who should choose closing attorney? listing agent or seller agent

While your real estate agent organizes the deal, your closing attorney acts as an extra pair of eyes to protect you and your assets at the time of closing—and long after the deal is done. Top real estate agents and practicing attorneys who’ve witnessed legal nightmares unfold at closing agree: sellers should lawyer up.

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Who should pick the closing agent and pay for the owner policy?

Jun 28, 2021 · In Herring’s state of Texas, the title company usually handles the closing. Once a home goes under contract, the listing agent and buyer’s agent negotiate to decide who gets to choose the title company. “Ninety-five percent of the time in my experience, the seller pays the title policy, so the seller usually picks the title company,” he ...

What does a closing agent do when selling a house?

An agent should consider obtaining written documentation from any party for whom the agent employs an attorney stating the extent of the agent’s authority and that the party will be financially responsible for the services obtained by the agent.. Controversy and consumer dissatisfaction over the agent’s role in finding a closing attorney ...

What is the difference between a title company and a closing agent?

Mar 30, 2015 · Section 9 of the Real Estate Settlement Procedures Act (“RESPA”) prohibits a seller from requiring a buyer to purchase title insurance from …

Do I need a real estate attorney at the closing?

Oct 30, 2013 · In order to use your choice of attorney in a HUD closing you need to have your agent include the attorney or law firm in the Offer to Purchase. The language needed to be added to the contract can be as simple as “The closing shall take place at the law firm of Conrad Trosch & Kemmy, P.A.”. Once the contract is signed you have effectively ...

Who is the closing conducted by?

The home closing process is usually conducted by an escrow officer or attorney on behalf of a title and escrow company.

Does buyer or seller choose closing attorney in NC?

Under the law, really it's up to the parties to decide. It's a completely negotiable term. Each party or each side has an interest in choosing the closing agent. For the seller, they're the ones that have to provide clear title at the seller's table.

What does a closing attorney do in NC?

In North Carolina Real Estate Attorneys perform the real estate closing on your home. The real estate attorney in North Carolina is working for you to ensure that you are receiving the property free and clear of any encumbrances and that all the terms of the contract are met.

Is NC An attorney closing state?

Even though North Carolina is an attorney state, the title company plays a pivotal role in the closing. The attorney submits the title work to the title company so the property can receive title insurance.Oct 28, 2011

How to avoid complaints involving the selection of a closing attorney?

To avoid complaints involving the selection of a closing attorney, explain to the seller and buyer their respective obligations under the contract with regard to closing, and the services their attorney will perform.

What should an agent know about an offer?

An agent should be aware of what an offer provides on the issues of time and place of closing and choice of legal representation. Disagreements over time and place of closing, while minor, are important and should be resolved.

Who should an agent consider obtaining written documentation from?

An agent should consider obtaining written documentation from any party for whom the agent employs an attorney stating the extent of the agent’s authority and that the party will be financially responsible for the services obtained by the agent..

Can an agent make a decision about closing?

The time and place of closing should be negotiated by the parties. An agent may make suggestions about these choices but cannot make a decision. Likewise, choosing an attorney is the decision of the party desiring representation.

Can an offer become a contract?

If the parties cannot agree on these issues, the offer may never become a contract . Another source of controversy arises when an agent directs or attempts to direct the choice of attorney for a party without specific authority from that party to do so.

What is Section 9 of the Real Estate Settlement Procedures Act?

Section 9 of the Real Estate Settlement Procedures Act (“RESPA”) prohibits a seller from requiring a buyer to purchase title insurance from any particular title company. The first thing to note is that this prohibition only applies if the buyer is paying for title insurance.

Can a seller require a buyer to pay for title insurance?

If the seller agrees to pay for the title insurance (owner and lender’s policy), this provision would not apply. However, if the buyer is paying for title insurance (lender and/or owner’s policy), the seller cannot require the buyer to purchase the insurance from a particular title company.

Who pays for the lender's policy?

Under some purchase contracts, the seller provides and pays for the owner’s policy but the buyer pays for the lender’s policy. In this situation, because the buyer is paying for the lender’s policy, under RESPA, the seller is prohibited from requiring the buyer to purchase that lender’s policy from a particular title company.

Do you have to use a closing attorney when buying a home?

As a buyer you need to be aware that in some circumstances sellers will try to induce you to use their closing attorney. This happens often when buyers are purchasing a home from a builder. The builder or their lender will offer to pay a portion of your closing costs if you agree to use builder’s closing attorney.

Do you need to include an attorney in a closing?

You need to do this because in some closing transactions the buyer has to include their choice of attorney in the actual Offer to Purchase contract in order to have said attorney handle the closing for buyer.