Closing Without An Attorney

chrisnange2003 profile photo

Do you need to close with an attorney when dealing with a FSBO? Or, is it legal to close in front of a notary public and then file with the courts.

Thanks

Comments(4)

  • bgrossnickle21st October, 2005

    If you do not know the answer to the question, then you should close with an attorney to protect the buyer and seller. The buyer does not want to find out that the house comes with a 20k IRS lien attached, and the seller does not want to find out that the buyer is not paying off the mortgage or did not complete the deed document correctly.

    There are lots of things that could go wrong. If you are unsure, use a closing professional.

    Brenda

  • jofficez21st October, 2005

    Yes always close with an attorney. Better safe than sorry.

  • mikejaquish21st October, 2005

    I believe the law is in transition in NC, ot allow title companies, et al, do closings.

    Use an attorney.
    If the deal is too thin to pay a good RE attorney, the deal is too thin, IMO.

    The attorney is paying for liability insurance that will cover issues we can only dream of.

    Your real estate attorney knows he has to file at the Register of Deeds office, not "the courts."
    __________
    Mike J
    I believe in adding value with quality.[ Edited by mikejaquish on Date 10/21/2005 ]

  • getitqwik22nd October, 2005

    They could also do an EQUITY PARTICIPATION, based on the probable near future value in 5 years. Even with the mortgage paydown, inflation will more than likely increase the value of the property over time. A percentage or fixed amount over expenses could be promised by contract and the present owner and the REI could split the profit in a few years. Sort of what the previous reply indicated. A side note,,,, A deed in lieu of foreclosure normally is GIVEN BACK TO THE ORIGINAL LENDER "IF" they will accept it and a foreclosure stays off you credit record. However loan documents especially federally backed have a question,,,"Have you ever given a deed in lieu of foreclosure?"

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