Why do you need a closing attorney? Phil covers just how important closing attorney’s are in the process.
Once you’ve contacted the attorney and it depends when you contact us exactly what we’re going to do.
If you get in touch with us before you sign your contract we’ll review your contract for you. Point out things that you may want to change or add and the relationship starts there.
About 75% of the time we will have our first conversation with you when you have already signed the contract and you have been looking for an attorney to handle the closing.
When I say handle the closing, if you have a loan your lender’s going to require that you have an attorney to close it. If you want to get title insurance, have a title search done only lawyers in North Carolina can do that.
In order to make the whole transaction work you’re going to have to have an attorney, and it just depends on at what point you contact us the extent of what we will be doing for you.
The largest or most important thing that the attorney does for the client is the title search. That’s the basic need of the buyer to know that they are getting exactly what they bargained for in their contract.
We find the mortgages that need to be paid off from the seller, we find any tax liens, judgements against the seller. Come up with back taxes that haven’t been paid. Sometimes we run into zoning, find zoning problems that your house may not meet the zoning code, or there may be setback violations that we can see just from the title search.
That is the very basic thing that we do to ensure that you get what you’ve bargained for. Both the buyer and the lender want and need that service from us. That is our primary function for those parties.
Title insurance is an important tool for every homeowner. When I buy property myself I will get title insurance. I may do the …Think I have done the best title search that’s ever been done in the history of Forsythe County.
There still may be things that I couldn’t discover, and any competent title searcher would never find, and the title insurance company insures those things for the owner.
There are two types of insurance that get issued in title insurance. One’s the owners policy, that insures the owner that they have marketable title to the property and they’ll defend that owner against any claim that comes in that says otherwise.
They’ll defend them, they’ll pay for it, take care of it. That is a huge protection for a very small amount of money when you start looking at it.
The lender has title insurance and the lender’s title insurance insures that they won’t lose money because of a title defect. A completely different policy then what the owner has, but when you buy your property you get both owner’s and lender’s title insurance for one price. It’s like two policies in one. I wouldn’t do without it.
How do you go about choosing a closing attorney? You could listen to a very good realtor who’s had a lot of experience. You could listen to somebody who has used an attorney for a closing, and were very happy with his services.
You can also listen to people who are very unhappy about somebody’s services to note if that’s a person that you don’t want to work with.
You can look and see credentials. Like I’ve mentioned I’m a certified specialist by the North Carolina State Bar. Which means that I’ve taken extra courses. I’ve demonstrated throughout my career that I have shown that I am competent in my field.
That I have been recognized by my peers and recommended to the state bar for certification. I sat for an exam that showed that I had those skills.
We have a firm, that can give you more than just a residential real estate closing, and if you’re looking for a relationship, look to a firm that can do more than just that closing. Look to somebody who can represent you at anything you need.
Strike that relationship up front. Build on it throughout the years. You’ll have a trusted person that you can call anytime you get in trouble. So that’s how we think you ought to look for an attorney.