NC Sellers: Ask Who the Closing Attorney Is Before You Sign

0:00Welcome back to Real Stories. Just a quick heads up that this program was created with AI assistance and uses a synthetic narrator. The content was reviewed and approved by Buddy Blake before publication. Information is believed accurate but should be independently verified. This program does not provide legal, tax, lending, or appraisal advice. Today we're hanging out with Buddy Blake and we're talking about something that honestly most sellers probably don't think about until it's way too late. Buddy, you had a situation recently that really drove this home

0:34for you, right? Yeah, so I represent sellers exclusively. That's my thing. I only work for sellers and just this past week we had a transaction where my seller got put in a really uncomfortable position and it all came down to one question nobody asked up front. Who's the closing attorney going to be? Specifically, will they wire funds?

0:57Oh wow. Okay, so you're saying this isn't just about picking any attorney. It's about what they actually do with the money? Like that matters? It matters huge. Especially if you're in a situation, and this happens more than people think, where you're selling a house but you need those proceeds wired the same day to close on another property somewhere else.

1:20Maybe it's another part of North Carolina, maybe it's out of state entirely. Your timeline is tight. Your next closing depends on getting those funds immediately. But here's the thing. If the buyer's attorney who's handling the escrow doesn't wire funds, they're only going to cut you a check and now you've got a problem. So in your situation this week, that's exactly what happened? The buyer's attorney wouldn't wire? Exactly. And look, I'm not throwing shade at this firm. They're a very good firm, very reputable. I understand why some attorneys have policies about wiring.

1:55There are cyber security concerns, right? But here's the thing. There's cyber insurance now. Financial institutions wire money constantly for all kinds of purposes. So it's not like it's some impossible thing, but because we didn't know this policy up front, my seller ended up in a really uncomfortable spot. And honestly, my seller was upset, probably at me too, even though neither of us could control who the buyer chose as their attorney. Right. And that's the frustrating part, because you didn't even get a choice in the matter. So if you had known this ahead of time,

2:33what could you have done differently? We could have negotiated it in the contract. We could have said, hey, we need a closing attorney who wires funds, or we could have worked with the buyer to choose a different settlement agent. And actually, here's a good example. Builders, especially national and regional ones, they almost always require their own closing attorney if you want closing cost incentives. And people think, oh, there's a kickback involved. But that's not it at all. It's because builders know that attorney will get it done. They're familiar with the

3:02product. And most importantly, they know they can wire funds without any headaches. That makes total sense. So builders figured this out a long time ago. They built their process around attorneys who can actually move money. So what's your advice for sellers right now who are about to go into contract? Ask the question. I know it's exciting when your house is about to go under contract. But ask, who is the closing attorney? And then dig a little deeper.

3:31Does that attorney wire seller proceeds to your bank or to another attorney or to a title company in another state? Sometimes it's even in their closing papers in small print. But by then, it's too late because the buyer's already locked in their attorney. You as the seller need to understand that the buyer's closing attorney in North Carolina is handling your money. So know what they will and won't do before you sign that contract. And honestly, it might be worth adding as a condition of the contract itself. That's really smart. It's one of those things that

4:07seems so obvious once you say it out loud, but nobody thinks about it until they're in a jam. And if you're buying or selling in North Carolina, we've actually got some related content in the show notes about mortgage rates, employer driven relocation demand, and even home equity strategies. All things that tie into your overall real estate picture. Buddy, thanks so much for sharing this. It's one of those conversations that could literally save someone a ton of stress.

4:32Yeah, absolutely. I mean, real estate transactions are complicated enough without surprises popping up at the last minute. Just ask the question up front. It takes five minutes and could save you days of headache. Real Stories with Buddy Blake. Thanks for listening and we'll catch you next time.