Are you considering buying a home? The real estate market in North Carolina continues to run hot. According to the most recent data from Zillow (April 2023), the median home sale in North Carolina exceeds $300,000—a more than ten percent spike over the previous year. Further, the median residential property in our state goes to pending within three weeks of the initial listing date.
Whether you are a first-time buyer or you are seasoned residential real estate investor, it is crucial that you know how to navigate a real estate transaction. At Plyler, Long & Corigliano, LLP, we have deep experience representing homebuyers. In this post, our Monroe real estate lawyers highlight five tips that homebuyers in North Carolina can use to protect their rights and their interests.
1. Do Your Research: Know the Market and Your Goals
Buying any property in North Carolina—whether residential real estate or commercial real estate—always starts with comprehensive, detail-driven research. Understanding the local market and your personal goals is an essential step. You will want to do it before diving all the way into the home buying process in Union County. People often start their research with neighborhoods and communities in your desired area to determine which align with your lifestyle and budget. Be sure to evaluate current market trends— the average listing price, days on market, price per square foot, etc. Doing so will help you make an informed decision on pricing and negotiations.
2. Conduct Your Due Diligence of the Home
What are you buying? Are you certain that you know all of the advantages and disadvantages associated with a particular home? After identifying potential properties, it is essential to conduct comprehensive due diligence. Beyond things like home inspections, you will probably need to get a professional appraisal. Most mortgage lenders require an appraisal. An appraisal will provide you with an unbiased opinion of the property’s value, ensuring you’re not overpaying for the home. This can also serve as a valuable negotiation tool when discussing the final purchase price with the seller.
3. Get a Comprehensive Title Search
A title search is an absolute must in the home buying process in North Carolina. It examines the property’s title history, ensuring there are no outstanding liens, unpaid taxes, or ownership disputes that could impact your ability to obtain a clear title. A title search is typically conducted by a title company or an experienced real estate law attorney. As part of the title search process, you can obtain title insurance to protect you from any potential future claims. What happens without a title search and title insurance? You could run into an unforeseen claim down the road from a third party that costs you thousands or tens of thousands of dollars. Protect your investment with a title search.
4. Be Ready to Use Your Contingency Periods
The contingency period is the time between signing the purchase agreement and closing, allowing you to address any concerns or issues that arise. Common contingencies include financing, appraisal, inspection, and title contingencies. Be prepared to negotiate with the seller during this period to resolve any identified issues, whether that involves repairs, a reduction in price, or even walking away from the deal. If you have any specific questions or concerns about what to do during the contingency period, contact an experienced Monroe, NC real estate lawyer for help.
5. Consult With a North Carolina Real Estate Lawyer
The purchase of a home is the single biggest transaction that most people will make in their entire lifetime. You need to get it right. It is not something that you have to figure out on your own. The right professional guidance and support can make the difference. A North Carolina real estate lawyer can provide valuable insights and help ensure a smooth transaction. Among other things, your attorney can review the purchase agreement, negotiate on your behalf, and handle any legal issues that may arise during the home buying process. The right lawyer is a proactive attorney who is detail focused and has a deep understanding of the local residential real estate market.
Set Up a Confidential Consultation With a Monroe, NC Real Estate Attorney Today
At Plyler, Long & Corigliano, LLP, our North Carolina real estate law attorneys go above and beyond to provide the highest quality of legal guidance and support to our clients. If you have any questions or concerns about buying a home, we are here to help. Contact us right away for a fully private, no obligation case evaluation. From our legal office in Monroe, our law firm handles real estate law matters in Union County and throughout the surrounding area in North Carolina.