What are the advantages of having a qualified real estate attorney help you with the closing of a new or existing property? Whether it’s residential or commercial real estate deal, your legal team can help you avoid pitfalls and keep the transaction in order.
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1. You Have a Trustworthy Partner
Kentucky doesn’t require any type of certification, licensing, or training to handle a real estate closing. While licenses are required for many types of occupations—such as barbers, private detectives, massage therapists, and plumbing and HVAC contractors—anyone can open up a title company without a license and start handling millions of dollars in escrow funds for closings!
The company handling your closing is responsible for transferring all of the money exchanged between the purchaser, buyer, and lender, and for making sure the property title is clear. These extremely important matters require a trustworthy and experienced title provider. The real estate attorneys at Skeeters, Bennett, Wilson, & Humphrey have the requisite training and experience to effectively handle these matters. We have also been helping clients with real estate transactions in Kentucky since the 1970s, so you know we have staying power to help you now and in the future.
2. Your Legal Team Manages All Closing Details
Legal issues often arise during the process of searching the title and closing the loan. Complications include lien issues, survey defects, and issues interpreting the purchase contract, to name only a few. An attorney overseeing a real estate transaction can help resolve these issues and keep your deal on track.
If a title company handles your trasnactoin, legal issues will derail your closing because title companies are not equipped to handle legal problems. Instead, they will recommend you get legal assistance and postpone further action until you do. If you have ever been involved in a delayed closing, you understand how stressful it is. But if an attorney handles the closing, they may be able to resolve the issue without postponement.
3. You Have an Ethical Partner
Our Kentucky real estate attorneys are fiduciaries under the law. As fiduciaries, we must uphold high ethical standards and deal with each party to the transaction honestly and fairly. While we hope that anyone operating a title company would voluntarily hold themselves to these standards, it’s not a requirement of non-attorney closing agents.
4. We're Not as Expensive as You Might Think
Attorneys handling real estate closings are normally no more expensive than title agents. Their knowledge and experience mean they can operate their business efficiently and pass cost savings on to the client in the form of competitive prices.
Skeeters, Bennett, Wilson & Humphrey has managed residential and commercial real estate closings throughout central Kentucky for decades. We frequently work with lenders and are also able to assist individuals selling their property as “For Sale by Owner.” Put our experience and skill to work for you.