Posted by Nate on February 21, 2001 at 09:37:59:
Yes, an attorney has to do the closing. That does not mean either the seller or buyer has to be represented by an attorney. Generally, the title companies have attorneys on staff whose job is to perform closings.
Assignment Contracts vs. Flipping Properties - Posted by Shenita
Posted by Shenita on February 20, 2001 at 14:53:41:
When assigning a contract do I necessarily need an attorney or need to be at the closing table. I’ve already done my title search. But, if I flip the property is that when I need an attorney to close. I live in Kentucky. They have a policy, whereas, the buyer/seller need an attorney present.
Re: Assignment Contracts vs. Flipping Properties - Posted by Nate
Posted by Nate on February 20, 2001 at 15:45:20:
if you are assigning a contract which states that, once you make the assignment, the assignee (your buyer) is responsible for performance, you do not need a lawyer or even to go near the closing table. it’s out of your hands.
Who is “they” who has a policy? The seller/buyer never HAS to have an attorney present. It might be recommended, but it is not required by law. You and I could agree to sell property in your kitchen, draw up the agreement, and sign it right there without an attorney even knowing about it. And it would be valid.
Re: Assignment Contracts vs. Flipping Properties - Posted by Shenita
Posted by Shenita on February 20, 2001 at 20:59:54:
I read an article about eight months ago concerning Kentucky’s Rules and Regulations or something about bylaws. I can’t remember the exact wording. But, it stated that when buying/selling real estate a title company can’t close without an attorney being present. I really appreciate you clearing this for me. Thank you.