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What Does Real Estate Closing Entail?

Tue, 17 Mar 2026 20:14:00 GMT

Buying real estate is a major financial decision, and the closing is where ownership officially changes hands. While the process can feel daunting, a knowledgeable attorney can guide you, protect your interests, and ensure everything runs smoothly.

This guide covers what happens during a real estate closing, highlights the main players, outlines common challenges, and explains how the right attorney can help make your closing seamless.

The Purpose of a Real Estate Closing

A real estate closing, or settlement, is the final step where the buyer and seller meet all legal and financial obligations. It’s when documents are signed, funds are exchanged, and ownership officially transfers to the buyer.

For the buyer, closing means securing financing, paying any remaining balance, and getting the keys. For the seller, it’s receiving payment and transferring ownership. An attorney manages the process so every detail is handled correctly.

Key Steps in the Closing Process

Most closings follow a standard process coordinated by an attorney to keep everything on track.

1. Title Search and Insurance

Before closing, your attorney will conduct a title search to confirm the seller’s legal right to transfer ownership and uncover any issues like liens or unpaid taxes. If the title is clear, title insurance is issued to protect both you and the lender from potential claims or defects not found during the search.

2. Document Preparation and Review

Closings require a lot of paperwork. Your attorney will prepare and review all key documents to protect your interests and ensure everything is accurate.

The Deed : The legal document that transfers ownership from the seller to the buyer.
The Promissory Note : A legal instrument where the buyer promises to repay the mortgage loan.
The Mortgage or Deed of Trust : This secures the loan by placing a lien on the property.
The Closing Disclosure (CD) : A five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

An experienced attorney like Steven R. Jones will clearly explain each document, so you know exactly what you're signing.

3. The Final Walk-Through

The buyer usually does a final walk-through within 24 hours of closing to make sure the property’s condition matches the agreement and that any repairs are complete.

4. The Closing Table

At closing, all parties meet to sign final documents and exchange funds—usually by cashier's check or wire. Once completed, ownership transfers, the buyer gets the keys, and the property is officially theirs.

Navigating Common Closing Challenges

Even with planning, unexpected challenges can still delay a closing. This is where an experienced real estate attorney proves invaluable. At The Jones Law Firm, P.A., we know how to handle complex issues and keep your transaction on track.

Low Appraisals

If the appraisal is lower than the sale price, the lender may not approve the mortgage. An attorney can help you negotiate with the seller, dispute the appraisal, or find other solutions to keep the deal moving forward.

Incomplete Inspections or Repairs

If inspections reveal repairs that aren't finished before closing, disputes can arise. Your attorney can help resolve these issues, either by negotiating a credit to the buyer or holding funds in escrow until repairs are complete.

Last-Minute Changes

Sometimes, last-minute nerves or sudden changes can threaten a deal. A skilled attorney helps resolve these issues quickly, using clear communication and collaboration to keep the process on track. The Jones Law Firm, P.A. ensures parties work together so closings move forward smoothly.

Why You Need an Experienced Attorney

An experienced attorney is essential to protect your investment. The Jones Law Firm, P.A. gives clients peace of mind through:

Experience : With over 23 years of experience in real estate law, Steven R. Jones brings extensive knowledge to every transaction. He is prepared to handle everything from simple residential closings to complex commercial property deals.
Honesty : We believe in complete transparency. Our firm will clearly explain your options and provide honest advice, empowering you to make informed decisions that align with your best interests.
An Approachable Nature : We combine big-firm experience with a personal touch. Our team takes the time to understand your unique situation and tailors our guidance to fit your specific needs, ensuring you feel comfortable and supported throughout the process.

Contact Us Today to Learn More

The real estate closing process marks the culmination of your property buying or selling journey. While it involves many steps and potential hurdles, being prepared and having the right team on your side makes all the difference. An experienced and approachable attorney can transform a potentially stressful event into a smooth and successful transaction.

If you are preparing to buy or sell property in Greenville, NC, or the surrounding areas, The Jones Law Firm, P.A. is here to help. We are committed to preparing you for the closing table and protecting your interests every step of the way.

Eminent Domain NC: Understanding the Process for Commercial Property Owners

Wed, 11 Dec 2024 12:52:50 GMT

What is Eminent Domain?

Eminent domain, also known as condemnation, is the power of the government to take private property for public use, such as building roads, schools, or other public facilities. The Fifth Amendment of the U.S. Constitution requires that the government provide just compensation to the property owner. Eminent domain is a legal process that allows the government to acquire private property for public use, even if the property owner does not wish to sell. For commercial property owners in North Carolina, understanding the eminent domain process is crucial to protect your rights and ensure fair compensation. At The Jones Law Firm, located in Greenville, NC, we specialize in commercial real estate law and are here to guide you through this complex process.

The Eminent Domain Process in North Carolina

Notice of Taking: The government entity will notify the property owner of its intent to acquire the property. This notice will include details about the project and the proposed compensation.
Appraisal and Offer: The government will conduct an appraisal of the property to determine its fair market value. An offer will then be made to the property owner based on this appraisal.
Negotiation: The property owner has the right to negotiate the offer. If an agreement cannot be reached, the matter may proceed to court.
Court Proceedings: If negotiations fail, the government will file a condemnation action in court. The court will determine the fair market value of the property and order the government to pay just compensation.

How Eminent Domain Affects Commercial Property Owners

For commercial property owners, eminent domain can have significant financial and operational impacts. The loss of property can disrupt business operations, affect property values, and require relocation. It is essential to work with a knowledgeable real estate attorney to ensure that your rights are protected and that you receive fair compensation.

The Role of The Jones Law Firm

At The Jones Law Firm, we understand the complexities of eminent domain and are committed to helping commercial property owners navigate this process. Our experienced real estate attorneys can assist with:

Reviewing the Notice of Taking: We will carefully review the notice to ensure that the government is following proper procedures and that the proposed compensation is fair.
Negotiating Compensation: Our attorneys will work to negotiate a fair settlement that reflects the true value of your property.
Representing You in Court: If necessary, we will represent you in court to ensure that you receive just compensation.

Serving Eastern North Carolina

Eminent domain is a complex legal process that can significantly impact commercial property owners. Understanding your rights and working with experienced legal professionals can help ensure that you receive fair compensation and that your interests are protected.

The Jones Law Firm serves clients throughout Eastern North Carolina, including Greenville, Winterville, Washington, New Bern, Kinston, Morehead City, and Atlantic Beach. Whether you need assistance with eminent domain, commercial real estate transactions, or property law, our team is here to provide comprehensive legal support. Contact us today to learn more about how we can assist you with eminent domain and other commercial real estate matters.

Property Easements Explained

Mon, 22 Apr 2024 08:13:06 GMT

Property Easements Explained

Your property is your own and you prize it. When you buy a property, you probably assume that no one else has a right to access it or use it. However, that is not always true. Property law is much more complex than the average person realizes. Things like liens, encumbrances, and easements are commonplace during the property buying and selling process. It is important to understand these things so you know what may affect your property in the future. In this blog post, we will discuss easements and what they are.

An easement is the legal right of someone other than the owner to access and use the property for a specified purpose. It is a non-possessory claim on the land, meaning that while they may be able to access and use the land, they have no ownership stake. Common easements include utility and conservation easements. Utility easements allow utility companies to access and use your land to do their job and provide utility services to those in your local area. Conservation easements are established to protect wildlife on land and limit residential, commercial, and industrial development. It is important to note that easements transfer with the sale of property.

Learn More From Our Real Estate Attorney Today!

The Jones Law Firm, P.A. is a real estate lawyer serving the Greenville, NC area. We have extensive experience in real estate closings, helping property sellers and buyers through the closing process. Our attorney is happy to assist you with the closing of your property purchase. If you have any questions along the way, we can answer them for you and ensure a smooth closing. Contact us today to learn more about how our real estate lawyer can help you with all your legal needs!

The Differences Between Mortgages & Deeds of Trust

Mon, 22 Apr 2024 08:11:02 GMT

The Differences Between Mortgages & Deeds
of Trust

Commercial real estate is an expensive endeavor. It typically is more expensive than residential property and is mostly bought by corporations. Just like residential property transactions, commercial property is bought with financing options. It is impossible for most businesses to buy a property in cash for cashflow and reserve funding reasons. That is why they utilize loans like most homeowners do. When you finance the purchase of commercial property, there are two common ways that lenders protect their financial investment. These two ways are with mortgages and deeds of trust. We will explore the differences between the two options below.

Mortgages

Mortgages for commercial property are the same as residential property. A lender agrees to pay for the purchase of a property while you pay a small down payment and interest towards the funds that are financed. The lender then places a mortgage lien on the property. This lien becomes fully payable upon the sale or transfer of the property. The lender also holds the title of the property until the mortgage is paid off. Upon repayment, the title is released to the owner and the lien is removed from the property.

Deeds of Trust

A deed of trust is a legal instrument that is used to create a security interest in a property. It essentially functions as a way for the lender to hold the property under their control until the loan is repaid. The trustee, who is the lender, is given control of the property under a deed of trust. Upon repayment of the loan, the trustee relinquishes control of the property to the owner of the property.

Learn More From Our Real Estate Attorney Today!

Types of Commercial Leases

Tue, 05 Mar 2024 08:09:05 GMT

Types of Commercial Leases

When it comes to leasing commercial property, multiple types of leases may be used. Understanding them can help you understand the terms and conditions that are being offered or what you are offering for a commercial space. In this blog post, we will explore the most common types of commercial leases and their key features.

Gross Lease: A gross lease, also known as a full-service lease, is one of the simplest types of commercial leases. With these leases, the tenant agrees to pay a fixed monthly rent and the landlord covers all operating expenses like property taxes, maintenance, utilities, and insurance. This type of lease helps provide a predictable rent expense for the tenant and rental income for the landlord.
Net Lease: Unlike a gross lease, a net lease requires the tenant to pay a portion of the operating expenses in addition to the base rent. There are three main types of net leases: single net lease (tenant pays property taxes), double net lease (tenant pays property taxes and insurance), and triple net lease (tenant pays property taxes, insurance, and maintenance). These types of leases are common in commercial real estate, especially long-term leases. They help tenants have more control over their operating expenses.
Percentage Lease: A percentage lease is commonly used in retail settings, where the tenant pays a base rent plus a percentage of their sales revenue. This type of lease helps landlords bring in more revenue when businesses perform well. These can be attractive to startups who do not have the funds to pay for leases that are more expensive up front like a gross lease.
Modified Gross Lease: A modified gross lease incorporates elements from both gross and net leases. In this type of lease, the tenant pays a base rent that covers most operating expenses. However, the tenant may be responsible for some operating expenses such as utilities and maintenance. The specific terms of these leases can be negotiated to a mutual agreement between the tenant and the landlord.

Contact Our Commercial Real Estate Attorney Today!

The Jones Law Firm, P.A. is a commercial real estate attorney serving the Greenville, NC area. We specialize in all areas of commercial real estate including leases. Our attorney can help you understand commercial lease agreements and negotiate lease terms. We can also help represent your interests in lease disputes of any kind. Contact us today to schedule an appointment with our commercial real estate lawyer!