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Old 03-01-2007, 07:40 PM
 
58 posts, read 307,172 times
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Quote:
Originally Posted by businessperson View Post
North Carolina is an Attorney state. Closings are conducted by attorneys.
North Carolina hasn't been an attorney state for a couple of years now. I recently refinanced my home with E-Loan, and a notary that specializes in closings came to my house and completed the closing in about an hour. No attorney was present.
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Old 03-01-2007, 07:45 PM
 
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Are you sure you had a title search? For a refinance it may not have been necessary. Your title wasn't changing hands.
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Old 03-01-2007, 07:55 PM
 
Location: Cornelius
2,314 posts, read 2,834,188 times
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I do a ton of investor closings via title companies. Thats why we (agents) are the ones that can feel the wrath if things hiccup.

The one reason its not commonly used is due to the fact lawyers use title companies for title searches and if you dip in the lawyers pocket do you think they will pass business there way?

If I am wrong then sobeit. Lets see if we can get the orig. poster the answer. Maybe we can all learn something.
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Old 03-01-2007, 08:01 PM
 
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Good idea. You've got my curiosity up now. I'll be interested to find out for sure. If we don't need attorneys there's no reason to pay for them.
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Old 03-01-2007, 08:01 PM
 
58 posts, read 307,172 times
Reputation: 95
Quote:
Originally Posted by businessperson View Post
Are you sure you had a title search? For a refinance it may not have been necessary. Your title wasn't changing hands.
Yes, it was item 1102 on my HUD sheet, and I did pay for a title search. I was suprised that no attorney was needed. The "closing agent" said that NC was one of the last remaining lawyer states before the law was changed a few years ago.

Using E-Loan I never even has to leave my desk chair. Everything was handled by e-mail, fax, and phone, except for the notary who witnessed my wife and I signing the closing papers. She then overnighted them back to E-Loan and the loan was funded three business days later. Easiest loan of any type I've ever done.
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Old 03-01-2007, 08:05 PM
 
Location: Cornelius
2,314 posts, read 2,834,188 times
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Quote:
Originally Posted by businessperson View Post
Good idea. You've got my curiosity up now. I'll be interested to find out for sure. If we don't need attorneys there's no reason to pay for them.

I wouldn't go that far they sure make it alot easier.
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Old 03-02-2007, 08:26 AM
 
1,453 posts, read 5,149,029 times
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Well, curiosity got the best of me so I contacted a prominent South Park attorney that has handled several closings for me over the past few months. North Carolina is indeed an attorney state. The title search may be done by an assistant but must be signed off on by the attorney. No reputable mortgage company will finance property without a title search nor should a buyer purchase property without one. Title insurance is also very important to protect your investment.
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Old 03-02-2007, 08:38 AM
 
Location: Up above the world so high!
45,218 posts, read 100,707,267 times
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Quote:
Originally Posted by businessperson View Post
Well, curiosity got the best of me so I contacted a prominent South Park attorney that has handled several closings for me over the past few months. North Carolina is indeed an attorney state. The title search may be done by an assistant but must be signed off on by the attorney. No reputable mortgage company will finance property without a title search nor should a buyer purchase property without one. Title insurance is also very important to protect your investment.
Thank you for stating this, which I know is very accurate. I didn't want to say so myself since I neither a realtor nor an attorney, just glad it got said!
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Old 03-02-2007, 09:16 AM
 
58 posts, read 307,172 times
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Quote:
Originally Posted by businessperson View Post
Well, curiosity got the best of me so I contacted a prominent South Park attorney that has handled several closings for me over the past few months. North Carolina is indeed an attorney state. The title search may be done by an assistant but must be signed off on by the attorney. No reputable mortgage company will finance property without a title search nor should a buyer purchase property without one. Title insurance is also very important to protect your investment.

Like I said, a title search was performed. I paid for it as well as for title insurance. I can assure you that no attorney was present at my closing - only me, my wife, the notary, and my three cats.

The closing documents were overnighted from California to me on a Friday. I received the on Saturday morning. The closing agent, a retired Federal Govt. notary (who has closed hundreds of mortgages on behalf of numerous mortgage companies in NC over the last few years) showed up and witnessed us sign the closing documents a few hours later. She left my house and immediately overnighted them back to California. E-Loan received the documents on Monday morning. The loan was funded on Thursday, after three business days.

The documents were in the state of North Carolina less than 24 hours. The only people to handle them were the delivery people, myself, and the closing agent. No attorney in NC ever reviewed or handled the documents. I cannot say if the documents were reviewed by an attorney in California.
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Old 03-02-2007, 09:26 AM
 
Location: Rutherfordton, NC
62 posts, read 322,076 times
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In my experience, working both with the title company and as a real estate broker - NC is an attorney state - that being said - it doesn't necessarily mean that the attorney is present at the closing - the attorney does have to provide the title opinion and sign off/approve the documents. If signing is taking place with a notary, then the notary is only witnessing the signatures and is not allowed to "explain" any of the documents.
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