Is buying a house in Greensboro different than buying somewhere else?

We do things differently in the South. We call off school when snow has been predicted anywhere within a 50 mile radius. We have a very successful restaurant chain whose menu is totally centered on buttermilk biscuits and we drink our tea iced and pre-sweetened.

We also conduct real estate transactions with a minimum number of attorneys. Like - one.

I have never sold property in other parts of the country, but I’ve worked with many folks who’ve moved here from all parts. New England, the midwest and even the true foreigners: Californians.

It seems that when you buy or sell a house in many areas of the United States, everyone brings an attorney. The buyer. The seller. The banker. The candlestick maker. And many times an escrow company conducts the closing. Things are a lot simpler ’round these parts.

A short synopsis of what happens in a routine real estate transaction is that, once the buyers and sellers have agreed to terms, an amount of time passes while the buyer’s loan is processed and the seller packs up. In this time, the closing attorney who, in Greensboro, usually is chosen and paid for by the buyer, conducts a title search to make sure the property can be conveyed to the new owner free of encumbrances. Assuming all is clear and the loan goes through, the lender sends their “package” of closing documents and instructions to the attorney who in turn makes sure all the paperwork required by the lender is prepared.

The closing attorney often also prepares the deed. (This is technically the seller’s responsibility and will be charged to the seller but is usually done by the closing attorney as a matter of convenience. The seller can opt to have the deed drawn by another attorney and provided at the time of closing).

Closings are traditionally conducted at the office of the attorney but this can vary depending on whatever is agreed to by all parties.

Once at closing the attorney instructs all parties who is to sign what, collects the appropriate funds from the buyer and sometimes the seller (eek!) and then also is responsible for distributing funds back out to the appropriate parties - the seller, the holder of the seller’s existing mortgage, payoff of any liens, real estate commissions (my personal favorite). The funds are not distributed until the deed has been recorded at the courthouse but this is almost always within a few hours of the closing.

Here in Greensboro it is usually at this time that the buyer gets the keys to their new home and can take possession. Of course, there are always exceptions to the norm. Many variables can be agreed upon by the parties.

This is just what is considered usual and customary for this area. Easy-Peazy.