1. Last-Minute Changes
Work within the time frames outlined in your contract.
So many things can come up at the last minute, including price changes to accommodate repairs needed on the home, loan amount changes, and a biggie would be someone letting us know at the last minute they won’t be here for closing. We can accommodate (just about) anything that comes up, but it creates time crunches and unnecessary costs for buyers so always keep us informed. Which leads us to…
2. Communication (Or Lack Thereof)
Congratulations — You are now in a serious relationship with everyone involved in the buying or selling of your home. By getting to know each other early, you can avoid the aforementioned delays due to last minute changes. It never hurts to keep us in the loop or ask our advice on anything along the way.
Should you buy a new car while we’re waiting to close? You got a new job offer, should you take it now? Let us know what’s going on in your life so that we can navigate it properly.
But don’t think buyers are the only ones subject to scrutiny, because several issues can come up on the seller’s side too. So, you lucky purveyor of property, it’s just as important to keep your lawyer informed when you’re selling your home.
For example, if someone bought property while they were single and then got married, we need to know that because their spouse will have to sign certain documents. We also need to know if people have recently taken out a new loan, like an equity line because some of those are hard to get payoffs for at the last minute.
3. Hiding Your Wife.
Some people forget to let us know (until the last minute) that they are married. If you’re going through the big D but you’re still legally married, we need to know early. If you’re still in wedded bliss, we need to know that, too — because if the deed is going to both spouses, they both have to be involved in the closing (see “communication” above).
4. Not Telling Us About Possible Deployments
We need to know early if a party will be or might be deployed, and have a way to contact the deployed party at or very near in time to the closing. The lender will want to review the Power of Attorney, we’ll need to review it, too — and it needs to be recorded.
The lender will require an “alive and well” statement letting them know that the POA is still valid because the deployed party is not MIA or deceased (morbid we know, but it is what it is).
5. Being Unavailable at Signings
In North Carolina (we know lots of people come here from other states where things might be different but hey, you’re moving here so the laws of North Carolina apply to your deal) we need wet signatures for every closing (for now… that may change in the next couple of years.) We can overnight documents to buyers or sellers in other states and/or countries and they can overnight them back, but typically we cannot scan and email documents (see “communication” above) and who wants to print 150 pages on your home printer (or risk getting in trouble with the boss doing it at work?) Anyways, always revert back to “communication” above.
Do you have more questions for a real estate lawyer or you’re getting ready to buy/sell? Contact Trey Yelverton of Van Camp, Meacham & Newman, PLLC at (910) 295-2525 or online.
This post was produced in partnership with Trey Yelverton.