Buyer Information - Closing on Home or Condo
In North Carolina, a home or condo sale is typically closed at a “Title Company” not an attorney’s office. The home seller gets to pick the title company and both parties will work thru the title company for a successful closing. The title company is considered the neutral closing agent. Some buyers elect to hire an attorney just to review the closing documents. All funds are wired in.
When a potential buyer contacts us - we generally start off the conversation by asking the question "What type of property are you looking to buy and what is your price range? We need to quickly understand what the intended type of real estate is so we can start to factor in available market inventory in that price range that meets the buyer's criteria.
You have to get pre-qualified by a Bank or Credit Union. South State Bank has been great to work with, as has Navy Federal Credit Union.
Real estate agents in North Carolina use the North Carolina Real Estate Commission Approved Contracts. The contract is already pre-printed and the broker usually just fills in the seller information, date of the contract and the listing price. North Carolina also has a “Property Disclosure Form” that must be completed - Going forward it answers many buyers questions and also minimizes the chance of the seller unintentionally misinforming the buyer.
We at Paragon Realty only represent only one side of the transaction - either the seller or the buyer, NEVER BOTH in the same transaction. The seller pays our commission, not you the buyer. We will never be a dual-agency.
If you would like to talk with a knowledgeable real estate broker call the “professionals” at Paragon Realty at (704)769-6486, or just click on our “Contact Us” page and complete the form and we will call you the next business day.
Buyer Requirement for Home Insurance
Before the closing (well in advance actually), you have to provide to the closing title company an insurance binder on the property. Home insurance rates have climbed in 2023 due to the Hurricane Ian last year that hit the Port Charlotte area of the west coast of Florida. Shop around early for insurance. You should already have been told by your broker if you are in a flood zone - then you will purchase a separate federal sponsored policy.
For over a hundred years our area had not seen any significant Hurricanes until 2016 when a minor one blew thru and the same in 2022. If you’re buying an older home built before 2002 (when new State building code became effective), be sure and have the 4-point Hurricane Inspection and Wind Performance completed; submit to your insurance agent and it will save you money on the premiums.
If you would like to talk with us about anything real estate please call us at (704) 769-6486.
