A typical real estate transaction in North Carolina will span 30 to 60 days from the date that the contract is signed to the closing date. That is a long time. The process is lengthy because all real estate transactions have multiple moving parts and they all require the cooperation of numerous parties. The good news for you is that we can close in less than 30 days! This article will provide you with a timeline of a typical closing process, and what it takes to get your closing done in no time!
It Takes a Village
If you would like to close in less than 4 weeks, we can assist you. However, there are instances where we cannot do our job until we have received all the required information. If you would like to close in less than 4 weeks, the following parties all need to be on board:
Real Estate Agents: It is imperative that both selling and listing agent are as responsive as possible. For listing agents, we need the questions listed in our engagement email answered right away. For selling agents, we need to know who the lender is. Clients, please lean on your real estate agents and ask them for their help if you need it.
Lenders: If the buyer is taking out a loan to purchase the property, the loan documents need to be prepared by the lender by the closing date. Some loan packages can include over 100 pages, so it is a time-consuming job preparing all those documents. If you are seeking to close in less than 30 days, please confirm first with your lender that they can accommodate this.
Surveyors & Inspectors: A prudent buyer should obtain a survey and have an inspection conducted on their property. As an attorney, we highly advise for clients to have both done to ensure that you have the most information possible on your new investment. Unfortunately, it can take a while to schedule both and that needs to be accounted for before you schedule a rush closing.
Potential Issues That Can Affect a Rush Closing
Once everyone is on board, and the goal is to close in less than 30 days, we will work tirelessly to be prepared on your closing date. Here is a list of potential issues that can arise that might delay closing:
Mobile Home on the property: If applicable, this needs to be addressed right away. As soon as the contract has been sent to us, we need the make, model, and serial # of that mobile home. Then, we can start the process with the NC DMV of pursuing its cancellation to real estate.
Survey is required: The process to obtain a survey can be timely. In some cases, it will be required to obtain a survey by your lender. If a survey is being conducted, we cannot finalize our preparations until we have been notified that the survey has been recorded in the Register of Deeds office of the county in which the property lies.
Payoffs and Judgments: If the seller has a mortgage, or another lien on the property like a judgment, it must be paid off by the closing date. In some circumstances, we must arrange for the payment of a mortgage or a judgment, and this might potentially delay closing.
We are proud and excited to offer rush closings in under 30 days. If you have any questions about our rush closing process or would like assistance on a rush closing, please call 828-505-8514 or email realestate@lancasterlawfirm.com.
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