Real Estate Blog

I’m sure many of you have run into this situation and how uncomfortable it can be:  It is the day of closing, you show up at the attorney’s office, and the seller is asked “Are you married?”  The answer is yes, and the seller is informed that their spouse will need to sign the deed. 
Professionals in the real estate industry have been anticipating the effective date of historic changes to how real estate transactions are conducted for many months.  October 3rd has come and gone, so applications for residential home loans going forward are now subject to the new “Know Before You Owe” rules promulgated by the Consumer Financial Protection Bureau (CFPB).  
At Hutchens Law Firm, we have quite a few real estate agents that represent foreign investors in the acquisition and sale of real property in North Carolina. What many agents and foreign clients do not realize is that there may be tax implications when the client goes to sell the property.
As you are sitting in traffic waiting for the lady or gentlemen in the reflective vest with the walkie-talkie to turn the stop sign to “slow”, have you ever wondered how the land was obtained for the road or the widening of the road?  This thought probably does not cross everyone’s mind, but it has crossed mine lately.
While most of our hurricanes make landfall in September or October, hurricane season is actually five months long, beginning June 1st and ending November 30th.  That’s important to know when purchasing property within that time frame.  
Many buyers ask me “What is the difference between a plot plan the builder gives me and a survey?” Simply put, a plot plan is what the building plan is for a plot of land, and asurvey is drawn to show what is actually on the plot of land. 
Buying a new house is an exciting, yet often stressful, event. Below are 7 tips to help make your real estate closing go as smoothly as possible:  
At Hutchens Law Firm, one of the most frequent questions asked by the Buyer at closing table is “Do I get the keys now?” My answer usually depends on the agents involved and if the keys have been given directly to my office.
All the documents are signed. You have waited weeks or months for this day—the day the real estate transaction closes on your home. Whether you are the real estate agent, the seller or maybe even the buyer, you may expect to get a check as soon as all the paperwork has been signed. Instead, you are told by the closing attorney that you will have to wait. What is the attorney waiting for and why?
Attention all real estate agents: changes are coming…and soon! Effective August 1, 2015, the Consumer Financial Protection Bureau (CFPB) will impose new rules that will change many aspects of the real estate loan closing process.  So what are the new rules and how will they affect you? Here are two changes to note: