When closing a property sale, buyers and sellers need to work with a real estate attorney or a title review company to handle paperwork and finalize the transaction. A title review company is often already lined up by the title insurer, so this may seem like the easiest route to go. However, working with a real estate attorney can be more beneficial.
Real estate attorneys at Shore, McKinley, Conger & Jolley, LLP help buyers and sellers in Stockton, Walnut Creek, CA, and surrounding areas understand their best interests. Let’s compare working with a title review company and a real estate attorney. We will note why it is good idea to have an attorney involved in real estate transactions.
Title Agents Do Not Have Law Degrees
Let us start with the most significant difference between working with a title review company and working with a real estate attorney: title agents do not have law degrees.
Although the state of California does not require a real estate attorney to be involved in real estate transactions, it is highly beneficial to work with an educated attorney who understands the state’s complex real estate laws, and is ready to provide legal advice should it become necessary.
Even if a sale is simple, there will likely be questions about how to take the title of the property. This decision can have legal ramifications as well as tax consequences. While a title agent is not trained to offer legal advice on this matter, a real estate agent is.
A Title Agent Cannot Correct Legal Issues
If issues arise during a real estate transaction, they will need to be corrected. Title agents cannot offer legal advice about the best way to deal with issues that develop, nor can they create the corrective documents that may be necessary to address them.
In many cases people end up having to hire a real estate attorney because of unexpected problems. Hiring an attorney late in the real estate transaction, rather than working with them from the beginning, can delay closing.
A Title Company Does Not Work For You
The cost of a title review is usually passed on to the buyer and/or seller, but a title company does not actually work for either of them. A title company works for the title insurer. This is important because it means that a title agent does not look out for your best interests. This is another big difference between working with a title review company and working with a real estate attorney.
A real estate lawyer works for whoever hires them. They oversee the entire real estate transaction and advocate for their client throughout the process. This is a great advantage, especially for those with limited real estate experience.
Comparing Costs of Title Review Companies and Real Estate Attorney
One of the main reasons that people opt to work with a title review company over a real estate agent is because they believe it will be cheaper. In reality, the costs are comparable. Working with a real estate attorney from the start may actually save money because, if legal issues arise, people will not find themselves paying for both a title agent and an attorney.
Get In Touch with Our Lawyers
The real estate attorneys at Shore, McKinley, Conger & Jolley, LLP can be extremely beneficial throughout the sale or purchase of a property. If you’d like to find out how we can be of assistance to you, contact us online at your earliest convenience, or call our Stockton law firm at (209) 477-8171.