Can we (Sellers) insist that the closing attorney have the funds at the closing?

[JimmyJazz4]

What is the name of your state? North Carolina

We are in Franklin County, NC

The Buyers are refinancing their home (they are keeping it as their primary home IN CALIFORNIA) and using proceeds from the refinance to purchase our home IN NORTH CAROLINA. Their son and his family will live in our ex-home---not really relevant but puts this in context. The Buyers will have possession of the refinance proceeds probably weeks in advance of the closing. Due to new contract forms in NC efffective 7/07, the Buyer only has to advise us if they DO NOT get approved for the refinance; they don't have to prove to us if they get the loan approval---go figure...)

IF this deal goes to closing (which is still up in the air--see other thread):

Can we, the Sellers, insist that:
1) The Buyers sign the closing papers BEFORE we do? (basically just a HUD1 since this is something similar to a cash sale--their refinance will have already be completed weeks before closing).
We have been given the impression that the Buyers will not be at the closing because they are in California and we are in North Carolina. They will send the funds to the closing attorney---we have no idea what method they will use to send the money (or even if it will be by certified check if they send a check). Our real estate agent is too timid to ask...just our luck...
(When we lived in AZ and sold our house there, we signed all the papers on closing day. The Buyers couldn't get off of work, so they said. They Buyers kept telling the title company they couldn't get off of work for 2 weeks before they finally showed up and signed the papers. We don't want to deal with that uncertainty again if we legally don't have to.)

2) If the closing attorney doesn't have the funds in his possession on the day we are to sign the closing papers, are we within our rights to postpone our signing of the papers until such time that the closing attorney has the funds (even if this would make the closing AFTER the "ON OR BEFORE" closing date)? Are we within our legal rights to insist that the funds be at the closing attorney's office at least one day before we go to sign the closing papers or else we will not go to closing? Can we do this so we can keep our sanity????

3) IF the closing attorney receives a PERSONAL check from the Buyers, and it hasn't cleared the bank by the time we are to sign closing papers, can we insist upon that check clearing before we sign papers?

[PghREA]

Your real estate agent is "to timid" to talk to the closing attorney? That girl should not be in Real Estate. However, you can ask all these questions to the closing agent yourself - after all they are charging you to handle the closing. And, you're paying a commission to an agent and her company to see the transaction through closing - make her ask them.

I certainly would not sign the deed unless I was receiving a certified check upon signing.

[JimmyJazz4]

Originally Posted by PghREA

... However, you can ask all these questions to the closing agent yourself - after all they are charging you to handle the closing... And, you're paying a commission to an agent and her company to see the transaction through closing - make her ask them.

I certainly would not sign the deed unless I was receiving a certified check upon signing.

We are not paying any closing agent (I think you mean attorney?). The attorney is the Buyer's attorney. In NC the Seller does is not required to retain an attorney to sell a house, although it looks like we may need to hire one anyway.

We have tried to make our agent ask these questions and she just won't do it--afraid to ruffle feathers. Whether or not she should be in real estate is not relevant to this post. She is our agent and we have to work with what we got.

We don't want the expense of hiring an attorney to get these types of answers, that's why we posted these questions here. We are selling the home at a steep loss, as it is.

We also do not want to sign the deed unless funds are present. But can we refuse to, legally, and not blow the deal?

But the original questions were:
1) Will we be in breach of the contract if we refuse to sign the deed if the funds are not in the closing attorney's possession?
2) Will we be in breach of contract if, by refusing to sign the deed if the funds aren't there, the closing will go past the "ON OR BEFORE" date of closing stated in the contract?
3) Do we have the right to insist the Buyer sign their paperwork BEFORE we do?
4) Can we insist a personal check clear the attorney's bank before we sign the deed, if the Buyer pays with a personal check (even thought they are not supposed to---we are aware of that fact--but in this rural area of NC it is as if we are on an alien planet---things aren't done the way we are used to them being done).
Can anyone answer these questions, without opinions, just informed responses?

[PghREA]

Here are the FACTS:

Read very carefully the part about the closing highlights and typical buyers step by step progression.

[url]http://homebuying.about.com/od/escrowandclosing/a/nc_closings.htm[/url]

Direct quote: "Buyers and sellers contract with the attorney of their choice. We usually recommend that home buyers and sellers use different attorneys so that each party has unbiased representation if problems develop that require negotiation"

My opinion: If you have all these questions, you should bite the bullet and hire an attorney to represent you.

[scarah]

An attorney to represent the seller at the time of closing is not expensive. We paid about $400 for ours.

[JimmyJazz4]

Originally Posted by scarah

An attorney to represent the seller at the time of closing is not expensive. We paid about $400 for ours.

Was this in the Raleigh, NC area? If so, can you PM a name?


When we lived in NY, it cost us $850 for an atty in 1994 to buy our home and $750 to sell it in 2003...

[scarah]

It was for this year in Virginia.