PROCESS OF SELLING LAND IN NORTH CAROLINA

What is the process of selling land in North Carolina? We are happy to walk your through it. Of course, if NCLANDBUYERS buys your land, we can handle all the details and coordinate with the closing attorney to get you paid 100% of the contract price, as quickly and easily as possible. The attorney will handle most of the details and will handle the money, but we are more than happy to handle all coordination between all of the parties.

The Basics

First, a few basics about North Carolina and the laws pertaining to selling real estate.

ATTORNEYS – North Carolina is an attorney closing state. What this means is that unlike many other states, if you want a title search done and title insurance (more on that later) then a licensed attorney must do the title work, not an escrow agent. While many new buyers not accustomed to North Carolina think this is an expensive nuisance, it really is an absolute necessity. Attorneys have a much larger skill set, education and experience with dealing with tricky title searches than an escrow company or agent. Why risk hundreds of thousands of dollars (or more) just to save a few hundred bucks? In the typical buy/sell situation, the BUYER pays for the title search. NCLANDBUYERS engages an independent, licensed NC attorney to handle ALL transactions.

FEES – North Carolina closing costs can be expense but NCLANDBUYERS will pay ALL closing costs so the seller will receive 100% of the contract price at closing. Closing costs ( some are buyer costs, some are seller costs) generally will include a) attorney title search fee. This may be calculated based on a flat rate, or based on the size of the deal or complexity but generally, search fees are in the $500-$1500 range for the attorney. This is his money for doing the labor and covering his overhead b) title insurance fees, generally around $2-$3 per thousand of sale price c) deed prep and recording, this is usually $300- $400 for prep and $20-$40 for recording depending on how many pages d) any overnight fees associated with mailing docs or loan packages e) any closing costs associated with any loans for the purchase, f) prorated property taxes g) tax stamps in the amount of $2 per thousand of the sales price. Other expenses such as survey costs may also be included at closing. If NCLANDBUYERS agrees to buy your land, we will cover ALL of the typical expenses associated with the closing.

SURVEYS – Surveys are not required but are many times recommended. In many cases there is already a modern, accurate survey on file at the register of deeds office. If so, then a new survey is not necessary probably. On old, inherited, rural family land, a new survey is highly recommended. Inaccuracies with deeds, errors with GIS maps and tax office info are extremely common and a new survey will rectify these problems usually. The survey can be paid for by either party or negotiated as a split but again, consider the land you are buying and whether this a current survey on file or not. If NCLANDBUYERS agrees to buy your land, we will determine if a survey is necessary based on the existing legal description. If a survey is needed, NCLANDBUYERS will pay for it but do understand that survey s are costly and can take weeks or months to obtain. As long as the legal description in your deed is up to date, legible, and does not show any obvious discrepancies, we should not need a survey.

The Process

FIRST, after reaching out to NCLANDBUYERS to request a fast, cash offer, we will either tour the land in person or analyze the land online and then decide if it is something we would like to buy. If so we will prepare an offer and submit to the seller. The attorney then records the new deed and the purchase is then officially closed.

SECOND, once the offer is accepted by both parties in writing, the written purchase contract is then delivered to a real estate attorney of the buyer’s choice, generally a local attorney in the county where the land is located. The attorney will then begin the title work necessary to close the transaction. This can take a week or can take a month, just depending on the complexity of the chain of title and legal description of the land. If the land has been passed down for the last 3-4 generations with no deeds, it will take longer to search, if the land has good deeds and a modern legal description, it can be searched in hours instead of weeks.

THIRD, once the attorney has performed the satisfactory title search, he will determine, along with NCLANDBUYERS, if a survey is going to be necessary. Usually a new survey is not necessary but be aware if it is required, this will take some time to get scheduled which will extend closing date.

Once the attorney has the title work complete and any other needed work such as surveys complete, they can coordinate with the seller and NCLANDBUYERS to close the purchase. This can be done in person or by email, mail, wire, etc if the seller is out of state or chooses to not come to the actual closing. Attendance is not required at closing but of course we always like to meet the seller and then the seller can have their cashiers check handed to them directly but again, if the seller is not able to attend closing, the attorney will send the documents to them and can wire their proceeds directly to their bank account.

The Take Away

NCLANDBUYERS will make the purchase of your land as easy, fast and worry free as it possibly can. We have been buying land for 30+ years and know what it takes to get deals closed easily. Of course, closing time frame will depend on the land, legal description and chain of title, but our goal is to always provide cash offers in 12-24 hours and close in 2-4 weeks. We rarely have deals that take longer but we will do everything in our power to make it happen quickly and easily.

NCLANDBUYERS greatly appreciates the opportunity to discuss your land with you. If you are interested in selling your land and would like a serious, fast offer, please fill out the form below. If you have any other land needs we are more than happy to help. Even if we do not buy your land, we are always happy to help in any way we can. Just reach out to let us know how we can help or if you just want to chat about North Carolina land!