919.850.0800

closings@vyasrealtylaw.com

4934 Windy Hill Dr.Raleigh, NC 27609

Residential Real Estate

Buying

We represent first time home buyers, investors, and everyone in between.

Selling

We facilitate sellers signing anywhere at their convenience and location.

Refinancing

We provide title and escrow services for refinances and equity lines.

Information for Buyers

Our Services

The attorney reviews title searches and surveys, advises clients on legal matters, and conducts the closing ceremonies; alongside our supporting staff which assists with the facilitation of intake, escrow, and settlement for residential real estate closings.

If you are purchasing real property without the representation of an agent, contact our office and one of our attorneys will prepare a contract, review material terms, and sign the agreement with all parties. We welcome questions relating to your purchase of residential real estate in the state of North Carolina.

Please submit your signed contract or inquiries to our team to get started today: Closings@vyasrealtylaw.com

Why Order a Survey?

We recommend every purchaser obtain a survey of the property during the due diligence period. Most importantly, an experienced surveyor’s map and report will indicate any unacceptable encroachments which may be resolved prior to closing. A survey revealing defects should allow a buyer under contract to require the seller to cure any matters as a condition of the purchase.

The average survey cost is between $650 and $900 depending on several variables including the acreage of land, visibility of prior markers, topographic abnormalities, and surrounding development.

Learn more about surveys HERE.

Title Insurance

In North Carolina, mortgage lenders require borrowers to obtain a lender’s policy of title insurance, based on the attorney’s opinion that the loan is free from liens and encumbrances. This is paid as a one-time premium based on the sale price or loan amount. Owner’s coverage is paid based on the property purchase price, while lender’s coverage is charged based on the loan amount. If you are purchasing a home with a mortgage at our office, you will need to acquire both an Owner’s Policy and a Lender’s Policy.

Learn more about title insurance HERE.

ENGAGEMENT

Prompt completion and return of the engagement letter ensures our ability to order your survey, confirm pertinent details, and avoid a delay in closing.

Buyer FAQ

What should I bring to closing?
We will require some form of official identification with a recent photograph for each person signing in front of a notary, and preferably in the form of a driver’s license or passport. Some lenders require two forms of identification, and lenders often accept a non-photo identification such as a credit card, tax bill, or paystub, as the second form of identification.
How and when should I bring my funds to closing?
In most instances, our office will provide the buyer with the final cash to close amount 2-3 days before the scheduled closing date. If that amount is $5,000.01 or more, funds will need to be wired to our escrow account prior to closing or immediately after signing. Our wiring instructions will be provided to the buyer when we have balanced the final cash to close with the lender. Buyers are encouraged to call our office to confirm the instruction and final amount to be remitted. If the final cash to close amount is $5,000.00 or less, we can accept a cashier’s check at the closing table and will provide the final amount prior to closing.
Am I required to order a new survey for my closing?
Lenders in North Carolina do not require surveys for loan approval or closing. Buyers in a cash transaction are also not required by our office to order a survey but we strongly encourage parties to engage a surveyor. Surveys can provide a tremendous value to buyers by revealing defects in access or encroachments which can often be resolved by the seller at their expense under the terms of most contracts. We are able to recommend several highly qualified surveyors to perform the work prior to closing.
When should I expect to review a settlement statement?
If you are closing with a residential mortgage (TRID) loan, we balance the final numbers with the lender and often finalize the figures on the Closing Disclosure 2-3 days prior to closing. Our office strives to provide as much notice as possible to provide parties enough time to arrange the secure transmittal of funds. We are generally at the mercy of the lender to be prepared with final fees and underwriter approval but have must more discretion on a cash transaction to provide estimated statements earlier on in the process. In a cash or commercial transaction, we will provide a settlement statement known as a HUD-12-3 days prior to closing.
Do I have to attend closing in-person?
Yes, at this time closings are performed in person, though there are some lenders that permit e-notary signings. North Carolina is conservative with respect to permitting electronic notarizations due to the increased fraud surrounding our profession.
Do you provide mobile notaries? If so, what is the fee and process?
On rare occasions, we are able to contract with a third party notary to facilitate an off-site signing. This is not our customary practice due to complications that can arise regarding explanation of loan documents and quality of service. As a result, there is an additional $100.00 facilitation fee on top of the notary’s fee which averages around $200.00.
When will the keys be released and who will be holding them?
Keys can only be released after the deed has been recorded and the buyer is the owner of record. We do not hold keys for buyers, so it’s important for any real estate agents involved to coordinate the transfer of keys, key fobs, and/or lock combinations with the parties to the transaction.
When is Earnest Money required and is it applied to the closing?
Earnest Money is required to be deposited with the escrow agent within five days following the effective date of the standard contract customarily used in residential transactions. The amount of the deposit will be applied to the final closing fees as an item under the “Paid Already by or on Behalf of Borrower at Closing” section of your settlement statement. Keep in mind that the failure to deposit the escrow funds in a timely manner will enable the seller to terminate the contract without penalty.
When are attorney fees collected and what is included?

Attorney fees are shown on the closing statement, paid through escrow at the closing, and are part of the total closing costs for each party. In nearly all instances, there are no up-front attorney fees or legal costs to be paid in connection with a residential purchase or sale transaction. Our flat-fee for buyers depending on transaction type will include the following services:

  • Title search, certification, and procurement of title commitment for owner’s and/or lender’s coverage
  • Preparation of settlement statements (HUD or CD/ALTA)
  • Review of loan documents and preparation for signing
  • Updating title, recording documents with county registry, and disbursing funds held in escrow
  • Providing a final title opinion to title company to issue title policies
  • Payment to vendors and follow-up on lien cancellation
Do you handle mail-away closings? If so, what is the fee and process?
We can help you with a mail away closing if you’re not able to come into our office to sign the loan documents. Our fees depends on whether you will have our office prepare and ship the printed loan documents to you, or if you will print the documents yourself. If we’re shipping the package, it’s an additional fee of $150.00, but if you’re printing it and arranging to sign it yourself, the additional fee is $50.00. Keep in mind that we will not be able to record documents nor disburse funds until the following business day as we require original instruments for recording, which should be shipped overnight back to our office after signing along with other loan documents.
Will there be any additional fees for services rendered in connection with the closing?
Additional fees that may be incurred for the preparation of additional documents (deeds, power of attorney, etc.) or extensive title examination. In either instance, our office will discuss the scope of work and estimated fees prior to incurring additional fees.
Is there a fee if the transaction does not close?

We only charge a contract termination fee if title work has been completed and the transaction does not close. If a survey or other third party service was ordered and completed by our office, any third parties will need to be paid either from the escrow deposit held in our trust account or from the client directly.

Additional Services

While our residential real estate practice focuses primarily on purchase and refinance closings, our real estate attorneys provide the following ancillary services:

  • Preparing, negotiating, and reviewing contracts
  • Assessing and resolving contract disputes
  • Reviewing due diligence items such as title, environmental, and survey matters
  • Creation, destruction, and modification of easements and servitudes
  • Formation of business entities in connection with real estate ownership and development

Title Transfers and Deeds

We are customarily engaged for the preparation and filing of non-warranty deeds for various purposes, such as:

  • Extinguishing or creating a spousal interest
  • Accounting for heirs or beneficiaries of a will
  • Conveying a full or partial interest subject to a private agreement
  • Transferring title to an affiliate business entity, or
  • Resolving a title curative matter

NOTE: Our firm does not handle litigation matters pertaining to residential real estate between landlords and tenants.

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Information for Sellers

Representation

Even if you have engaged another attorney to prepare your documents or review those prepared by our office, please complete and return the “Seller Intake and Engagement” form to assist our office in ordering payoff and/or HOA statements and to confirm pertinent details for year-end IRS filings.

Debt Satisfaction and Disbursement

If you have entered into contract for the sale of your residential real estate, you will have the obligation to perform certain duties at or before closing. Our office will assist with ordering and securing accurate statements reflecting the current balance(s) of any existing mortgage, equity line, or pay homeowner’s dues.

It is our office’s objective to promptly record the documents with the appropriate county such that disbursements will be made same day of closing. If our office is requested to wire sale proceeds, we will require a signed “Proceeds Directive Affidavit” indicating the appropriate account information to which funds are to be remitted. If you elect to have another attorney prepare your conveyance documents, please ensure they have provided sufficient information to our office enabling an efficient disbursement of funds.

Title Curative Matters

Title defects are issues often revealed in the course of a routine title search performed by the buyer’s attorney, and should ideally be resolved prior to entering contract but not later than expiration of the due diligence period to avoid delaying the closing. The process of curing title matters may incur an additional fee if our office is engaged to satisfy the buyer’s requirements to convey marketable title. The onus is customarily on the seller to ensure there are no defective liens or encumbrances attaching to the property at the time of recording the deed.

Learn more about title defects HERE.

Seller FAQ

Does my spouse need to sign the deed even if they are not on title?
Yes, in North Carolina a spouse is required to relinquish their marital right in the property even if they do not have an interest in the sale proceeds. This always applies when title is held by individually named parties but would not apply when a property is being sold out of a trust or entity.
What do you charge if another attorney is preparing my documents for the closing?
We charge a flat $75 fee to process seller documents that we do not prepare for the closing. This includes revising seller documents if needed, processing payoff or dues statements within our office. This also covers any fee for wire transfer or overnight courier of sale proceeds.
Does your firm wire proceeds from sale of property to the seller’s personal account?
Yes, our firm will wire the proceeds from the sale of a property to the seller’s personal account, so long as the seller is an individual and has provided written authorization in the form of a proceeds directive affidavit. If the property is held in a Trust or by an LLC, then the proceeds must be wired to the Trust’s or LLC’s account to distribute under the terms of any governing agreement. We require evidence of the account information in the form of a voided check or wiring instructions on bank letterhead to remit proceeds by wire transfer.
When should I expect my 1099-S?
Our office aims to release all 1099-S documents to sellers who will need to report the sale by the end of February, but the deadline for reporting is not until March 31 of any given year. In the event a seller qualifies under standard exemptions for the sale of primary residences or engaged in a 1031 exchange, our office will not be issuing a 1099-S. If you have a question regarding the calculation of capital gains, you should consult your accountant or tax professional.
When will I receive proceeds from the sale of my property?
If our office is instructed to remit proceeds by check, the package containing a check and a copy of your settlement statement will be delivered to the address indicated in your documents within one business day of the deed recording. If our office is instructed to remit proceeds by wire transfer, the funds should clear your bank account within 4-8 business hours of the deed recording. Keep in mind that the deed recording depends on the time the buyer signs, and could be delayed if our office is not in receipt of all signed documents for recording and funds for closing.
What do you charge for title curative issues or is that included in your fee?
Yes, additional fees will be incurred if our firm is engaged to cure title matters that cannot be resolved by the sellers of property. These fees can be in the form of billable hours for the time of our staff and/or attorneys, or a flat fee negotiated prior to the performance of work. Title curative issues commonly arise when property is being sold from an estate, property is undeveloped land, property that has not transferred for long durations of time, or there are uncancelled liens, tax liens, or civil judgments which attach to the property. Our office will discuss the nature of the matter, scope of work, and estimated fees at the seller’s request prior to commencing billable curative work.
Does your office act as a Qualified Intermediary in a 1031 Exchange?
No, our office does not act as qualified intermediary, but we have facilitated numerous transactions involving tax-deferred exchanges and can refer you to a qualified intermediary. In commercial transactions, we often act as counsel to assist clients with structuring the exchange. Keep in mind that there may be additional fees incurred with satisfying the requirements of the exchange company if outside the ordinary scope of rendering our services.
Does your office represent parties in For Sale By Owner (FSBO) transactions? If so, are there additional fees?
Yes, our office has facilitated numerous transactions where parties are not represented by real estate agents. There are additional fees for reviewing and/or preparing the contract, but also note that the buyer has the right to choose their own attorney in North Carolina. In most instances, the buyer’s attorney will prepare a contract incorporating the agreed-upon terms for review and execution by the seller.

Information for Mortgage Refinancing

Title/Escrow Fees

  • Refinance Closing | $850
  • Bridge Loan/Equity Line Closing | $750
  • Non-Warranty/Quit-Claim Deeds | $250

Our fees are comprehensive of title search and certification, escrow, disbursement of up to two payoffs, cancellation of liens being refinanced, and any courier or copy costs that may be customarily passed through to the client.

Quick Turn-Time

Our title team works diligently to return title orders within 2-3 business days of receipt of the title request for refinances, in most Scenarios. Accessibility to all major underwriters allows our team to retrieve any available prior title policy to obtain the re-issue rate credit for your borrower. Learn more HERE.

Statewide Coverage

The core of our clients come from Wake, Durham, and Johnston counties, but we are able to assist with the purchase and refinance of properties statewide. Most counties in North Carolina now accept electronic recording, permitting our office to record title documents in the county registry immediately after the transaction has funded.  Learn more HERE.

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E-mail: closings@vyasrealtylaw.com

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What Our Clients Say About Us

- Nicholas T.

We couldn't have asked for a better experience for our first house purchase. At closing Nikhil kept it moving but took the time to explain both what he was required to share and even some stuff we were just curious about. We were worried there may be pieces of the closing package we missed but he went through the whole thing and explained it in terms we could understand. They exceeded expectations for us and even our agent is now recommending them. If you want a straightforward and comprehensive closing go to Vyas.

- Ellen S.

"Second time I’m working with Nik and my experience couldn’t have been any better. Timely and accurate responses, absolutely keeping my best interest in mind and negotiating hard so that I get the best deal possible. Definitely recommend Nik if you’re in market for a solid, professional and customer-centric experience."

- Todd B.

"With 17+ years as a local Mortgage Loan Originator with over 2,500 transactions under my belt, I've got a little perspective when it comes to Real Estate attorneys. The team at Vyas Realty Law is without a doubt, among the best. They're prompt, professional, knowledgeable, friendly, and...did I mention prompt? From the lender side, that part is pretty big and they're nailing it!"

- Anoop K.

"Nik helped me with locking a commercial rental deal 5 years ago and also recently helped me with the sale of a commercial property in Raleigh downtown. He is very easy to work with, extremely quick with his responses and his service charges are very reasonable. Nikhil is to the point and transparent with his dealing and always goes above and beyond to help his client. At least that has been my experience working with him. The recent commercial property sale ran into a slight hiccup with a 25 years old title issue but Nik diligently handled the situation and helped close the deal."

- Danny H.

"Through web research and reviews, decided to use Nikhil Vyas and his team at Vyas Realty Law. I failed to catch in my contract that my final day of the "Due Diligence" period fell on a weekend. Important and disappointing information was received Saturday night, in what I would call the 11th hour (a Property Survey Discovery). The Vyas Team focuses on Real Estate Law and it shows! If you are looking for comfort, confidence, a competitively priced legal team with no hidden costs, consider Vyas Realty Law for your greater Raleigh Durham Metro Market needs."

-Joe H.

“Nik was referred to me by my closing attorney in reference to assisting with a NC commercial lease. I had a VA lease I had put extensive effort into and wanted to ensure my new NC lease was as encompassing. Nik was patient and worked through multiple revisions. The final product was spot on and completed timely. I have consulted with Nik on several other commercial lease aspects and found him to be just as responsive.”

- Michael M.

Nik and his team are amazing! Vyas Realty Law handled two complicated real estate transactions for me this year and no one could have done a better job. He is extremely thorough in his work. Nik is also highly accessible and responds in a very timely manner to phone calls and emails. I highly recommend Vyas Realty Law for all your real estate needs!

- Kortney M.

Nik and the rest of the Vyas Realty crew were an absolutely pleasure to work with. As first time home-buyers, my husband and I had lots of questions along the way. Nik and his associates always took the time to explain everything to us. They were very knowledgeable and helpful, and we highly recommend them!

- Mike A.

Nik did a fantastic job and worked diligently to make the closing happen on time. While he received the closing documents late he was still well prepared and the closing was quick and easy. My first time home buying experience was pretty painless compared to some of the stories I've heard. I would recommend Vyas Realty Law to anyone I know.

- Ryan W.

"We recently refinanced our Mortgage and used Vyas Realty for the closing. The Vyas team made the experience very simple and easy. During this crazy pandemic, the Vyas Team went a step above the rest. They made my wife and I feel comfortable and safe by only allowing essential parties to attend the closing. Certifying the facility was sanitized before and after each closing, and provided sanitizer and offered gloves if we wanted. I would highly recommend Vyas Realty Law. I know plan to keep using their services in the future."

- Manan P.

I had the pleasure of working with the Vyas Realty Law firm. Nikhil Vyas is one of the most thorough real estate and business law attorneys I know. He is quick to respond to my questions, his rates are extremely reasonable and he is knowledgeable about all aspects of the law. He came very highly recommended and far exceeded my expectations. It was my first major business purchase, having such experience on my team absolutely made all the difference.

Contact us today to learn how we can help.

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