Need R.E. Atty in NC...
seems that the attorneys that I speak with in NC are not real interested in closing r.e. transactions pertaining to double closing...is there anyone out there that can recommend a knowledgeble r.e. atty in Wake Cty, NC???
I want to know before i go under contract--- 
Did each attorney give you a reason for not doing a double close?
Yes, they said since NC is an atty. closing state that there are lender/title issues. I explained that I would be using private investor funds, so the lender comment was not relevant. He says with title issues, NC atty's have to report to the Bar association and if something isn't clear with title it affects their EO insurance among other issues.
The one thing I was told was that they could close and record one day and have another atty close and record the next.
Does anyone have any atty recommendations?
Hi there!
Try your local REIA club for more ideas on attorneys...I encourage everyone to find out who their local REIA club is and attend! You'll network with many, many investors, realtors, rehabbers, lenders, etc.
Here's the one for Raleigh:
http://www.nc-treia.org/
HI Pat,
Thanks...that is where I got the referral for this atty that I have been talking to...he is the one that gave me most of the info about how NC Attys view double closings. He does flips, so that is what I really wanted to know...they just have to be structured carefully!!
Thanks!
I think this attorney is just blowing smoke (NC is still a big tobacco state, isn't it?). This attorney just described a double close, but with a different attorney involved in each transaction. I don't see the problem if the same attorney handles both transactions. Perhaps this attorney just does not have a good handle on the mechanics and does not want to admit it.
If there are title issues, the attorney would get them resolved so you can pass clear title to your buyer. By the way, if you are going to be in the chain of title, purchase title insurance -- your attorney makes a commission on the title insurance.
Keep going back to the Triangle - NC REIA. I am sure that some investor in that group can give you a solid referral to an attorney who can do what you need. [ Edited by DaveT on Date 02/14/2003 ]
Hi, tjeffer
I just spoke with my att on your matter Friday. Lenders sometimes require that a seller of a home be seasoned 6 to 12 months before a lender will lend for a new buyer so doulbe closings with them are rare. How ever as u said u have private funding, just put a statement in your sales contract to your new buyer that; seller has the right to choose Closing Attorney. There is a att out there who can handel a dlb. closing. The one you spoke with is not informed totaly by law. Hit the yellow pages and call and ask are you familure with dlb. closings if so use only one attorney for both closings.
Good luck hope this helps
If you are trying to do the guru double close technique of using the end buyer's funds to close the first deal, there's your title/lender problem.
Both buyers have to have separate funds in order for a double closing to work legally (at least in NC, I've done the research). The second buyer must have either cash or a no seasoning required loan.
I agree to check around for another attorney, but none will try to close it unless it is done the way I just mentioned.
Roger