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Old 12-30-2012, 08:12 PM
 
99 posts, read 130,774 times
Reputation: 131

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In my earlier thread I asked for recommendation for RE Attorneys in W. St. Pete. In speaking with some law offices (and after some confusion) I figured out why they kept saying "we can come if you want" or "you can request the seller use your title company". It seems it is not customary for buyers to have an attorney at closing. In NY we always had an attorney present (buying or selling) to represent our best interests.
•Can anyone explain the advantages (besides the cost) of not having a buyers attorney at closing?
•Does it matter if our closing is all cash or if a mortgage lender is involved?
•What are some variables that might call for an attorney?
•Does the seller pay for the title insurance (buyer pays in NY) and if they do, can I still trust it?
Although I have successfully navigated many closings in NY, it's my relative ignorance of the RE legal system (and the variables involved with Homestead and Save-our-Homes) in FL that makes me concerned that I might be missing something somewhere along the way that might make me regret not having counsel. I am not using a buyers broker and if I don't use an attorney I am totally flying solo here, so any thoughts on the subject are appreciated.
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Old 12-31-2012, 02:48 AM
Status: "Brexit bound" (set 23 days ago)
 
3,703 posts, read 2,017,010 times
Reputation: 5299
Quote:
Originally Posted by Frank Coe View Post
In my earlier thread I asked for recommendation for RE Attorneys in W. St. Pete. In speaking with some law offices (and after some confusion) I figured out why they kept saying "we can come if you want" or "you can request the seller use your title company". It seems it is not customary for buyers to have an attorney at closing. In NY we always had an attorney present (buying or selling) to represent our best interests.
•Can anyone explain the advantages (besides the cost) of not having a buyers attorney at closing?
•Does it matter if our closing is all cash or if a mortgage lender is involved?
•What are some variables that might call for an attorney?
•Does the seller pay for the title insurance (buyer pays in NY) and if they do, can I still trust it?
Although I have successfully navigated many closings in NY, it's my relative ignorance of the RE legal system (and the variables involved with Homestead and Save-our-Homes) in FL that makes me concerned that I might be missing something somewhere along the way that might make me regret not having counsel. I am not using a buyers broker and if I don't use an attorney I am totally flying solo here, so any thoughts on the subject are appreciated.
I didn't use a lawyer when I purchsed my Fl home.

Everything was handled by the Title company and I paid the insurance.It was a 100% cash purchase.

My realtor - widely experienced and completely trustworthy - told me it was rare but not unusual for a lawyer to be involved.

If you'd feel more comfortable using a lawyer I suggest you do but,frankly,the less involved they need to be the better as you know they're going to come up with all sorts of spurious ruses to justify their fees.
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Old 12-31-2012, 04:50 AM
 
25,880 posts, read 39,149,162 times
Reputation: 13870
Lawyers charge a higher fee and overal as a RE office we have more issues with lawyers closings and less clear HUD statements.

Many lawyers use different HUD statements than title companies. That is our experience and I don't have any experience being on the clients side.

There are very good title companies and very bad ones so whoever you use please check the HUD priorntonclosing and your REaltor should be ablentonexplain each line.

Common is that seller will choose where to close unless buyer will pay closing costs for seller.

Always ask about closing fees upfront since some title companies are inflating their fees right now!

And ask if title company is affiliated with seller/buyer or realtor....very important!
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Old 12-31-2012, 05:13 AM
 
158 posts, read 193,304 times
Reputation: 159
Quote:
Originally Posted by Frank Coe View Post
it's my relative ignorance of the RE legal system (and the variables involved with Homestead and Save-our-Homes) in FL that makes me concerned that I might be missing something somewhere along the way that might make me regret not having counsel.

I personally wouldn't even consider buying real estate without a real estate lawyer ensuring our interests were protected, it wouldn't even cross my mind not to have one. I can understand how some who are RE professionals might be able to do a deal without a lawyer but I know that is not me, and it sounds like your gut is telling you the same thing.

Better safe than sorry.
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Old 12-31-2012, 06:13 AM
 
121 posts, read 186,279 times
Reputation: 108
You don't have too, but if you're dealing with an awful Title company you may need a layer to make sure the Title is really clean etc.
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Old 12-31-2012, 07:30 AM
 
3,313 posts, read 4,308,067 times
Reputation: 1837
Quote:
Originally Posted by algia10 View Post
You don't have too, but if you're dealing with an awful Title company you may need a layer to make sure the Title is really clean etc.
How can I figure out if a title company is awful? Where to look for this info?
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Old 12-31-2012, 07:43 AM
 
121 posts, read 186,279 times
Reputation: 108
Quote:
Originally Posted by EngGirl View Post
How can I figure out if a title company is awful? Where to look for this info?
One that is not responsive, does not respect the contract terms, overcharges for services....(charging an insane wire fee, etc), not providing docs in a timely manner, and so on.

DM me and I can refer u to a VERY good one.
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Old 12-31-2012, 10:35 AM
 
Location: Not the end of the Earth, but I can see it from here
3,584 posts, read 3,692,508 times
Reputation: 3369
In my book, anyone who engages in the largest purchase of their life without employing an attorney is living dangerously.

The cost of a real estate attorney to do nothing more than review the process and verify the paperwork is correct is microscopic relative to the total cost of the transaction, and it's good insurance in the sense that if something is amiss, it can be resolved/rectified long before the closing.

I am a great believer that the presence of an attorney in the transaction also tends to make the parties involved a little more careful since they know any mistakes will most likely be caught. (I am not implying that real estate or title companies are not competent or are involved in questionable business practices.)

RM
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Old 12-31-2012, 10:44 AM
 
Location: tampa bay
6,587 posts, read 6,822,538 times
Reputation: 9856
We too are originally from NY and we always had our attorney at the closing.I was shocked when we bought our first Florida home and our realtor said we didn't need one. However,some agents like Debbie Garigan insist you have an attorney at closing if you sell with her agency! I think it's a good idea to have one...things can go wrong at closings and then you are at the mercy of whatever realty office you used to protect your interests...you are rolling the dice with your money...
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Old 12-31-2012, 03:46 PM
 
Location: Places you dream of
20,203 posts, read 12,113,035 times
Reputation: 8768
Big risk- I see alot of mtg fraud, fraudulent sales etc etc,,, on my job--- thats alot of money going down the drain if you don't do your homework.
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