of trust at closing is a life changing event. The promissory note is the promise to repay the loan funds to the lender. The deed of trust secures the house and land to the note and allows a lender to foreclose on a property if there is default. The most common default is failure to make the payments under the promissory note.

I am frequently asked by listing agents why their seller is being charged for the homeowner’s association (HOA) transfer fee on the Alta settlement statement. In the past, this question was easily answered because the 2015 version of North Carolina’s Offer to Purchase and Contract explicitly stated that the transfer fee was to be paid by the seller; however, now the explanation is a little more complicated.

Understanding the Deed of Trust: What Exactly Are You Signing at Closing?

We often joke at the closing table that a borrower is about to sign their life away. Maybe it's not that serious, but signing the promissory note and deed of trust at closing is a life-changing event.  

WHAT IS IT AND WHY DO YOU NEED TO PROVIDE IT?

Sellers of real property in North Carolina have a lot of obligations to fulfill before selling their property such as ensuring they can provide good title to the buyer and making needed repairs. However, there is another obligation many homeowners do not realize exists, especially those selling their home without the aid of a licensed real estate agent. 

More Mandatory Disclosures: A Quick Look at the Mineral and Oil and Gas Rights Disclosure

When an owner of real property decides to sell, North Carolina requires that owner to make several disclosures to prospective buyers.  One of those disclosures discusses whether or not the property has been severed of its mineral and/or oil and gas rights. 

For most people, a home is a person's greatest investment; thus, the decisions involved in selling that investment should be strategic. Oftentimes, though, sellers make hasty decisions when hiring a real estate agent to sell their home. They hire friends or friends of friends and don't do their homework, not realizing the damaging effects a poor hiring decision can have.  Sellers should set their standards high. Choosing the right listing agent can not only effect your property’s time on the market, but also the return on your investment.

The City of Fayetteville’s New Sign Ordinance Has Established New Standards for Your Signs