Why should I close my transaction with a real estate attorney rather than my realtor’s in-house title company? Which is more cost-effective?
The costs and expenses associated with real estate transactions are substantially similar for law firms and title companies. Both law firms and title companies provide title insurance policies. Title companies, however, are limited to providing core title services and the issuance of title insurance, and cannot give legal advice. A real estate attorney will provide additional service beyond the shuffle of papers and production of a title insurance policy. A real estate attorney will provide the advice and counsel necessary to navigate the complexities, customs, and peculiarities of real property purchase and sale. When the cost is virtually the same, it is penny wise and pound foolish to spend many thousands of dollars without the benefit of competent counsel. With such large sums at stake, and increasingly sophisticated documentation required to bring transactions to closing, clients are well served to have legal representation in place before the first document is drafted, and certainly before a contract is signed.