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? :-?

Comments(10)

  • Birddog17th April, 2004

    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]

  • adambeal17th April, 2004

    So you're saying it's acutally more economical to use the attorney? Really? Thanks for the advice.

  • InActive_Account7th April, 2004

    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.

  • adambeal17th April, 2004

    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? :-?

  • fearnsa7th April, 2004

    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

  • InActive_Account8th April, 2004

    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.

  • adambeal18th April, 2004

    Thanks for the advice, Sammy.

    Birddog - do you find that it's cheaper where you are to use your attorney for title and closing?

  • myfrogger8th April, 2004

    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!

  • commercialking11th April, 2004

    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.

  • commercialking11th April, 2004

    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.

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