Whether it be buying or selling your home, or refinancing your mortgage, real estate closing transactions entail many legally significant issues, involving, among other things, buyers, sellers, real estate agents, title insurance companies, lenders, appraisers, surveyors, home inspectors and termite companies. More often than not, the interests of the various parties involved in a real estate closing transaction are not in line, which can lead to conflicts and even litigation. This is why you should have an attorney for a real estate closing.
Please be aware that under Virginia Law, title companies, also known as lay settlement companies, may only provide services of a clerical or ministerial nature. Title companies may not express any opinion as to the legal consequences of any of the documents its customers may sign at closing. Only an attorney may prepare legal instruments for another party and only an attorney can advise parties to a real estate closing transaction with regard to the legal implications of the wide array of documents presented at closing, such as the deed, promissory note, and deed of trust.
The attorneys at Thompson Law Group have conducted thousands of real estate closings since 2001, representing individual and corporate buyers and sellers, as well as individuals and companies refinancing debt. Our attorneys’ real estate knowledge and practice is not just transactional. They litigate matters regarding real estate, including, but not limited to, breach of contract suits, partition suites, landlord and tenant disputes, clouds on title matters, boundary line disputes, mechanic’s lien suits, and judgment creditor suits to enforce judgment liens. I also act as trustee in regards to foreclosures on behalf of note holders.
In any event, we encourage you to consult with an attorney before entering into a real estate transactions because curing legal problems regarding real estate matters is much more costly that avoiding them.
Finally, please don’t assume that attorney closings are more expensive than title company closings. Feel free to contact Thompson Law Group for a free quote and comparison.