What happens if a creditor won’t respond in time to provide a payoff statement for escrow? – North Carolina Short Answer Under North Carolina law, a closing/settlement attorney (often acting as a “satisfaction agent”) can request a written payoff from a secured creditor and, after payoff, ensure the lien is cleared even if the creditor…
How do I ensure proceeds from my home sale cover my outstanding credit card debt? – North Carolina Short Answer In North Carolina, closing attorneys must pay recorded liens (like mortgages, taxes, and docketed judgments) from sale proceeds. A credit card balance is unsecured unless the creditor has a court judgment docketed in the county…
How long should I expect to wait for formal contract documentation after an offer is accepted? – North Carolina Short Answer Under North Carolina law, a residential sale is not binding until there is a written contract signed by the buyer and all sellers. Verbal acceptance does not create an enforceable agreement. There is no…
What should I do if I haven’t received written confirmation of an accepted offer? – North Carolina Short Answer In North Carolina, a home sale is not binding until the offer and acceptance are in writing and signed by the parties. Oral acceptance or a verbal “we accepted” does not create an enforceable contract for…
What steps can I take to ensure the sale closes smoothly with a local buyer? – North Carolina Short Answer In North Carolina, the sale of real estate requires a written contract signed by all owners. Next, deliver the required residential disclosures, choose a closing attorney to serve as settlement agent, clear title and payoffs,…
Can I change my mailing address with a lender during a real estate closing to stop mail interception? – North Carolina Short Answer Yes. In North Carolina, a seller may update mailing addresses with lenders and other creditors at any time, including during a pending closing. For the closing itself, the more important step is…
How can I confirm that all co-owners have validly accepted a cash offer on our property? – North Carolina Short Answer Under North Carolina law, a contract to sell real estate must be in writing and signed by the party to be bound. To confirm valid acceptance, obtain a single, fully executed purchase agreement that…
What happens to my purchase and sale agreement when the closing date has to be moved for permit delays? – North Carolina Short Answer In North Carolina, moving a closing date is a contract change that typically requires a written addendum signed by buyer and seller. Many residential contracts also contain a short, built-in grace…
Can the other party cancel the contract or demand a price reduction if permits aren’t finalized by the new closing date? – North Carolina Short Answer Under North Carolina law, the contract controls. If the agreement makes the closing date or permit approvals a strict condition (often stated as “time is of the essence”), missing…
How can I keep my real estate deal alive if the closing is delayed because permits aren’t issued yet? – North Carolina Short Answer In North Carolina, most deals can be preserved by (1) signing a written contract extension, (2) using an escrow holdback at closing tied to permit or inspection milestones, or (3) seeking…
