Rosemary O. Nwawka, Real Estate Attorney
Do You Need An Attorney?
Some states require attorneys to close real estate transactions. Others only require a Title Company to close a deal.
In states where attorneys are used, there are three of them involved! One for the seller, one for the bank and the third for the buyer. Sometimes the bank attorney will also agree to work for the buyer on the understanding that his first line of loyalty is to the bank.
In New York State, for example, attorneys close real estate deals. Their job involves making sure that a full, unencumbered title can pass to the new owners. They will obtain title insurance for the buyer if they feel it is needed. Case in point would be in areas where the Indian Land Claim situation is an issue.
The attorney for the lending bank will obtain title insurance at the buyer's expense BUT it only covers the bank, not the buyer!
A final point on attorney's: If you want one, we suggest you select one who specializes in Real Estate. Rosemary O. Nwawka is the person I suggest. She does not charge any more than anyone else, in fact often less, and she has superior back-up staff to help the closing process along. Add to this that Rosemary has won the trust of many clients, including large groups of investors.
In states where Title Companies close deals, you can also hire an attorney if that is your custom and preference.
For more information on this subject, please contact Rosemary by email.
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