So you’ve found the OBX home, you’ve entered into an agreement with the seller, the inspections are complete and your loan has been approved. What’s next? This page will help you better understand the OBX buyers’ closing process.
Of course, you don’t want your utilities turned off anytime around the closing. Even if the house will be staying vacant for a few days, you don’t want the refrigerator to warm up or for extreme temperatures to affect the house. With a day or two notice, the utility can transfer the account to you. There are a few different power and water companies on the Outer Banks. Scott Team Realty has the names and numbers of each of them and what areas they service. TV, Phone and Internet services can be obtained by a few different providers as well. If you are purchasing a rental cottage, then it’s a good idea to stick with the current carrier until the rental season is over. Often they’ll have a good rate for new accounts.
You’ll want to take one last look at the home prior to signing the closing papers. That can occur the day of closing as long as the house does not have a weekly renter in it. If the home has a weekly renter then the walk through can be done on change-over day between tenants. It’s assumed that if something is not working between that walk through and closing that the tenants will ask the property manager to fix it. Items to check during the walk through include:
- Make sure furnishings on the bill of sale are in the house
- Check for hot water in the kitchen and bathrooms
- Flush toilets and run showers
- Test appliances that you are concerned about
- Adjust HVAC system to see if it works
Frequently buyers here sign papers in their home state and have the closing paperwork overnighted back to the beach. If getting to the home for the walk through just won’t work, then most times your agent can complete a video conference or video the home for you.
That almost always takes place at your attorney’s office. North Carolina is one of two states in the country where attorneys handle real estate closings. You may have picked a lender from the list on this web site. If you are getting a loan, then the lender will have a large stack of papers for you to sign. Their paperwork says things like you promise to pay them back with interest, you’ll keep the home insured and you’ll take care of it. It also will say what happens if you don’t pay them back. In return for your down payment and the loan amount you’ll get a General Warranty Deed. This means that no one else will have any claim to that property and no money will be owed on it except what you borrow.
The North Carolina offer to purchase says that you receive possession when the deed is recorded. That’s not when you sign the papers. After the paperwork is signed, your attorney will trade the money for the deed with the sellers’ attorney. The OBX buyers’ closing process is almost done. The last thing that happens is your attorney has the deed recorded in the courthouse. Frequently that does not happen until the end of the day. Most times, buyers receive possession of the property between 4 and 5 PM.
It’s a great feeling to finally have your own place at the beach! Scott Team Realty will be happy to help you through this process and would also be happy to help you with anything after your purchase.