No. Under current North Carolina law, the settlement and closing of a real estate loan are not considered to be the practice of law. However, only attorneys are supervised by a licensing agency and have a fiduciary duty to you to see that the documents are executed properly and that the funds are properly disbursed. Many settlement companies do not carry insurance and have no duty to you. Additionally, only attorneys can give you a legal opinion about the documents you are executing and answer questions that may arise during the closing.
The purchase of real estate is usually the biggest investment of money a person makes during their life. An attorney 1) provides valuable services including reviewing contracts, 2) examines the title to real estate and 3) answers questions during the settlement of the loan.
Yes. Oral agreements affecting real estate are unenforceable in North Carolina. When entering into a contract, all parties, including their spouses, should be listed on the contract and should execute the contract. We can assist our clients with the preparation of the contract to ensure that all material terms with which the parties agree are included in the contract.