Outer
Banks, North Carolina Real Estate Sales, Carolina Designs
Realty, Inc.
Corolla, Duck, Southern
Shores, Kitty Hawk, Kill Devil Hills, Nags Head
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From Contract to Closing on the Outer
Banks
After you find your perfect beach home, make an
offer, and negotiate an agreement with the seller, there
are some important steps that usually occur before you
are the new owner. The more you understand how this
process works, the smoother the transaction will be for
you and the others who are working with you to make
beach home ownership a reality. Many of these steps may
occur while you are away from the beach. Buyers often
rely heavily on their local Realtor to ensure that the
necessary steps are completed. Below is an outline of
some of these important steps.
After an agreement is reached with the seller, the
buyer’s agent will prepare multiple clean and readable
copies of the contracts so that all parties have a
legible copy. It is important for you to sign and return
the forms quickly so that the lender, attorneys, and
appraisers can begin their work.
Choosing a local attorney is an important part of the
process of investing here. Local attorneys vary in price
and service. Most buyers rely on a recommendation from
their Realtor to decide whom they will use. The attorney
and their staff will check to make sure that the title
is clean. They also will prepare the title insurance,
collect and distribute the funds on closing day, and
coordinate the details with the property insurance
company, lender, seller’s attorney, and Realtor.
If a lender is required, it is also important to ensure
that they have a copy of the contract and all of the
necessary information from the borrower as soon as
possible. The lender will order an appraisal and work to
prepare the loan for underwriting. Using a local lender
offers several advantages including established
relationships with appraisers and attorneys and a deep
familiarity with the nuances of Outer Banks rental homes
and the closing process.
A home inspection is generally scheduled by the buyer
and the buyer’s agent to determine the condition of the
property. Your agent should explain the process that
your contract stipulates for resolving possible repairs
issues. You may also choose to have other inspections
including: a septic inspection, termite inspection, and
survey.
Choosing an insurance policy and deductible is another
necessary task that needs to occur prior to closing.
Local insurance agents are recommended because they are
familiar with the nuances and necessities of insuring
beach properties.
Utility transfers are important in the week prior to
closing. It is important to make sure that service is
not interrupted, especially if the home is a rental
property. Buyer’s agents provide utility contact
information so that buyers can establish new accounts.
The final walk-through usually occurs on closing day or
a few days before closing. At this point the buyer makes
sure that any promised repairs have been made and that
the house is in substantially the same condition.
The final step in the contract to closing process is the
closing. On the Outer Banks buyers and sellers sign
their respective documents prior to closing. Unlike
other parts of the country, buyers and sellers do not
meet at closings. After the deed is recorded at the
courthouse, keys are delivered. Congratulations, you are
now an Outer Banks homeowner!
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