Who-eee! This issue comes up time and time again. The Buyer has waited weeks or months for this day, the day the real estate transaction closes on the buyers new home in Emerald Isle or any other community here on the Crystal Coast. All the documents are signed, and you’re ready to get your keys to your new home, right? Not so fast. That’s not always possible. In fact, it is quite unlikely today. Indeed, while buyers used to be given keys to their new home AT closing in North Carolina, that is no longer the rule.
I've had several buyers get upset over this very sensitive issue, so I recorded a video to explain why keys no longer are handed out at the closing. Here in Emerald Isle, this is a sensitive issue. Indeed, I've had more than one buyer threaten to report me or the other agent to the State Board over a matter which neither I nor the other agent have any control.
You may wonder why you have to wait since you’ve prepared everything on your end and have signed all the necessary documents. Well, the simple answer that I get from real estate agents and real estate attorneys here in Emerald Isle, Morehead City and Newport is: "follow the money."
In North Carolina, before the closing attorney can disburse funds, three things must happen:
First, the attorney must have all the money from the buyer or buyer’s lender and/or seller deposited in their trust account as required by the Good Funds Settlement Act in the North Carolina General Statues. This includes any earnest money, buyer’s funds, and seller’s funds if the seller has to bring money to closing. All this money must be certified funds and available for withdrawal from the attorney’s trust account before any checks can be issued. Certified funds include money orders, cashier’s checks, and wired funds. A personal check is not considered certified funds, and receipt of a personal check will further delay disbursement of all checks after a closing.
Second, if the purchase is being financed, the lender’s funds must be in the trust account, and the closing attorney must have the authorization to disburse those funds. Before the lender will authorize the use of the loan funds, all the closing documents must be properly executed and most lenders require confirmation.
A third (this is the action that usually is the hangup) and last condition of funding authorization is that the executed deed and deed of trust must be recorded with the Register of Deeds office.
If we follow the money.... once all the money is in the trust account, the lender has given funding authorization, and the recording documents have been recorded, then and ONLY then can the closing attorney release keys (and checks) to the parties in the transaction.
Now that you know getting the keys is all about following the money, I won't have to peel you off the ceiling at the closing table. I also have a wonderful closing coordinator who makes certain we get you those keys as soon as possible. When you are ready to have a smooth closing, give me a call or send me a text at 919-308-2292 or send an email to: DRaczkowski@fathomrealty.com TODAY!!!
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