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

I recently had a transaction where we represented the seller, which is what I do personally. I am a seller exclusive agent. I only work for the seller. Seller pays me a commission. The buyer pays the buyer's agent commission. Our sellers typically will pay all of that or a portion of that, but it is negotiated. And anyway, I wanted to tell you, when you're a seller and your house goes under contract, you need to ask the question of who the closing attorney is going to be, who the escrow agent is going to be, because that can really matter to you. I'll give you an example. Let's say you're buying a house in another state or another part of the state that you're in, and your proceeds need to be wired immediately the same day at the same moment, as early as possible, to the other attorney so that you can close on another property. And it happens a lot, and it's not that difficult. It's not that uncommon. But if your buyers of your house, the attorney that they're using who handles the money and they're the escrow agent, do not wire funds to other attorneys or other banks, then you have a problem because they're going to only issue a proceeds check to you. And we recently just had that to happen. Very good attorney, very good firm. I understand all the reasons they may not like to wire, but obviously there's cyber insurance. There's all kinds of insurances out there in financial institutions to handle that, and they wire funds all the time for other things. But it created a scenario just this week that was very uncomfortable for my seller, and my seller was upset. And I'm sure they were upset at me some, but I certainly didn't control it, nor did my seller, because we didn't get to choose the buyer's attorney, but... If we had have been able to known that the buyer's attorney up front did not wire funds during the contract period, we perhaps could have negotiated who the settlement agent would be. For instance, builders, in most cases, national builders and regional builders and some local builders, if you want to get the closing costs incentives, you're going to go through their closing attorney. And it's not because there's a kickback or anything like that. It's simply because, A, they know they'll get it done. B, they know they're familiar with the product. But C, they know that they can get their funds wired and that there's little difficulty in that. So, if you're a seller and your house is getting ready to go into contract, I know it's exciting, but ask the question about who is the closing attorney, and then go a little deeper and find out, does that attorney wire seller proceeds either to the seller's bank or financial institution or to another attorney or title company or closing agent in another state or sometimes country. So, this can be very important, and it can be very, very difficult and frustrating for all parties if you don't know this until the last minute. And again, this is no disparaging comment on an attorney that doesn't wire. I understand that. And even their closing papers, when you fill it out, sometimes says it on it in small print or regular print, I should say. But I think it's too late in the game then because the buyer's already selected the closing attorney who handles the money. So understand, you as a seller. are selling the house, but the buyer's closing attorney in North Carolina is handling the money. So understand what they will and will not do before you agree to sign the contract. And that may be something you want to add as a condition of the contract.

🎙️ Real Stories — Episode NC Sellers: Ask Who the Closing Attorney Is Before You Sign In North Carolina, sellers must verify that the buyer's closing attorney will wire funds before signing a contract, as this attorney controls seller proceeds. Without this crucial conversation upfront, sellers can face devastating delays in back-to-back closings if the attorney only issues checks instead of wiring funds. Ask this single question before signing to avoid costly complications. 📋 Chapters 0:00 - Introduction and the Closing Attorney Problem 0:34 - Why Closing Attorney Choice Matters for Sellers 1:09 - Back-to-Back Closings and Wire Transfer Requirements 1:44 - Real Case Study: Attorney Won't Wire Funds 2:37 - How Builders Handle Attorney Selection and Wiring 3:23 - Questions Sellers Must Ask Before Signing 4:03 - Adding Wire Transfer Conditions to Contracts 4:32 - Key Takeaway and Closing Advice 🔑 Key Takeaways • The buyer's closing attorney in North Carolina handles all closing funds, including your seller proceeds—verify their wire transfer policy before signing the contract • Back-to-back closings (selling one property to fund purchase of another) require immediate fund access; checks instead of wires can derail your timeline and next closing • Include closing attorney wire fund capability as a contract condition or negotiate attorney selection with the buyer upfront rather than discovering limitations after signing • Many reputable law firms have policies against wiring funds due to cybersecurity concerns, but this barrier can be mitigated with cyber insurance—knowing this matters • National and regional builders require specific closing attorneys specifically because they verify wire fund capabilities and understand the full transaction process 🔍 Topics Covered in This Episode • Introduction and the Closing Attorney Problem • Why Closing Attorney Choice Matters for Sellers • Back-to-Back Closings and Wire Transfer Requirements • Real Case Study: Attorney Won't Wire Funds • How Builders Handle Attorney Selection and Wiring • Questions Sellers Must Ask Before Signing • Adding Wire Transfer Conditions to Contracts • Key Takeaway and Closing Advice ━━━━━━━━━━━━━━━━━━━━━━ About Your Host Buddy Blake, Buddy Blake Real Estate 📍 Wilmington, NC 📞 (910) 395-1000 ✉️ buddy@buddyblake.com ❓ Questions Answered Q: Does the buyer's attorney in North Carolina control my seller proceeds? A: Yes. In North Carolina, the buyer's closing attorney is the settlement agent who controls and manages all closing funds, including your seller proceeds. This is why their wire fund policies directly impact your ability to access your money on closing day. Q: What happens if the closing attorney won't wire funds? A: If the attorney only issues checks instead of wiring funds, you face significant delays in receiving your proceeds, which is especially problematic for back-to-back closings where you need funds the same day to close on another property. This can cause your next closing to fall apart entirely. Q: Can I negotiate which attorney handles my closing in North Carolina? A: You can attempt to negotiate attorney selection in your contract terms before signing, or work with the buyer to choose a different settlement agent. However, once the contract is signed with the buyer's attorney designated, your leverage diminishes significantly. Q: Why do builders require their own closing attorneys? A: Builders require specific closing attorneys because they've verified those firms can wire funds reliably, understand their transaction processes, and execute closings without complications. It's not about kickbacks—it's about operational certainty and fund movement capability. Q: What should I ask about closing attorney wire transfers before signing? A: Ask: Who is the closing attorney? Will they wire seller proceeds to your bank, to another attorney, or to a title company? Confirm this policy is in writing before you sign the contract, as some attorneys list these limitations only in closing documents. 📱 Follow & Connect: • YouTube: https://www.youtube.com/@buddyblakenc • Facebook: https://www.facebook.com/buddyblakedotcom 📎 Resources & Links 📖 Read the full blog post: https://www.buddyblake.com/blog/nc-sellers-ask-who-the-closing-attorney-is-before-you-sign 🌐 Website: https://buddyblake.com 💼 Free Home Value - No Registration Rquired: https://expresshomesale.com ━━━━━━━━━━━━━━━━━━━━━━ 🏠 FREE HOME VALUE ESTIMATE Curious what your home is worth? Get a free instant estimate. https://www.buddytheblogger.com/r/bwZnSby3 📊 COST OF WAITING CALCULATOR See what waiting could cost you — the real numbers. https://expresshomesale.com ━━━━━━━━━━━━━━━━━━━━━━ ⚖️ Equal Housing Opportunity Powered by https://buddyblake.com