Is there a difference between using an Attorney vs. a Title Company to close on my loan?

Q. Is there a difference between a Title Company and a Real Estate Attorney?  Can I request who handles my closing?

A.  Yes!  Title work is the least understood part of the purchase process, yet can have the most devastating effect on home ownership.

Title companies are corporations that are staffed by processors and clerks.  Usually there is not an Attorney present to deal with any issues that arise or to answer your questions – you must hire one outside the closing to help you.

When closing with a Real Estate Attorney, the Title to your new property will be reviewed by the Attorney and your closing will be handled by an Attorney or a Paralegal.  There will be an Attorney present to handle issues and concerns and answer your questions of law.

Attorneys practice under the auspices of the Bar Association, according to a code of ethics.  Anything untoward and they lose their license to practice.  They are also personally liable for malpractice suits whereas a corporation – such as a Title Company – may simply go out of business and you have no recourse.

The cost for either is generally the same.  Using an Attorney to close is easy-just make the request of your lender.  You both will be glad you did.

Q. When is the best time to involve an attorney in the purchase of my new home?

A. Right from the start! As a purchaser it is important to involve your own attorney before you execute the Purchase and Sales Contract. At this stage, an experienced real estate attorney can help you avoid pitfalls that may be in the Agreement.  We will review the contract, advise you of your rights, assist you in finding the right mortgage lender and home inspector.  We will continue to assist you with the completion of the contract right through closing.   Should you need we will attend the closing with you and ensure that you have clean title to the property, that you obtain Owners Title Insurance through a reputable title insurance carrier and that the title to the property is deeded to you properly to protect you and your heirs should you pass away.

As with any legal issue, the advice of a trained professional is always beneficial.  Our firm is a full service law firm covering such legal matters as personal injury and estate planning.  If we can assist you, please call or visit our website.