Final answer:
The two legal procedures for pre-closing and closing on a property in North Carolina are the Due Diligence Period and the Execution of Closing Documents. The former allows the buyer time for inspections and backing out of the deal, while the latter involves signing and notarizing legal documents to finalize the sale.
Step-by-step explanation:
In North Carolina (NC), there are two primary legal pre-closing and closing procedures for real estate transactions. The first is the Due Diligence Period, which provides the buyer with time to inspect the property, conduct various searches, and obtain financing. The second closing procedure is the Execution of Closing Documents, where all legal documents are signed and notarized.
During the Due Diligence Period, which is negotiated between the buyer and the seller, the buyer pays a due diligence fee for the right to terminate the contract for any reason before the due diligence date expires. Throughout this period, it is the buyer's responsibility to conduct thorough inspections of the property, review title history, and secure a loan if necessary.
The Execution of Closing Documents culminates the closing process. This involves the signing of the deed, deed of trust, settlement statement, and other necessary documents in the presence of a notary public. After execution, the documents are then recorded in the county’s registry to formalize the transfer of ownership.