Hogan & Betts PLLC
215 Racine Drive., Suite 204
Wilmington, NC 28403
NC Real Estate Law, Wilmington NC
You find a piece of property that you think is ideal to build your first home on or perhaps you find a home already built that suits your wants and needs. So the process begins and the seller has accepted your bid. Now what? The sales contract marks the beginning of the legal process of transferring property from one party to another and is usually the first document a closing attorney receives. The terms and conditions of the sale of any property are determined by the sales contract. What happens if a closing doesn’t take place within the time set by the contract? Are both parties bound by the contract? It really depends on the language in the contract.
The costs associated with purchasing property can be great and accumulate quickly and many buyers are tempted to cut costs. However, two items that should always be obtained are title insurance and a survey of the property. Title insurance is a policy of insurance that protects the insured (either the owner or the lender or both) against actual loss or damage caused by a defective title to real estate. A survey of the property may reveal the existence of boundary overlaps, gaps, gores, or encroachments affecting the property. While a buyer may be saving money initially by eliminating these items, not having them could prove problematic in the future and much more costly.
Owning real estate brings great reward, but great risk as well. Real estate law is complex to say the least. Whenever in doubt, you should always contact a real estate attorney so to inform you of your rights.