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Do We Need A Title
Company?
As a seller, utilizing a title company for the closing would be the most common option chosen today. Many real estate attorneys can also provide closing services, however many title closers facilitate more closings in a season, than most attorneys would over a several year period. Therefore it's generally thought to be both a smoother process, and often less expensive, to utilize the services of a title company closer.
Either of those two options could be chosen, however a closing truly can't be done by owner. Closings are actually fairly complicated. Abstracts often need to be updated, specific seller documents need to be created and facilitated, accurate settlement figures need to be balanced, and any professional fees and or property taxes need be assigned. Some professional assistance will almost certainly be needed when closing a home sale.
For buyer's it's even less common for anyone other than a title company to do the closing. A primary reason is, if any part of the home is being financed, title insurance will be required by the lender anyway. The lender also has strict requirements about, at close conditions being adhered to carefully, and how things like collateral packages are to be handled in a timely manner. Lenders very much rely on the expertise of title closers to take care of those and other issues. They will likely encourage you to choose a title company for the closing to accommodate their specific needs, while not interfering with yours. Transactions are always closed at the location of the buyers title office. It may save both parties some time and money if the same title company is used for the buyer and seller sides of the closing.
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