Why are Newspapers Dying?
A recent front page article in The Charlotte Observer Real Estate section on September 14th entitled “Key to Closing” was loaded with inaccuracies for the state it was printed in. The article was a authored by Susan Diesenhouse at the Chicago Tribune.
As a Real Estate professional I was shocked to see how many statements were incorrect with regards to the common practices in the state of North Carolina. Is the Charlotte market starving for worthy articles that The Observer has to go outside of it’s local area to find content? Who checks for the accuracy or do they just slap it in?
Let me give you some examples as written:
About A Month Before closing - “The buyers lawyer can review the available documents such as title insurance policy and final survey.” I have never in my 18+ years in real estate seen a final survey 1month prior to closing.
Two Weeks in Advance – “Advisable to set up a tax reproration escrow account where the buyer and the seller deposit their share of the currents year’s taxes.” That doesn’t exist in North Carolina!
Two Days Before Closing – “Do a final walk through with a licensed home inspector, the seller or their agent so they can agree to fix any problems found.” In the Charlotte area, the time to do an inspection is not two days before closing. Usually the inspection is done 3-4 weeks before closing to identify any deficiencies, submit those items requested for repair and then conduct a final walk through the day before or the day of closing to insure that the items which have been agreed upon to be fixed have in fact been fixed.
A Day Before closing – “Usually the lenders appraiser will walk through to assure that the unit is substantially complete”. Who would close on a home that is “substantially complete”? My clients will be told to not close on the home and then it will be up to my clients to accept the home in it’s present condition or not.
Closing - “. . . with the process complete . . . Take the house keys.” According to what I have been educated to by the closing attorneys, keys are in almost all cases not given until the deed is recorded. Funds don’t disburse to the parties, including commissions to the agents, until the deed is recorded.
Picture yourself a first time buyer or an experienced buyer moving to North Carolina. When in doubt contact your Realtor and your attorney to give you proper/accurate advice.
We also have a home closing checklist pertinent to the closing process as it happens in Charlotte North Carolina on our website.
