Statesville Real Estate Lawyer

Trusted Statesville Real Estate Attorney

Purchasing or selling residential real estate in Statesville, NC, can be a tremendous opportunity, but the real estate transaction process involves a significant degree of risk. Therefore, it’s vital to approach any residential real estate transaction with a firm understanding of the legal mechanisms the process entails and the risks you face on either side of the negotiating table. Statesville sits in Iredell County, where home purchases, sales, and refinances happen every day, and each one has to follow the same North Carolina legal requirements.

Legal Counsel for Statesville, NC, Real Estate Transactions

While you can rely on your real estate agent for advice and support throughout your transaction, you cannot rely on them for every detail of the situation. Real estate agents, while they do the best they can to provide their clients with the information needed to make informed decisions, are bound by professional ethics and legal constraints. A Statesville real estate lawyer can effectively fill those gaps, uncovering vital information that your real estate agent likely would have overlooked or neglected to disclose to you.

Lassiter & Lassiter can provide the responsive and meticulous professional legal support you need for any real estate transaction in Statesville, NC. Our team has years of experience handling various legal services for real estate purchases and sales in the area, and we put that experience to work for you, helping you approach your transaction with confidence and peace of mind.

North Carolina Law Requires an Attorney at Closing

North Carolina is one of the states that requires a licensed attorney to handle the core legal work of a residential closing. Under the North Carolina State Bar’s Authorized Practice Advisory Opinion 2002-1, most of the work in a closing counts as the practice of law. This means a licensed attorney, not a real estate agent or lender, must examine title, prepare the deed and other closing documents, and direct how the sale proceeds are paid out, for both a purchase and a refinancing. A separate opinion, 2002 Formal Ethics Opinion 9, lets a supervised non-lawyer assistant handle limited tasks, like pointing out where to sign, but only under the attorney’s direction.

A supervised non-lawyer assistant may help with administrative tasks, such as pointing out where to sign, but only under an attorney’s direction. This requirement applies whether you are buying with a mortgage, paying cash, or refinancing an existing loan. It’s one of the main reasons a real estate agent, however experienced, cannot take the place of your own attorney.

Why Should I Hire a Statesville Real Estate Lawyer?

Many people throughout the US complete real estate transactions without legal counsel, and some of these parties fare quite well afterward, facing minimal issues regarding their purchase or sale. Others are not so fortunate and discover significant problems with their recent real estate transactions. Their real estate agents may have neglected to disclose important financial details, or they may have overlooked the need for certain inspections and appraisals.

If you complete your residential real estate transaction without any oversight from an experienced attorney, you face these and many other risks. Your real estate agent may not present complete information, and the details they leave out of their disclosure can mean prolonged stress and very expensive problems in your future.

North Carolina law also puts some of this responsibility directly on the seller. Under the Residential Property Disclosure Act, N.C. Gen. Stat. § 47E, most sellers of a home with one to four dwelling units must complete a disclosure statement describing known defects and give it to the buyer no later than when the buyer makes an offer. A few transfers are exempt, such as the first sale of a newly built home that has never been lived in. If a seller does not provide the statement on time, the buyer may be able to cancel the contract, but that right ends fast: No later than three days after the contract was signed, even if the buyer gets the disclosure statement after that. If you receive a late disclosure statement, contact your attorney right away.

Additionally, any real estate transaction will require various contracts, and it is always best to have an experienced attorney review a contract before you sign it. You could unintentionally agree to unfavorable terms hidden in the fine print.

Ultimately, the biggest benefit to hiring an experienced Statesville real estate attorney is peace of mind. The right lawyer can significantly improve your experience in the world of real estate and assist you in completing your transaction more efficiently. You can rely on your attorney to provide the information that your real estate agent can’t, and this can make a tremendous difference in the outcome of your transaction.

What Can a Statesville Real Estate Attorney Do for Me?

When you choose Lassiter & Lassiter to represent you in a Statesville, NC, real estate transaction, our team can provide various important legal services that streamline the transaction and uncover any unforeseen risks that may pose problems to you in the future:

• Your Statesville, NC, real estate lawyer can perform extensive title research, potentially revealing unresolved liens against the property or other discrepancies in the property’s ownership records. If these issues were to arise in the future, they could easily create a very tenuous financial situation that can severely impact your future.
• An experienced legal team can assist you with the financing side of your transaction, ensuring the mortgage lender’s terms are fair and reasonable and that your financing arrangement will be tenable in the long term. Your attorney can also help you understand all your rights and responsibilities pertaining to financing.
• When it comes to contracts, you can rely on your real estate attorney to conduct extensive reviews of all contracts that come into play in your transaction. If you need to draft any contracts, your legal team can assist with this as well.
• Your attorney can walk you through the standard North Carolina Offer to Purchase and Contract, including the negotiated due diligence fee, the due diligence period, and the earnest money deposit, so you understand what you could gain or lose if the deal falls through before closing. Most North Carolina purchase contracts have used this due diligence structure, jointly developed by NC REALTORS® and the North Carolina Bar Association, since 2011.
• Your attorney can prepare or review the North Carolina Residential Property and Owners’ Association Disclosure Statement required under N.C. Gen. Stat. § 47E, and explain what the seller is and is not required to disclose about the property’s condition.
• Your Statesville real estate lawyer will be instrumental in revealing any legal violations committed by the other party, such as failure to disclose relevant material problems such as lead paint, asbestos, or other hazards that would require extensive renovation of the property.
• A good lawyer can uncover important information unknown to both parties in a residential real estate transaction, such as ongoing zoning disputes in the area or construction plans that could dramatically influence property values in the area.
• After closing, your attorney will make sure the deed and other required documents are properly recorded with the Iredell County Register of Deeds, so your ownership is reflected in the public record.
• If you experience any unexpected emergencies during your real estate transaction, such as a sudden illness or injury, you can rely on your Statesville real estate attorney to act as your proxy as you resolve these issues and continue with your transaction.
• If you and the other party must negotiate contract terms, you can rely on your attorney to assist you with implementing any required revisions so the transaction can proceed as smoothly as possible.

When you have a reliable real estate agent and an experienced Statesville real estate lawyer assisting you with a residential purchase or sale, it is much easier to approach this complex situation with peace of mind. Many people who do not hire legal counsel for their real estate transactions not only find the actual transaction process tedious and stressful, but also often encounter additional issues with their properties that pose long-term problems.

Frequently Asked Questions About Statesville, NC Real Estate Laws

These are some of the questions Statesville buyers and sellers ask often. For advice on your specific transaction, talk to our attorneys.

Do I need a lawyer to buy or sell a house in North Carolina?

Yes. North Carolina law requires a licensed attorney to handle the core legal work of a residential closing, such as reviewing title and preparing the deed.

What does a real estate closing attorney do in North Carolina?

Your attorney checks the title for liens or ownership problems, prepares and reviews the closing documents, and makes sure the sale proceeds are paid out correctly.

What is the due diligence period in a North Carolina home purchase?

It’s a window of time, agreed to by the buyer and seller, when the buyer can inspect the property and cancel the contract for any reason or no reason at all. If the buyer paid a due diligence fee, that fee is usually not refundable once the buyer walks away.

What is an earnest money deposit?

It’s money the buyer puts down to show they are serious about the purchase. A buyer generally gets it back if they cancel during the due diligence period, but may lose it if they back out later without a valid reason under the contract.

Does North Carolina require sellers to disclose problems with a home?

In most cases, yes. State law requires the seller to complete a disclosure statement describing known conditions and defects before the buyer makes an offer, unless an exemption applies.

Who records the deed after a home sale closes?

Your attorney files the deed and other closing documents with the Iredell County Register of Deeds, which places your ownership on the public record.

What happens if a title problem turns up during closing?

Your attorney will work to resolve it before closing, for example by clearing a lien or correcting an error in the ownership records. In some cases, this can delay the closing date.

Can my real estate agent give me legal advice about my contract?

No. Real estate agents can share general information, but North Carolina law does not allow them to give legal advice or interpret contract terms, which is one reason to have an attorney review your contract before you sign it.

Find Your Legal Team in Statesville, NC, Today

Lassiter & Lassiter believes in a fully client-focused approach to legal counsel in real estate. We have helped many past clients handle their real estate purchases and sales more efficiently, helping them save substantial amounts of money in these processes as well.

When you choose our firm to represent you, we will carefully review the details of the impending purchase or sale, assist you in handling contracts that come into play, and perform extensive research into the property in question to help avoid unwelcome surprises as you finalize the deal.

Because North Carolina law requires an attorney to handle key parts of your closing, it helps to involve one early, ideally before your due diligence period begins, so you have time to ask questions and address anything the review turns up.

The sooner you secure legal representation, the easier it will be for you to approach your transaction with confidence. We provide the legal support you need to complete your residential real estate transaction swiftly and efficiently. Contact Lassiter & Lassiter today to schedule a consultation with our firm and learn more about the legal services we offer in Statesville, NC, real estate transactions.

Testimonials

“Excellent service and very fast response to real estate closing. Thorough and professional in all aspects with fair, competitive pricing. Debbie Hobbs, paralegal, is very proficient and easy to work with. She quickly and accurately” — Steven Vaden

“The Professionals at Lassiter & Lassiter are second to none in serving their clients. I have been working exclusively with Debbie Fox Hobbs on a number of Real Estate deals, and in each one, her…” — Joe Murray

Individual results and experiences vary. A past client’s experience does not guarantee a similar outcome in your transaction.

An Emphasis on Statesville Values

Attorney Mike Lassiter grew up in Statesville, makes his living serving the people of Statesville and published a book capturing the changing landscape of small town life across North Carolina and Iredell County. His keen sense of history, dedication to the area and 35 years of legal experience make him an ideal attorney for your legal needs.