Posted by jim on February 08, 2002 at 18:12:42:
Quick close? I am in Maryland and my attorney will not close without a lien sheet, which in some jurisdictions here may take as long as 4 to 6 weeks. So even though other investors may enjoy closing quickly, I do not.
I bought my first house in 1980 and I would NEVER do a transaction without an attorney. I believe that this is even more important to new investors. Spending a few cents on an attorney could save many dollars down the road.
Newbie Getting Ready To Dive In…But… - Posted by Windy City Ron
Posted by Windy City Ron on February 08, 2002 at 11:09:56:
First of all, I’d like to say I’m glad I discovered this site! I am a fairly successful senior management type with a large lovely home and mortgage to go with it… and all the stress that goes with being a senior management type (travel, hours, etc.). I am looking at starting down the Real Estate path with the goal of being able to quit my job wihin 2-3 years and enjoy better “quality of life”. I’ve done quite a bit of reading including the Sheets course and have found that it and this website have been my best sources of knowledge…but I have some skepticism. I’d love if someone could address the following questions:
“quick close” - I read about these quick closes (7 days) and I don’t understand. Any house I’ve ever bought was looking at a minimum of 30 days to close because of the title searches, doc prep, etc. Is this just my attorney buying time (and/or the title company)?
When I formed a corporation I found that I didn’t really need an attorney and saved a tremendous amount of money doing it myself. In past “traditional” closings, my attorney I guess served as a one-stop shop who handles everything (though I’m getting a sense the title company actually did most of his work). To what extent are attorneys required in any transaction from a practical standpoint?