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Introduction to Real Estate

Whether you are purchasing a new home or refinancing your current residence, Parker & Howes Law Firm can help you through the process by providing you with the information you need to confidently complete this transaction. At Parker & Howes, LLP we provide an efficient service at a reasonable cost to meet your individual needs.

Helpful Vocabulary

A Deed is the document by which property is transferred between the buyer and the seller. In a non-warranty deed, the property may be transferred between joint tenants or family members. The non-warranty deed is commonly used in the transfer of title as it pertains to a divorce or separation and is also known as a quit claim deed.

A Deed of Trust, also known as a mortgage, is used to document a secured lien for the lender. It remains attached to the property until either the loan is paid in full through a refinance or assumption, or the property is sold.

A Power of Attorney gives an individual the power to allow another individual to act on his or her behalf in the transfer of real property. A Power of Attorney may be additionally granted to allow another to obtain financing in his or her behalf and is recorded in the county registry.

A Title Search is the process by which the attorney traces the title of ownership for the particular property to determine if there are existing encumbrances (i.e. judgments or other liens) on the property.

Types of Real Estate Transactions

Buying Real Property

Purchases are the manner in which a seller transfers real property to a buyer pursuant to the provisions of the offer to purchase and contract. Realtors are often involved with purchase transactions, although our office has participated in numerous closings involving properties advertised and sold by the seller without the help of the realtors. The buyer typically selects the closing attorney to aid in the purchase of the property. Property is transferred by a warranty deed. A buyer may either purchase property in the form of a cash sale or by obtaining a loan from a mortgage broker or lender. This loan would be documented by the recorded deed of trust.

Refinancing Real Property

Refinances are transactions in which the current owner of a property reapplies for a new loan from a mortgage broker, or a lending institution. Property owners may choose to refinance for a variety of reasons, which include, but are not limited to: removing a spouse from a mortgage following a separation or divorce, obtaining a lower interest rate, debt consolidation, remodeling or construction loans, and obtaining cash funds. Following the typical refinance, a 3 day waiting period must expire before the funds are dispersed. This 3 day period is a cancellation period in which the borrower may choose to cancel the loan even after all of the documents are signed.

Conclusion

A real estate transaction can be a simple and inexpensive procedure if you choose the right attorney. We handle closings in Iredell, Catawba, Forsyth and Mecklenburg counties. Call us today for a free consultation to learn more about how we can help you.

Please Note:
This webpage is designed to give general information only and is not intended to answer all questions or problems concerning real estate transactions. It is not meant to provide legal advice as each case is different. Further information may be obtained by calling Parker & Howes for a free consultation. Feel free to call us anytime at (704) 872-1002 or  e-mail us at lowen@parkerandhowes.com.