Hello everyone, I’m using an Attorney to close for me and the title insurance is not expensive, but the attorney does a title search before closing should I still get title insurance or is the attorney title search will be safe enough?
When I sell my first deal, I plan to hire a title company. When do we need an attorney to close, instead of a title company? I have a one-acre vacant lot.
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@ArizonaNative In most states, people close real estate deals with title companies, but some states require an attorney to facilitate some or all of the process.
You can find out which ones are which in this blog post:
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Thank you, Seth. I’ll read the blog post. We sure appreciate this information and all your videos.
Seth was right some states by law make you use a attorney i happened to be in one of those states otherwise i probably would have used a title company
Robert,
Those are two different things. The attorney’s title search is for their information only. The title company is actually insuring the title, which is what you need. I highly recommend title insurance.
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Thanks so much for the information
There are two types of title insurance, one protecting the lender ( lender’s title), if there is one. The other protects the owner (owner’s title). If you don’t get the owners title and a title problem comes up, you are on your own. If you get owners title and a problem comes up down the road, the title company deals with the problem. Owner’s title is a one-time small expense. its insurance against a problem. I recently had a title issue come up on a property I sold 18 years ago. The lady I sold it to wanted me to hire an attorney to fix it. I told her to turn the issue over to the title company she used when she bought the house.
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To @DirtGuy’s point, assuming you’re buying this property for cash (no mortgage), the owner’s policy is what you’ll want to protect yourself.