Making Real Estate Transactions Seamless
Hampton Law helps make your real estate transactions smooth and stress-free. With our dedicated Real Estate Transaction Coordinator and administrative support, we facilitate good communication between lenders, real estate brokers, buyers, and sellers throughout the entire process. Located near the Yadkin County courthouse, we handle all types of real estate transactions with the expertise and attention to detail your transaction deserves.
Residential Closings
Home purchases, refinancing, and other residential real estate transactions
We make home buying and selling smooth and stress-free. From contract to closing, our dedicated team handles every detail of your residential real estate transaction.
Purchase Transactions
- Contract review and explanation
- Title examination and clearance
- Closing coordination with all parties
- Document preparation and notarization
- Funds disbursement and deed recording
Refinancing
- Title examination for refinance
- Lender coordination and communication
- Document review and signing
- Payoff coordination with existing lender
- Recording new deed of trust
What We Handle
- First-time homebuyer transactions
- Move-up buyer purchases
- Investment property purchases
- Cash transactions
- USDA, FHA, VA, and conventional loans
Frequently Asked Questions - Residential
How long does a residential closing take?
Most residential closings take 2-4 weeks from contract to closing, depending on our current volume and lender timeline. Loan closings typically take longer than cash closings due to lender underwriting requirements. We coordinate with all parties to meet your timeline and keep you informed throughout the process.
What should I bring to closing?
Bring your photo ID and certified funds (we'll tell you the exact amount). We'll review everything before closing day. (If you are selling, don't forget to bring your spouse!)
How much will my closing cost?
We provide transparent, upfront pricing with competitive fees for all real estate closing services. You'll receive detailed cost estimates early in the process or upon request with no surprises at closing. Most residential closing fees are between $800 and $1000.
Do you handle both buyer and seller closings?
Yes, we represent both buyers and sellers in residential transactions. In North Carolina, the closing attorney is typically chosen by the buyer or their lender, but we can handle either side of the transaction for residential closings.
Do both spouses need to sign if only one is on the deed?
Yes, in North Carolina both spouses must sign the deed even if only one spouse is listed as the owner. This is required by lenders and title companies to release any potential marital property rights and ensure clear title transfer to the buyer.
What if my spouse cannot attend?
Don't worry! We can prepare a POA or make alternative arrangements. Just let us know well in advance so we can coordinate with the lender and title company. Title companies and lenders routinely reject self-prepared POAs, so please let us handle this for you.
What is the difference between a full closing and deed prep?
A full closing involves handling the entire transaction from contract to completion, including title examination, lender coordination, document preparation, conducting the closing meeting, handling the money, and recording. Deed prep is a limited service where we only prepare the deed for cash transactions or conveyances between related parties. Full closings provide comprehensive legal protection with certified good and marketable title, while deed prep provides no protection.
Commercial Closings
Business properties, investment transactions, and commercial real estate
Complex commercial transactions require experienced legal counsel. We handle commercial real estate transactions, including retail and small to mid-sized commercial projects. Located in rural Yadkin County, we also specialize in agricultural transactions including commercial poultry houses, farms, and rural properties.
Commercial Purchases
- Due diligence coordination
- Environmental assessments
- Zoning and land use review
- Commercial loan coordination
- Complex title issue resolution
Agricultural Properties
- Commercial poultry houses
- Working farms and farmland
- Rural property transactions
- Agricultural easements
- Farm equipment financing
Property Types
- Office buildings and retail centers
- Industrial and warehouse properties
- Multi-family apartment complexes
- Land development projects
- Mixed-use developments
Frequently Asked Questions - Commercial & Agricultural
How long do commercial closings take?
Commercial closings typically take 45-90 days depending on due diligence requirements, financing complexity, and property type.
Do you handle environmental assessments?
We coordinate with environmental consultants for Phase I and Phase II assessments as needed. While we don't perform the assessments, we review results and help address any issues discovered.
Do you handle agricultural property transactions?
Yes, we regularly handle agricultural transactions in rural Yadkin County including commercial poultry houses, working farms, and farmland purchases. We can help you qualify for property tax deferment.
Can you represent lenders in commercial transactions?
Yes, we regularly represent lenders in commercial real estate transactions, ensuring proper documentation, lien priorities, and compliance with lending requirements throughout the closing process.
1031 Exchanges
Tax-deferred real estate exchanges for investment properties
We partner with professional qualified intermediaries to facilitate 1031 exchanges for significant tax savings. A 1031 exchange serves as a tax deferral mechanism, enabling sellers of eligible real estate to postpone taxes on Capital Gains, Depreciation Recapture, and Net Investment Income Tax by reinvesting proceeds into qualifying replacement property.
What is a 1031 Exchange?
A tax deferral strategy allowing real estate investors to defer capital gains taxes by exchanging investment property for like-kind replacement property while maintaining continuous investment in qualified real estate.
Tax Benefits
- Defer capital gains taxes
- Defer depreciation recapture
- Defer net investment income tax
- Preserve investment capital for growth
Our Role
- Coordinate with qualified intermediaries
- Handle closing legal requirements
- Ensure compliance with IRC 1031
- Facilitate seamless exchanges
⏰ Critical 1031 Exchange Deadlines
45-Day Identification Period
Must identify potential replacement properties within 45 days of closing the relinquished property. Strict deadline with no extensions.
180-Day Exchange Period
Must complete acquisition of replacement property within 180 days of relinquished property closing. Professional coordination is essential.
Equal or Greater Value
Replacement property must be equal or greater in value than relinquished property to defer all capital gains taxes.
Frequently Asked Questions - 1031 Exchanges
How much can I save with a 1031 exchange?
1031 exchanges can defer significant taxes including capital gains, depreciation recapture, and net investment income tax. The amount of tax savings depends on your specific situation, but the deferral can be substantial by reinvesting proceeds into qualifying replacement property.
What properties qualify for 1031 exchanges?
Investment and business-use properties qualify for 1031 exchanges, including rental properties, commercial buildings, vacant land held for investment, and certain personal property. Primary residences and second homes do not qualify, but investment properties can include single-family rentals, apartment buildings, office buildings, and raw land.
What role do you play in 1031 exchanges?
We coordinate with qualified intermediaries to handle the legal and tax compliance aspects of both the relinquished property sale and replacement property acquisition. Our role includes ensuring proper documentation, title clearance, and closing coordination while maintaining strict compliance with IRC 1031 requirements.
What happens if I keep some of the cash from the sale?
If you keep any cash from the sale (called "boot"), you'll owe taxes on that amount. To defer all capital gains taxes, you must reinvest all the proceeds into replacement property of equal or greater value. Any cash you receive will be taxable as capital gains in the year of the exchange.
Can I use proceeds from the sale to make improvements on the replacement property?
It is possible, but often not practical. The IRS has strict requirements about keeping the sale proceeds outside of the control of the seller. Using the funds for construction requires setting up an "Exchange Accommodation Titleholder" to hold title to the replacement property and manage construction. It can get expensive!
Am I taxed on proceeds used to pay off loans?
Yes, if you reduce your debt load in the exchange (take on less debt on the replacement property), that debt relief may be treated as taxable "boot."
Complete our form or call (336) 900-6130 to schedule a closing or other real estate legal services.