What Happens at Closing When You Sell for Cash in NC?

You've accepted a cash offer on your Newton home and closing day is approaching. You've never sold a house for cash before, and you're wondering: What actually happens? Is it different from a traditional closing? What documents will you sign? How do you get your money? How long does it take?

Cash closings are simpler and faster than traditional closings, but if you've never been through one, the process can seem mysterious. Let me walk you through exactly what happens at a cash closing in North Carolina, from start to finish.

Cash Closing vs. Traditional Closing

Traditional Closing (With Buyer Financing)

Complexity: HIGH

Lender requirements
Multiple parties involved (buyer, seller, agents, loan officer, underwriter, title company)
Extensive documentation
Conditional approvals
Last-minute issues common

Timeline: 30-45 days after contract

Duration: 1-2 hours at closing table

Cash Closing

Complexity: LOW

No lender involvement
Fewer parties (buyer, seller, title company)
Minimal documentation
Straightforward process
Fewer things that can go wrong

Timeline: 7-21 days after contract (your choice)

Duration: 30-60 minutes at closing table

The Big Difference: No mortgage lender means no lender requirements, no appraisal contingency, no underwriting delays, no last-minute financing problems.

Before Closing Day: What Happens

Week 1: Title Work Begins

Immediately After Contract:

Buyer opens file with title company
Title company orders title search
Title examiner researches property history
Identifies any liens, judgments, or title issues

Your Involvement: Minimal—title company contacts you if issues found

Week 1-2: Title Issues Resolved (If Any)

Common Issues:

Outstanding liens (tax, HOA, contractor)
Old mortgages not properly released
Judgment liens
Errors in property records

Resolution:

Liens paid from sale proceeds at closing
Documentation gathered to clear errors
Most issues resolved without seller action

Your Involvement: Provide information if requested

Week 2: Closing Documents Prepared

Title Company Prepares:

Settlement statement (shows all money in/out)
Deed transferring property to buyer
Bill of sale (for personal property if applicable)
Affidavits (residency, no liens, etc.)
Transfer tax documents

Your Involvement: None yet—documents prepared

2-3 Days Before Closing: Review Period

You Receive:

Preliminary settlement statement showing estimated proceeds
Closing date, time, and location
List of items to bring

You Review:

Numbers match your understanding
Payoff amounts are correct
No unexpected fees or charges

You Bring to Closing:

Photo ID (driver's license or passport)
Keys to property
Garage door openers
Gate remotes
Mailbox keys
Any other property items

You May Also Need:

Copy of homeowner's insurance (rare)
HOA documents (if applicable)
Receipts for property tax payments (to prove prorations)

At Closing: Step-by-Step

Arriving at Title Company

Where: Attorney's office or title company office

Who's There:

You (the seller)
Closing attorney or title agent
Possibly the buyer (or they may close separately)
Sometimes your real estate agent if you used one

Atmosphere: Professional office, conference room setting

Step 1: Identification Verification

First Thing: Show photo ID

Why: Prevent fraud, verify you're the actual property owner

Required: Government-issued photo ID (driver's license, passport, military ID)

Note: Name on ID must match name on property title

Step 2: Review Settlement Statement

Document: HUD-1 or Closing Disclosure

Shows:

Sale price
Your existing mortgage payoff
Liens being paid
Prorated property taxes
Prorated HOA fees
Title insurance costs
Recording fees
Transfer taxes
Any agreed-upon credits
Your net proceeds (bottom line)

You Review: Every line item

Example Settlement Statement:

Sale Price:                           $185,000.00

Credits to Buyer:
  (none in typical cash sale)

Seller Debits:
  Existing Mortgage Payoff:           -$142,358.12
  Property Tax Proration:             -$842.00
  HOA Fee Proration:                  -$150.00
  Transfer Tax (0.2%):                -$370.00
  Title Insurance:                    -$800.00
  Recording Fees:                     -$85.00
  Attorney Fee:                       -$400.00

Seller Net Proceeds:                  $39,994.88

Ask Questions: If anything is unclear, ask now.

Step 3: Sign the Deed

Most Important Document: Deed transferring property to buyer

Types in NC:

General Warranty Deed (most common): You guarantee clear title
Special Warranty Deed: You guarantee clear title during your ownership only
Quitclaim Deed (rare): You transfer whatever interest you have, no guarantees

What You Sign:

Your name as it appears on current title
Notarized signature

What It Says:

Describes the property (legal description)
Names you as grantor (seller)
Names buyer as grantee
States consideration (sale price)
Your signature transfers ownership

After You Sign: Property legally belongs to buyer (but not recorded yet)

Step 4: Sign Affidavits

Common Affidavits:

Residency/FIRPTA Affidavit:

Confirms you're US resident
Exempts buyer from withholding taxes
Required by IRS

No-Lien Affidavit:

You swear no unrecorded liens exist
No unpaid contractors or suppliers
Protects title insurance company

Marital Status Affidavit:

Confirms your marital status
Ensures spouse's rights addressed if applicable

Identity Affidavit:

Confirms your identity
No name changes not reflected in documents

Purpose: Provide legal statements under oath

You Sign: Each affidavit, notarized

Step 5: Sign IRS Form 1099-S

Purpose: Reports your sale to IRS

Information:

Your Social Security Number
Sale price
Property address
Closing date

Why: IRS tracks real estate sales for capital gains tax purposes

Note: Receiving this form doesn't mean you owe taxes—that depends on your specific situation

Step 6: Bill of Sale (If Applicable)

When Used: If selling personal property with house (appliances, furniture, etc.)

Lists: Items being sold beyond real property

Example:

Refrigerator
Washer/Dryer
Lawn mower
Outdoor furniture

Why Separate: Personal property taxed differently than real property

Step 7: Final Walkthrough Documents (Sometimes)

Buyer May Request: Written confirmation you've removed personal items and left property in agreed condition

Simple Form: Usually one page

You Sign: Confirming you've met your obligations

Step 8: HOA Documents (If Applicable)

If in HOA:

HOA resale disclosure was provided earlier
Transfer fee paid at closing
You sign HOA transfer documents
Notify HOA of new owner

Common: Statement confirming HOA dues paid current

Step 9: Utility Final Readings

Sometimes Addressed at Closing:

Final utility readings
Transfer of accounts
Settlement of final bills

Usually: You handle before/after closing independently

Step 10: Keys and Access

You Provide:

All house keys
Garage door openers
Gate remotes
Mailbox keys
Alarm codes (written)
Pool/spa information

Receipt: Title company notes items transferred

Step 11: Payment

How You Get Paid:

Option 1: Wire Transfer (most common for large amounts)

Provide bank routing and account numbers
Wire sent same day or next business day
Funds available 1-2 business days
Most secure method

Option 2: Cashier's Check

Receive check at closing
Deposit at your bank
Funds available in 1-5 business days
Good for smaller amounts

Option 3: Personal Check (rare, small amounts only)

Must clear before funds available
Takes several days

Recommendation: Wire transfer for amounts over $10,000

You Receive: Wire instructions or check before leaving

Step 12: Copy of Documents

You Get:

Copy of signed deed
Copy of settlement statement
Copy of all affidavits
Payment receipt or wire confirmation

Keep Forever: These are your permanent records

Total Time at Closing Table

Typical: 30-45 minutes

Can Be Shorter: 20 minutes if everything is straightforward

Can Be Longer: 60-90 minutes if complications or questions

Much Faster Than Traditional Closing: Traditional closings often 1-2 hours

After Closing

Recording the Deed

What Happens:

Title company takes signed deed to Register of Deeds
Deed is recorded in public records
This makes sale official and public
Usually same day or next business day

Your Copy: You'll receive recorded deed copy in mail (2-4 weeks)

Payment Arrival

Wire Transfer:

Sent same day or next business day
Available in your account 1-2 business days
Check your account

Check:

Deposit immediately
Available based on bank's check hold policy

Final Utility Bills

Your Responsibility:

Contact utilities to close accounts
Provide forwarding address
Pay final bills

Or: Some sellers transfer to buyer's name at closing

Property Taxes

Prorated at Closing: You paid your share through closing date

Future Bills: May still receive tax bills at old address if county records haven't updated

Forward to New Owner: If you receive bills after closing

HOA (If Applicable)

Your Responsibility:

Notify HOA of sale (if not handled at closing)
Ensure transfer fee paid
Forward any HOA mail to new owner

Post-Closing Issues

Rarely Arise: Cash sales have fewer post-closing problems

If Issues Do Arise:

Contact title company/attorney
Review your closing documents
Most issues resolved quickly

Special Situations

Selling From Out of State

Options:

Travel for closing: Fly in, close in person
Mobile notary: Notary comes to you, documents shipped
Power of attorney: Authorize someone to sign for you

Most Common: Mobile notary

Process:

Title company ships documents to mobile notary in your area
You sign with notary
Documents shipped back
Closing completes remotely

Cost: $100-$300 for mobile notary service

Selling Inherited Property

Additional Documents:

Death certificate
Probate documents or affidavit of heirship
Estate documents

More Complex: But title company guides you

Selling as Estate or Trust

Additional Requirements:

Estate documents
Trust documents
Proof of authority to sell

Trustee or Executor Signs: Instead of or in addition to you

Selling With Multiple Owners

All Owners Must:

Sign all documents
Be present or authorize via power of attorney

Payment:

Can split into multiple checks/wires
Or paid to one owner to divide

Common Questions

"Do I need an attorney?"

North Carolina is an attorney state, meaning an attorney must oversee the closing. But this is the closing attorney (usually provided by title company), not your personal attorney. You can hire your own attorney to review documents beforehand if you want ($300-$500), but not required.

"Can buyer and seller close separately?"

Yes! Common in cash sales. You close at one time, buyer closes at another. More convenient.

"What if I can't make the scheduled closing time?"

Call title company immediately to reschedule. Be aware contract may have specific closing date—coordinate with buyer.

"What happens if there's a mistake in the documents?"

Point it out before signing. Most errors can be corrected quickly. Don't sign incorrect documents.

"How do I know the wire transfer is safe?"

Verify wiring instructions by calling title company at known number (not number in email). Wire fraud is real—always verify verbally.

"What if my mortgage payoff is wrong?"

Title company obtains official payoff from your lender. If you think it's wrong, raise the issue immediately. Can delay closing if significant discrepancy.

"Do I need to bring anything else besides ID and keys?"

Usually no. Title company will tell you if anything specific needed for your situation.

What Makes Cash Closings Easier

No Lender Present: Biggest difference

No loan documents to sign (buyer doesn't have a mortgage)
No last-minute lender requirements
No appraisal contingency
No underwriting approval needed
Nothing can fall through due to financing

Fewer Documents: You sign 5-10 documents instead of 50+ in traditional closing

Faster Process: 30-45 minutes instead of 1-2 hours

Fewer Parties: Just you, buyer (maybe), and closing attorney

Less Stress: Straightforward, simple process

Red Flags at Closing

Walk Away If:

Numbers differ significantly from what you agreed
Buyer tries to renegotiate price at closing table
Unexpected fees appear without explanation
Closing attorney seems unprofessional or disorganized
You're pressured to sign without reviewing
Wire instructions seem suspicious

Legitimate closings don't have last-minute surprises.

Working With Triton Homebuyers

Our closing process is as simple as it gets:

Before Closing:

We open title at reputable local title company
We handle all title work and document preparation
We send you preliminary numbers to review
We answer all your questions

At Closing:

30-45 minutes of your time
Sign deed and a few affidavits
Provide keys
Choose payment method

After Closing:

You receive payment within 24-48 hours
We handle all recording
You move forward with your life

We've Closed Hundreds of Transactions: We make it easy for you.

Ready for a Simple Cash Closing?

Selling your Newton or Catawba County home doesn't have to be complicated. Cash closings are faster, simpler, and less stressful than traditional sales.

At Triton Homebuyers, we guide you through every step and work with reputable local title companies to ensure a smooth closing.

Get your free, no-obligation cash offer today. Close in as little as 7 days with a simple, straightforward closing process.

Contact Triton Homebuyers—simple cash closings throughout Newton and Catawba County.