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Wow, this is the ongoing debate of our time. Most people think that lawyers will charge more than a title company to close a loan or a sale and they wonder whether the additional cost would have value to them. Since we offer lawyer closings and are closely affiliated with a title company, we think we can fairly answer that question.
First of all, I cannot promise you that lawyers that run closing mills spend any more time on your closing than would a title company. In fact, most lawyer closing mills are operated just like title companies who have no lawyers. So if you are going to make a choice between a lawyer closing and a title company closing, you should limit your choices between a lawyer who will actually spend real time on your closing and a title company.
At our firm, lawyer closings are slightly more expensive than title company closings. The lawyer in charge of your closing will have substantial experience and will be familiar with your file and will have reviewed it. At closing, a lawyer will explain the legal ramifications of what you are signing. A title company closing agent, if not a lawyer, is legally prohibited from doing that for you.
On the other hand, lawyer closings can be overkill for a client who has substantial experience with closings. These folks have closed several transactions and have a pretty good handle on what they're signing. In those cases, a title company closing is a good choice, but only if there is a real savings in cost.
There is a third choice that we offer. We have a close working relationship with a title company and they pay us to supervise their closing function. That means that we, without additional cost to you, are available to them to answer questions and resolve routine issues. If we determine that your closing would be benefitted from our involvement, we will consult you, explain the situation, quote you a price, and let you decide if you want to pay us to be involved. What that means to you is that you can safely choose our title company to handle your closing knowing that we lawyers are right there if the need should arise or if you should have questions the title agent is not allowed to answer.
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