Using My Attorney For Title/closing Work
Does anyone have an opinion as to whether or not this is a good idea? Are there benefits to using your attorney for this stuff as compared to just utilizing a title company themselves? My attorney seemed to recommend it, but my gut feeling is that he just wants the work, especially with his hourly rate. I feel like I'll get the same thing accomplished for far less money going through a title company, with no added benefits to me if I used the attorney. Any opinions? :-?
Build a relationship with your attorney, and you will find it will cost you 100 dollars for a tittle or better, and the same with a closing. Once you give them enough business, then bend on those rates.
[addsig]
So you're saying it's acutally more economical to use the attorney? Really? Thanks for the advice.
There are states (mostly in the east) where you must close through an attorney. If it isn't a requirement then, you will be better off/cheaper using a title (escrow) company. Do you really think the attorney is preparing your documents? For the most part, they're boilplate.
The bottom line is the Title Insurance policy. I hope you would not accept an abstract of title brought up to date. That's archaic.
Sammy:
Thanks. Is your second paragraph directed at me, or at birddog, or both of us? Are you saying that an attorney wouldn't do things as cleanly as a title co? :-?
sammyvegas,
I like your "archaic" comment on abstracts brought up to date.
Apparently though, Oklahoma is an "abstract" state, and my purchases included this cost each time and ~3 weeks delay for this part only (there's one Abstact Co. in town; understaffed.)
Am I missing a good way to deny the "abtract requirement," and I should instead just have Title Insurance in my name? May be I can add a clause stating I'm not interested in an abstract.
Title Ins. Co.'s seem redundant and profitable if someone's always doing an abstract.
Alan
Adam1-I'm saying that you pay attorney rates for his secretary/paralegal's work. A title company will do the same things for less. I'm referring specifically to the preparation of the closing/settlement documents.
Fearnsa-If there's only one Abstrator in your town you may not have much of a choice. In your contract, you can always require a Title Insurance policy in lieu of bringing an abstract up to date. You'd need to weight the costs and turn-around time of both. Then decided which would serve you best.
Thanks for the advice, Sammy.
Birddog - do you find that it's cheaper where you are to use your attorney for title and closing?
Some states require abstracts. I thought that Iowa was the only one left but I guess I am wrong. I know Iowa is the only state where title insurance is illegal! We have a govermental body that can guarantee a title but I normally just go off my attorney's title option. He carries insurance (the type excapes me now) that in laymans terms means that if he makes a mistake that his insurance copmany will fix it.
What I find obsurd is that the average homebuyer just accepts any run of the mill title opinion from any Joe Shmo attorney. The bank oftentimes too!
Well I'm going to weigh in on the side of letting your attny handle these thing unless he's a lot more expensive.
A good relationship with a good atttny is absolutely invaluable in this biz. And sometimes throwing a little money that he knows you didn't have to give him goes a long way toward establishing that relationship.
I have an attny whom I routinely call just to get his opinion on things. For the most part he charges me nothing for those calls. I use this guy for all my litigation work and we negotiate a fixed fee at each stage of the case ($5,000 will get you ready for trial, at that time I'll quote you a price to do the trial) I never worry about billable hours and although I have paid the guy a small fortune I've always felt like I got good value for my money.
One more thing. Because we have such a good relationship he also calls me from time to time to ask my opinion about business deals he's doing. Once we even discussed doing a transaction together. I know about the kinds of things he's looking for and vice versa. All in all a few bucks extra for title work is minor compared to that.
Although he doesn't actually do my title work or any of the contract work since he's only a litigator but you get the idea.