Your buyers have just had one of the most exciting days of their life, closed on a home, and now you revel in the joys of homeownership alongside your clients, because, well.... YOU made it happen! Now what? Do the clients get started on moving boxes? Do we hand out the new keys yet? When should you expect to get the commission check you've worked so hard for? There are a lot of questions flying around everyone's head during this phase of the closing. Let's walk through some of those questions with you.
As you already know, the closing disclosure is one of the most important documents your client will receive in connection with their closing, as it outlines the final terms and costs of the mortgage. At Shepard Law, we provide a paper copy of the closing disclosure at the closing table and review the contents alongside you and your clients. Federal law requires the lender to send your final Closing Disclosure to you three days before closing, and if requested, Shepard Law can send digital copies via secured email.
In the state of North Carolina, house keys are not to be distributed until after the Deed transferring ownership to the Buyer has been recorded with the Register of Deeds. As soon as your closing is completed in our office, we immediately send off the appropriate documents to your lender when necessary, to receive their approval to record. Once that approval has been received (or immediately after closing if no approval is needed), we will send your Deed electronically to the Register of Deeds to be recorded. Typically within a few hours, barring anything outside of our control, we will receive a notification that the deed is on record.
One thing to keep in mind is that the Register of Deeds will not accept any documents for recordation after 4:30 pm. For clients whose closing is on a Friday afternoon, you should consider seeking out short-term housing in case the deed is not recorded in time for the disbursement of the new house keys. No one wants to be homeless for the weekend!
The moment you've worked so hard for: PAY DAY! Much like the house keys, no money can be distributed until the deed has recorded. [see NCGS 45A] As soon as we are notified that the deed is on record, we call to notify you that your check is available for pickup. We are also able to mail or wire your funds if requested (although we never recommend mailing large amounts of money). If you’ll be coming to one of our offices to pick up a check, instead of getting a wire, don't forget your I.D.!
FYI - The wiring process is the most secure way, and the fastest, but fraud is prevalent, so many precautions are taken to ensure fraudsters can’t take your money. Also, please be aware that the entirety of the wiring process can take between 12-24 hours, so don't expect an immediate deposit
We understand that there is a lot going on behind the scenes within our office walls that you can’t see and that can occasionally cause general confusion or frustration. We often hear, "Why aren't my keys available?" or "I thought I’d be walking away from the closing table with a check." The post-closing process, much like the entire process, entails lots of moving parts, so we wanted to provide you with a step-by-step look into what happens once you leave the closing table.
We'll start first by introducing you to our incredible post-closing team, Kaylyn and Charlene.
Kaylyn Brock Charlene Mullins
These wonderful women are the post-closing experts that make sure all your I's are dotted and T's are crossed. They send off the appropriate documents to your lender and to the Register of Deeds and do their best to get your clients in their new home as soon as possible. They are also the people you should thank for getting your commission check in a timely fashion!
Now onto the Post-Closing timeline...
While we hope this blog has answered any lingering questions, we are always willing to clarify our process in order to keep you or your clients at ease. If you are considering a Real Estate closing with Shepard Law, call us at (704) 769-3100 or email your Purchase Contract to firstname.lastname@example.org.
13420 Reese Blvd W.
Huntersville, NC 28089
5160 Poplar Tent Road
Concord, NC 28027
General Inquiries: email@example.com
New Contracts: firstname.lastname@example.org