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.

Published in: on July 22, 2011 at 6:57 am  Leave a Comment  

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