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I'm the seller and my closing is approaching. Should I go with a Escrow Agent to handle the closing or a Real Estate Lawyer..The escrow agent is a bit cheaper and it seems like they do the same thing.
THEN..
When I go to closing on the house I am buying ...I can use the Escrow agent for that as well? or would a lawyer be a better suit?
It is a matter of confidence and risk aversion. The Escrow agent can handled the routine details and ensure procedure is followed. A lawyer can identify problems and issues and deal with them.
If you want to ensure that there are no legal miss-steps, a lawyer is a better choice. If you are comfortable that there is little opportunity for legal issues and prefer to minimize costs, then an escrow agent is acceptable.
As a former Realtor, I urge you to engage a lawyer even if I personally might not always.
May depend on where you are buying. In AZ, we use a title company/escrow officer to close. Attorneys are not involved. This is true for most western states. Other states only use attorneys.
I just closed in February and used a settlement company (recommended by the realtor, of course). They were fine, but I would definitely use a lawyer from now on. I encountered major problems with the house and wished I would have had the lawyer before to look over everything, such as the disclosure sheet and point out anything he thought looked "fishy." The settlement company doesn't look over that stuff, just does the work and gets the job done. Don't get me wrong, the settlement company did everything they were supposed to. I just think to have someone who knows the legal side to it all is best.
In my area, the listing broker usually holds the escrow monies if they are a adequately licensed, insured and submit to audits. Flat Fee guys and discounters usually do not qualify and therefore do not hold escrow. Laws govern distribution and /or return of escrow funds.
Closings almost always close at the seller selected title company.
Both the buyer and seller's respective attorneys attend closing.
Out here we use title and escrow companies for closings. I know on the east coast and some mid-west states that attorneys are used. I think you should do whatever is common in your area. The title companies have an attorney who is the title officer, so it isn't like there isn't an attorney involved. They just don't sit at the closing table with you.
Out here we use title and escrow companies for closings. I know on the east coast and some mid-west states that attorneys are used. I think you should do whatever is common in your area. The title companies have an attorney who is the title officer, so it isn't like there isn't an attorney involved. They just don't sit at the closing table with you.
In many closings out here, the attorney agent for the title company is the seller's attorney. How's that for a twist?
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