What are the advantages of having a qualified real estate attorney help you with the closing of a new or existing property? Doesn’t matter if it’s residential or commercial: your legal team can help you avoid certain pitfalls and keep all aspects of the transaction in order.
1. You Have a Trustworthy Money Manager
Kentucky doesn’t require any type of certification, licensing, or training to handle a real estate closing. While licenses are required for many types of occupations—such as barbers, private detectives, massage therapists, and plumbing and HVAC contractors—anyone can open up a title company without a license and start handling millions of dollars in escrow funds for closings.
The company handling your closing is responsible for transferring all of the money exchanged between the purchaser, buyer, and lender, and for making sure the property title is clear. These extremely important matters require a trustworthy and experienced title provider. Often attorneys have the requisite training and experience to effectively handle these matters.
2. Your Legal Team Manages All Closing Details
Legal issues often arise during the process of searching the title and closing the loan. Certain complications include lien issues, survey defects, and issues interpreting the purchase contract, to name a few. Only an attorney can handle these legal issues.
If a legal matter happens during the closing process, it may have to be postponed while the involved parties seek professional advice. If you have ever been involved in a delayed closing, you understand how stressful it is. But if an attorney handles the closing, they may be able to resolve the issue without postponement.
3. You Have an Ethical Partner
Kentucky attorneys are fiduciaries under the law. As fiduciaries, they must uphold high standards and deal with each party to the transaction honestly and fairly. While we hope that anyone operating a title company would voluntarily hold themselves to these standards, it’s not a requirement of non-attorney closing agents.
4. They’re Not as Expensive as You Might Think
Attorneys handling real estate closings are normally no more expensive than title agents. Their knowledge and experience mean they can operate their business efficiently and pass cost savings on to the client in the form of competitive prices.
Skeeters, Bennett, Wilson & Humphrey have managed residential and commercial real estate closings throughout central Kentucky for decades. We frequently work with lenders and are also able to assist individuals selling their property as “For Sale by Owner.” Put our experience and skill to work for you.