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Some states, New York,for example, 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 attorneys close the 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. They do not cost any more, and they often have superior back-up staff to help the closing process along.
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 or for names of attorneys and Title Companies, please contact us by email.
Real Estate Attorneys
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